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Guide to Apply for the Best Credit Cards With a Low Annual Fee

Bajaj RBL Bank credit-card

In FY 2018-19, India witnessed Rs. 6 lakh crore credit card transactions. This massive number suggests that more and more Indians are opting for the convenient mode of digital payment using plastic money.

Individuals look for credit cards apply online from issuers that charge affordable fees without burning a hole in their pockets. This choice includes the ones which carry significantly low annual fees in the overall market.

The following is an insight into the process to acquire a credit card that proves to be one of the most beneficial financial instruments for day-to-day transactions.

How to apply for a credit card with low annual charges?

The first step towards the best credit card issuer involves comprehensive research on the rates and charges that they lay down for their customers. Therefore, individuals should actively look into the specific policies and fees before selecting the right credit card for their financial requirements.

The simple process for a credit card apply online with low annual fees include the following steps –

  • Step 1: Visit the official website of your selected financial institution and navigate to the ‘Credit Card’ section.
  • Step 2: Look for the ‘Apply Now’ option and click on it.
  • Step 3: Enter relevant necessary information such as the applicant’s name, date of birth, and contact number.
  • Step 4: Analyse the Captcha and enter the code into the designated box.
  • Step 5: Input the One-Time-Password (OTP) from the registered mobile number.

Apart from that, individuals should know how to use a credit card wisely so as to reduce their costs further while using the same.

What are the eligibility criteria to obtain a credit card?

Different issuers lay down distinct eligibility criteria with which individuals have to comply.

  • The age of the applicant must be between the bracket of 25 and 65 years.
  • He/she must be a salaried or self-employed individual with a consistent source of income. Additionally, it serves them the best to have an additional income source and a stable employment history.
  • CIBIL score of the applicant should be at least 750 and above.

Applicants for credit cards like the Bajaj Finserv RBL Bank SuperCard must adhere to these pointers mentioned above.

Bajaj Finserv also provides pre-approved offers on a broad spectrum of financial products such as credit cards, personal loans, business loans, etc. With this opportunity, individuals can substantially reduce the time and efforts involved in obtaining financing. You can check your pre-approved offer by merely providing your name and contact details.

In addition to the credit card eligibility criteria, individuals who choose credit cards apply online must possess a set of primary documents to qualify for approval. These include the ones stated below –

  • For proof of identity – PAN card, Aadhar card, Voter ID card, and other relevant Know Your Customer (KYC) documents.
  • For proof of address – Individuals have to provide their electricity bills, ration card, or driver’s license.
  • For proof of income – The most recent salary slip, bank account statements for the past 6 months, Form 16, or Income Tax Return (ITR) documents.

It should be noted that customers use their credit cards to improve their credit score. However, they need to manage the same effectively to see a positive impact on their score. They have to always pay their total payment due and keep expenses under 30% of the credit limit. Improving the credit score helps them to experience relative ease while availing other financial products at any point in time.

As a result, applicants can opt for a credit card application online when they possess a healthy credit score. In addition, they should also repay their existing debts to reduce their repayment burden associated with a low-cost credit card.

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