Facts About Applying For Credit Cards

Opening the envelope that has your Credit Card is overwhelming. It provides an additional layer of financial freedom to spend and fulfil all your dreams. You can buy as many goods and luxuries as you desire within the credit limit and pay the funds to the bank later. Whether you wish to invest in a car, house, or any other asset, you can do so by paying through your Credit Card.

However, when you apply for Credit Card at a bank, remember some essential facts and duties. Though it gives you funds to fulfil immediate needs, you must use it to your comfort and pay funds responsibly.

Activation process

Activate the card before using it. Firstly, call on the given number and authenticate the details. You receive an OTP on your registered mobile number to set your card PIN. Alternatively, register from the Net Banking platform. Sign the white strip at the back of the card as proof of identity.

Trash the old cards

If the new Credit Card is an upgraded version of the old one, destroy the old card by cutting through the magnetic strip. Maintain the practice of destroying old cards after the arrival of the new ones for ease of repayment and convenience. It makes your finances and wallet more organised without any confusion.

Read the rules

Read the rules thoroughly for repayment. Some cards have stricter policies and hold rewards that you are liable to receive. Understand the cashback and redemption facilities it provides, amongst other benefits. Some banks also offer complementary services like airport lounge access to credit cardholders.

Maintain the limits

However high your limit maybe, learn to control your expenses. To ensure a healthy credit score, make full payment of your dues after your Credit Card apply online. This maintains your credit score and reflects positively on your credit history. You also get attractive Loan options as you become a responsible borrower.

Check credit scores

After you apply for Credit Card, do frequent credit checks to know your credit score and how much you have progressed. Learn the measures to improve it, if needed. Credit bureaus like CIBIL and CRIF offer one free report to all Credit Card holders every year. Use it to know where you stand and identify any errors or frauds when you see suspicious changes in your score. Be vigilant and identify mistakes timely.

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Created on Nov 13th 2021 20:54. Viewed 126 times.

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