The number of credit card holders is increasing exponentially owing to the vast amount of benefits that it offers. Several leading financial institutions took into account this popularity and offered customers their featured cards. Thanks to these companies, customers now enjoy the benefits of the best credit cards.
This financial tool is especially effective to conduct cashless transactions for substantial purchases. However, it is essential to use credit cards smartly to make the most of it. In regards to this, here are some credit card FAQs to promote a better understanding of it.
- FAQ 1: What are the required eligibility criteria to apply for credit cards?
- FAQ 2: What are the reward points?
- FAQ 3: How to use the reward points?
- FAQ 4: How can credit cards help increase credit score?
- FAQ 5: What are the features of the best credit cards in the market?
- Do you need a credit card?
FAQ 1: What are the required eligibility criteria to apply for credit cards?
The minimum eligibility criteria required for an individual to apply for credit cards is as follows –
- Age and nationality: The applicant needs to be in the age group between 25 and 65 years. He/she needs to a citizen of India while applying from the card.
- Credit score: The credit score of an individual needs to be above 750. This is indicative of good credit history, which makes lenders more willing to provide the requested amount along with additional benefits if any.
- Documents: Leading NBFCs like Bajaj Finserv require minimal documentation for applicants –
- ID proof: Aadhaar Card, Passport, Voter ID, PAN Card, or Driving License
- Passport sized photographs
- Address proof: Any of the ID proof, or Electricity Bill, Post-paid mobile bills, or Telephone bill.
- Occupation: A credit card applicant needs to be self-employed, or a salaried employee and must earn more than a pre-determined salary per month.
FAQ 2: What are the reward points?
Credit card holders acquire multiple reward points through online credit card payments. Customers can make the best use of these reward points by redeeming them according to the convenience of the clients.
- Get a gift card/voucher
- Conversion to travel miles
- Availing the cash-back option
However, these reward points come with an expiry date, and hence, need to be redeemed before that.
FAQ 3: How to use the reward points?
Customers can redeem reward points for air miles, cashbacks, discounts, specific goods, and services, etc. With the help of Bajaj Finserv RBL Bank World Plus SuperCard, customers may also have the benefit of earning up to 2 reward points/Rs. 100 spent on regular spends, and 20 reward points /Rs. 100 spent on international and dining spends.
FAQ 4: How can credit cards help increase credit score?
This is one of the essential questions in the list of credit card FAQs since credit scores are used to decide the creditworthiness of an individual. It shows the credit history of the borrower and helps the lending party decide about lending the amount. A credit score of 750+ is essential for all applicants of credit cards. In case, customers are falling short of the score and need to boost it immediately, here are a few pointers –
- Set up reminders for payment dates
- Spend 30% below the pre-determined credit limit
- Go for paying more than once in a single billing cycle
FAQ 5: What are the features of the best credit cards in the market?
The best online credit card in the market comes with the following industry-first features for its customers –
- Cardholders can avail an emergency loan. This amount is provided against the pre-approved limit set with the credit card. They can get instant cash up to 90 days with a nominal processing fee.
- Borrowers can get welcome rewards of up to Rs. 55,000+ annual savings and accelerated rewards.
- The cardholders can get the best security features against any chances of cybercrime.
- They can also withdraw interest-free cash from ATMs for up to 50 days.
- One can repay the loan through easy EMI facilities.
Additionally, companies also provide pre-approved offers on credit cards, personal loans, business loans, home loans, and several other financial products. These offers help simplify the process of availing finances and save your time. All that you need to do is provide some essential information and check out your pre-approved offer.
With the answers to the top credit card FAQs, you can now use your credit card smartly to your advantage and enjoy the benefits of hassle-free cashless transactions.
Do you need a credit card?
First, you must know what is a credit card. It resembles a debit card but here, instead of availing funds directly out of your account, you’re getting a short-term loan from the credit card issuer. Credit cards are a great source to fund your emergencies when you’re facing financial struggles. Moreover, some credits cards offer exclusive benefits each time you purchase with massive rebates, etc.
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So, here are the 6 things to keep in mind while opting for a credit card apply online –
Weigh the benefits
Before choosing a credit card, analyze your needs and choose a card which offers enjoy sizeable cash backs, rebates, reward points, etc. on it. For instance, if one travels a lot, it’s best to avail a card that can help you save substantially on relative expenses such as on travel tickets, air miles, hotel bookings, etc.
You can avail a credit card if you’re considering a credit card apply online to gain maximum benefits. This SuperCard comes with industry-first features that make it one of the best credit cards in India.
Bajaj Finserv also brings you pre-approved offers on credit cards that make the process of availing them hassle-free and saves time as well. These offers are available on personal loans, business loans, and home loans, as well as on numerous other financial products. You can check out your pre-approved offer by sharing a few necessary details like your name and contact number.
Credit card fees
Before going for a credit card apply online, make sure you understand the terms and conditions provided by the card issuer. Here’s a breakdown of the fee structure:
- First-time only joining fees to gain access of the card
- An annual fee
- An interest rate which is the primary source of income of the credit card issuer.
Availing a credit card comes with numerous benefits like interest-free cash withdrawals from ATMs, welcome rewards, and exclusive privileges such as discounts on shopping and zero-liability cover to mitigate cyber-crime threats. Know how to apply for a credit card online and apply for it easy to enjoy the best offers.