How to apply for a bank credit card online?
A bank credit card could very well be considered one of the first “online” modes of money transfers that became available in India. Today, thanks to the mass acceptability of the Unified Payments Interface (UPI), money transfers that are carried out in a matter of seconds are normal across India. What differentiates a mobile net banking app from a money transfer app is that by using the former, you can also apply for a bank credit card or check your credit card’s balance. This article lists down a stepwise procedure to apply for a bank credit card online. Feel free to consult this procedure before availing any credit card.
Read about the interest rate charged by the bank
Since your repayment schedule is impacted by the credit card interest rate decided by the bank, you must be sure to check the bank’s interest rate before applying for a credit card. You could opt for well-known banks that offer credit cards at competitive interest rates such as IDFC FIRST Bank.
Know your repayment cycle
Banks allow customers to know everything about their credit card’s repayment cycle in advance by consulting a credit card EMI (Equated Monthly Instalment) calculator. An EMI calculator – like IDFC FIRST Bank’s – will also provide you a detailed information on the processing fee, interest, and the total GST (Goods and Services Tax), under the tab “View Interest Rates”
Inquire about the bank’s customer service online
It is very important for you to check whether the bank offers reliable and prompt customer services through its mobile banking app. Any issue that you might face, whether it be related to credit card repayment or related to offers and reward points, must be immediately resolved by the customer service team.
Check the features of the bank’s mobile banking app
This section enlists certain desirable features that you might want in your bank’s mobile banking app to ensure a hassle-free repayment procedure for your credit card dues and seamless access to your credit card. We have taken IDFC FIRST Bank’s mobile banking app as an example here:
- AutoPay and One-Swipe Pay: The more the number of online money transfer options at your disposal, the better it is to help you repay your credit card dues.
- ‘Track Your Payments’ option: The mobile banking app must help you learn from your previous spending and help you budget better.
- All-in-one features: You should be able to invest, apply for instant personal loans, and have access to various other consumer banking services through the app.
- Check account balance feature: You must be able to easily check your bank balance or your credit card outstanding dues through the app, along with being able to download bank statements.
Decide on a desirable credit limit and the type of credit card
Finally, you must decide on a desirable credit limit depending on the financial goal that you intend to meet. Also, there are different variants of credit cards that banks offer, so make sure to do your research. IDFC FIRST Bank offers four credit cards – FIRST Classic, FIRST Wealth, FIRST Millenia, and FIRST Select – each one caters to various financial and lifestyle needs.
If you follow these five steps before applying for a credit card, you will select one that does not cause you stress during its repayment procedure and one that can be accessed easily.