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Wednesday, October 4, 2023

Top Benefits of Applying for a Credit Card Online

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Top Benefits of Applying for a Credit Card Online

Owning a credit card has now become a status symbol. While it was initially intended to give users some level of financial flexibility, today it has much more value than being just a financial instrument. Some of its uses include shopping, utility bill payments, at restaurants, urgent medical transactions or splitting large payments into EMIs. 

If you’re wondering how to apply for a credit card, you’ll find there are plenty of ways. 

  • Visit a bank: You can request for a credit card by visiting your nearest bank and providing the relevant documents. The bank will ask a few questions relating to your income and tax status, check all the relevant documents you can provide, calculate your CIBIL score and complete their background verification on you. The whole process could take a few days to a few weeks, after which the bank decides whether to approve a credit card for you or not. 
  • Approach a financial Institution: While the process remains fairly similar to requesting a bank for a credit card, the requirements put forth by such financial institutions could be simpler, and the chances that you meet their credit card eligibility criteria is higher.
  • Get an add-on card: If any of your family members (parents/spouse/children) already hold credit cards, you can simply ask them to request for an add-on card in your name. This saves you the trouble of arranging for any documents or having your request rejected due to poor credit scores. Yet, you will have to share the credit limit with the primary cardholder, and may not have all the privileges as them.
  • Online application: This is probably the simplest and most convenient method to apply for a credit card. You can avail this service through the websites of various banks as well as other financial institutions too, thus opening up so many options for you. 

Benefits of Online Credit Card Application

An online credit card application has some fantastic benefits. Take a look at some of the top advantages mentioned below, and you will probably be convinced that it really is the best way when you’re pondering over how to apply for a credit card.

  1. Convenience: This will be the most popular reason why people choose to apply for credit cards online rather than going the traditional way. One doesn’t need to physically visit the bank or spend time waiting in queues there. If you have an internet connection at home, you can save on the time and cost of visiting a bank.
  1. Multiple choices: Previously, if you want to know the credit card offerings of various banks, you would have either had to visit each bank individually or at least talk to them separately over the telephone. In online applications, you can have a massive wealth of information with just a few clicks. This also enables easy comparisons between credit card variants.
  1. Instant Approvals: Most banks as well as financial institutions understand that online applications should ideally mean a quicker turnaround time. That’s why you’ll find that more often than not, with online applications you are likely to meet the credit card eligibility criteria easily. Card issuers accept online application forms as well as digital documents for verification purposes. 
  1. Easy Access to Statements: If you have an online credit card account, in case you misplace credit card statements, you can easily access them without having to rummage through a bunch of papers. You can even go green by choosing to have statements sent, not physically, but to your email address only.
  1. Track Transactions and Credit Balance: Digital applications come with an online credit card account. Each time there is a transaction, you may either receive them as SMS notifications, or you can verify the purchase on your account. This makes it easy to track your credit balance as well as identify fraudulent transactions almost at the time of occurrence.
  1. Bill Payments: Although bill payments may be possible online even with traditional credit card applications, an online application gives you the greater flexibility to make payments. You can view unbilled transactions and make payments in advance during months of surplus earnings.
  1. Faster reporting of Stolen or Lost Cards: If all the information required to report a stolen or lost card is only on that card, it can be a challenge. While thinking about how to apply for a credit card, if you decided on an online application, now is the time to be thankful. All the relevant information will be accessible through the online account of your card and you will also be notified of any unauthorized transactions that may have occurred. 

With all these fascinating benefits, it certainly seems like applying for a credit card online may be the best method of obtaining one. Just make sure you do your research before finalizing one. If you want a card that will be instantly approved, the Bajaj Finserv RBL SuperCard is one that you could explore. With 16 card variants and plenty of fantastic features, it will certainly rank high when compared to others. 

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