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In recent years, Indian consumer market witnessed a tremendous influx of credit card usage. Its easy application process and multiple benefits attract a number of applicants every year. Depending on the user’s credit behaviors, a credit card can be an incomparably convenient financial instrument.

However, individuals should also be careful about how they select a particular credit card. A right credit card can assist borrowers in managing their everyday cash flow covering various expenses. On the other hand, a wrong decision can turn out to be utterly dangerous for their credit profile. Thus, here are some tips that individuals should consider to online apply credit card.

  • Decide the main objective

Firstly, individuals need to decide the primary purpose of why they want to avail a credit card. Numerous options are available, and each of them offer benefits to fulfill specific intentions. For example, credit cards that offer competitive interest rates are the most beneficial for borrowers who wish to carry a balance or for debt consolidation. 

Therefore, category wise searching can be helpful to know all about credit cards and find out the perfect card as per the purpose.

  • Evaluate expense pattern

Similarly, applicants also have to analyse their spending habits to understand what they tend to spend the most. Based on the spending pattern, lenders have introduced several credit cards like a travel card, business card, gas card, shopping card, etc. 

For instance, if individuals who tend to travel frequently avail a gas card that waives off surcharges on fuel purchases, it may not be highly useful. Therefore, borrowers need to evaluate this factor and online apply credit cards.

  • Pay attention to the credit limit
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As it is a debt instrument, credit cards can affect one’s financial history if not used responsibly. So, they have to know all the precautions like maintaining credit utilization ratio to protect their profile. This ratio signifies the amount cardholders have spent out of their given limit. As per experts, a user should always keep their utilization ratio below 30% of the limit. Thus, if the credit limit is significant, card users can maintain this ratio efficiently while meeting their necessary financial obligations.

  • Consider affordable APR

Although interest on credit cards can accumulate when users carry a balance, it is highly preferable to opt for a relatively lower APR. However, in terms of cash withdrawal, APR starts accruing from the date of the transaction and keeps on accumulating till the outstanding amount is completely repaid. Thus, it should be one of the most important things to know before applying for a credit card.

  • Check eligibility and documents

When borrowers want to online apply for credit cards, they must check if they fulfil all its eligibility criteria or not. Based on lenders, the bracket of these criteria can change, but applicants must need to hold a strong financial profile with a CIBIL score near about 750. 

Furthermore, they should also know about the essential documents like KYC, income proof, etc. so they can attest their eligibility for the product as per financier’s policy.

Here, individuals should consider lenders that offer feature-rich cards like  SuperCard against easy to meet criteria and simple documentation.

Moreover, the institute also provides pre-approved offers for a faster credit sanction process. Borrowers can look for these offers on other debt tools like personal loans. Also, they can provide basic details to check their pre-approved offers beforehand.

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Lastly, applicants should finally check the reward programs provided by lenders, and online apply credit cards that offer beneficial incentives like loyalty points, cashback, etc. as per their spending. However, they should always use a credit card wisely and never indulge in reckless expenses as they have to repay the entire utilized amount before the given time.

Shabbir Ahmad

Shabbir Ahmad is a freelance enthusiastic blogger & SEO expert. He is the founder of Shifted Magazine & Shifted News. He contributes to many authority blogs including porch, hackernoon & techcrunch.