India: 4 Easy Ways To Get Your Credit Card Application Approved!
If it's your first time applying for a credit card it's best to avoid a rejection if you can. Here's a few simple ways to ensure your application gets accepted.
I've been helping a couple of my friends get a credit card recently and while I guided them I felt it would be wise to share a few things with everyone here.
If you have a Credit Card
Ensure your credit score is 750 or higher. The higher your credit worthiness the greater your chances of getting a credit card. If you are paying your credit card debt on time you might also want to consider ensuring that you don't exceed 35% of your credit limit in a month. Low credit scores means your chances of being declined are higher.
If it's your first card and you have an ITR.
I suggest you get the max ITR for the current assessment year that you possibly can and visit your banker of choice to avail your credit card. They might not give you the highest limit but you'll get started nonetheless. You can use the card with whatever limit you get to help build your credit score which in turn will allow you to apply for a limit upgrade with the same bank or for a credit card with another bank.
If you don't have an ITR but need a credit card
Sometimes we don't have an ITR that is high enough but want a credit card. You can get a credit card against a fixed deposit in banks like Yes Bank and ICICI. I used a card from ICICI that was issued against my FD for many years because it was easier to get a higher limit against my deposit than against my ITR which in the early days of my career wasn't very high.
ICICI gives about 85% of the FD as credit limit and you can start as low as 50,000 rupees. For 1 lakh deposit you will get 85,000 INR as your credit limit which is great. This instant credit card can be issued within 30 minutes at most ICICI branches in the country. Many banks are starting this scheme. It's the easiest way to build your credit score. However you cannot liquidate your FD while the card is in use.
Applying from an online marketplace
You can use online market place to apply for a credit card and it won't affect your credit score or application status as it's not a hard enquiry as far as banks are concerned. They won't deem you as risk hungry or credit needy if you are going through an online marketplace. There are many such websites that provide comparisons and allow you to apply to multiple credit card lenders at the same time. Although I recommend limiting your application to 2-3 banks at most.
Good luck with your application.
You can also read my previous article on credit cards in India and the importance of a higher limit on your card here!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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Yeah this post shows positivity for anyone who willing to do anything first time..
There are lots of things to know before applying for a credit card in India. It is not easy to get first time CC in India and people should know the basics of CC use and application form before taking a step forward..
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Good points and good information
Very usefull information about the procedure how to get cc from banking institutions.Thanks for sharing this here dear.
Thanks for the post, firepower.
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Well said @firepower getting first card is not easy as banks do check candidate's record thoroughly to avoid any default in future. But few banks give card on basis of salary account if you hold with them and Citibank is one of them. Credit card is highly need in today's lifestyle but need to use it responsibly. It's not free money which can be used. Better to use it only for the amount you are going to pay anyway because once the interest cycle starts then very difficult to settle it. Because interest is 39% per annum depending upon bank to bank.
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Hey @firepower is there any method to check the score ? without paying ???
Sir I am not a salary person
I am interested in credit card
Answer me
I have a credit card which I got from SBI without applying for it. But the limit is only 19000. How can the limit be increased?