Various financial institutions offer credit cards with many exciting benefits. You’ll be thrilled to know the deals your credit card company offers to provide if you’re a first-time applicant. However, you have to be watchful about specific aspects while applying for a credit card. This article talks about Do’s and Don’ts to follow while Applying for a Credit Card.

Keep in mind the Dos while Applying for a Credit Card

• Do thorough research

Some cards offer you emergency loans, interest-free EMIs, top-notch security, etc. Apply for a credit card only after researching such offers that lenders are providing. All credit cards don’t come with the same features. Hence, this is an essential step while deciding on the right card.

• Look for the card that suits your needs

Depending on whether you spend more on travelling or groceries or fuel, you can choose your card accordingly. You can also decide on a card that offers attractive cashbacks, discounts and reward points on every transaction.

• Apply for credit cards that give ample security

A security-assured credit card can help you overcome unforeseen mishaps that are caused these days due to cybercrimes.

• Read the fine print and reviews

Reading the terms and conditions of any financial product before purchasing it is a habit you should always maintain. It saves you from a lot of trouble.

Also, thanks to the internet, the user reviews are readily accessible to everyone now. Make sure you read through them before applying for a credit card.

Besides the do’s, it is essential that you follow certainly don’ts as well. It will further ensure approval of your card application.

Applying For a Credit Card

Don’ts – Things you should avoid while Applying for a Credit Card

1)  Don’t miss payments

Failing to pay your due amounts on time will hamper your CIBIL score. Simultaneously, a decreasing CIBIL score will affect your credit history negatively. Hence, it will also reduce your chances of applying for loans or credit cards in the future. So, apply for a credit card only after assessing your repayment credibility.

      2)  Do not apply for multiple cards

Avoid submitting multiple credit card applications at a time. Doing so will draw multiple inquiries which can lower your CIBIL score considerably. Also, lending institutions consider this approach as a risky behaviour of the applicant.

Credit card eligibility criteria are usually complicated for most lending institutions as you’ve to provide your income documents and fulfil a host of other formalities. Some financial institutions make this process easy with minimum documentation. One good example of this is the Bajaj Finserv RBL Bank SuperCard that requires minimum credit card eligibility criteria to avail. There are 6 variants of these credit cards available and you can enjoy multiple benefits such as interest-free ATM cash withdrawals, attractive EMI options and emergency loans.