Discover the key factors that influence credit card approval and learn practical tips to enhance your chances. Also, explore the perks of a top-tier card.
In the fast-paced digital world of today, seamless, quick, and convenient transactions are a necessity. That’s what a reliable credit card can ensure. If you’re on the hunt for the best credit card, the Bajaj Finserv RBL Bank credit card is worth a look.
Understanding Credit card Approval
Getting approved for a credit card involves several factors:
- Credit score: A high credit score increases your chances of approval. However, keep in mind that your credit score is impacted by several key components. This includes your repayment history, your credit utilisation pattern, your recent credit enquiries, your credit age, and your credit mix.
- Income: A regular source of income demonstrates that you have a steady flow of money coming in, and are therefore more likely to repay your debt. This could be from a salary, self-employment, or other forms of regular income.
- Employment status: Being employed, especially in a full-time job, can increase your chances of credit card approval. It indicates a stable source of income indicating a lower risk of default. Being unemployed doesn’t necessarily mean your application will be rejected. However, you may need to meet other criteria, like having a regular income source.
- Debt-to-income ratio: This ratio is a measure of your monthly debt payments compared to your monthly gross income. A lower ratio means you have a good balance between debt and income, which banks view favourably. It indicates that you’re not overly burdened with debt and are more likely to manage credit card repayments effectively.
- Existing relationship with the bank: Having a savings or current account with the bank can help. Banks often view existing customers more favourably as they have a better understanding of your financial behaviour. Plus, it’s easier for them to verify your information and financial stability.
- Type of credit card: Different credit cards have different eligibility criteria. Some cards, especially premium ones with extensive benefits, may have more stringent criteria such as a higher minimum income requirement. Contrastingly, basic credit cards often have more relaxed criteria, making them more accessible to a wider range of applicants. Therefore, choosing a card that matches your financial profile can increase your chances of approval.
Tips for Quick and Easy Credit Card Approval
Follow these practical tips to improve your chances of getting approved for a credit card:
- Maintain a high credit score: Ensure you maintain a robust credit score by:
- Regularly paying your bills on time
- Restricting your credit utilisation to less than 30% of your available limit
- Keeping old credit accounts open and in good standing for a longer track record of responsible credit use
- Spacing out new applications over a longer period to avoid hurting your credit score with too many hard enquiries
- Diversifying your credit profile for a healthy credit mix
- Monitoring your credit report regularly to spot errors and discrepancies and promptly dispute them
- Stable income: A regular income shows you can repay your credit card debt.
- Pay off debts: Reducing your debt can improve your debt-to-income ratio.
- Choose the right credit card: Apply for a card that matches your income and credit score, while aligning with your requirements and financial goals.
- Build credit history: If your credit history is poor or if you’re new to credit, consider opting for a secured credit card to build your credit history. This can improve your chances of future credit approval.
For those looking to apply for credit cards, Bajaj Finserv RBL Bank credit cards are a great option. They offer a streamlined online application process with minimal eligibility criteria and no need for physical documents, which can lead to quick approvals. Plus, the multiple card variants cater to diverse needs, whether you’re looking for a credit card for everyday spending, travel, or rewards.
Bajaj Finserv RBL Bank Credit Card Benefits
- Easy EMI conversion: Convert your purchases above Rs. 2,500 into easy-to-manage Equated Monthly Instalments (EMIs). This feature allows you to make big-ticket purchases and pay for them in small, manageable instalments, making it easier on your wallet.
- Interest-free cash withdrawals: Withdraw cash from any ATM across India without paying any interest for up to 50 days. This feature can be particularly useful in situations where digital payments are not accepted.
- Annual fee waiver: If you spend the minimum amount per your card variant in a year, the annual fee for your card is waived. This can result in significant savings over a year.
- Airport lounge access: Relax comfortably before your flight with complimentary airport lounge access. This feature can make your travel experience more enjoyable and less stressful.
- Fuel surcharge waiver: You can get your fuel surcharge waived at any fuel station across India. This can result in significant savings, especially for those who drive frequently.
- Free movie tickets: If you’re a movie buff, you’ll love this feature. You can get discounts or one free movie ticket every month when you book tickets on BookMyShow using your Bajaj Finserv RBL Bank credit card.
- Redeemable reward points: Earn reward points on almost every transaction. These points can be redeemed for a wide range of rewards, allowing you to get more value out of your spending.
No matter your requirements, Bajaj Finserv RBL Bank credit card variants are designed to meet them. So, apply today!
