Today, you can quickly apply for an instant credit card and make your payments easy, convenient, and rewarding. However, issuers offer these cards to select individuals who meet their requirements.
What does that mean? Well, be alert right from the time you apply and eliminate these common errors on your journey to get a card.
Going For The Wrong Credit Card
There are many financial companies that offer an instant credit card. The question is, how do you choose the ideal one? Simple. Start with the criteria that you must meet to qualify for it. If you do not, your application will be rejected.
Here are some common requirements across issuers to make you more aware of the eligibility terms:
- You must be above the age of 18.
- You must have a stable income and employment
- Your monthly income must match the issuer’s minimum requirement
- You must have a good credit score, ideally above 700
Sending Applications Frequently
Applying for a card? This means your credit score and report are being checked. This check will result in a hard inquiry being registered on your profile. Every inquiry will temporarily dip your score, and if you apply too frequently, it can have an adverse impact.
Frequent checks also imply that you are credit-hungry, which makes you look risky and increases the chances of rejection. So, ensure that you pace your applications and don’t keep reapplying after rejection. Instead, assess why the application was rejected and then work on it.
Submitting Inaccurate Application
When you apply, you need to provide numerous personal and financial details. The issuer will approve or deny your application based on the information you submit. So, it is crucial that you fill out the form carefully and ensure that everything is correct.
If there are any errors, the issuer may not give you the card. Here are some of the details that you should re-check before submitting your application:
- Spelling mistakes or mismatches from the ID provided
- The address mentioned in the application is as per the proof
- Income and employment details are as per the proof
Ignoring the Fine Print
Every card comes with a set of terms and conditions with regards to your:
- Credit limit
- Interest rate
- Grace period
- Annual fee and other costs
- Reward redemption fees/process
If you don’t check and compare these aspects, you may end up with a card that doesn’t align with your expectations.
For instance, if you want a low-budget card, not checking the annual charges can result in you paying high fees to use the card. This can strain your budget and even negate the benefits if the cost is too high. So, read the terms and conditions and compare your options before applying.
Armed with this information, you can choose your preferred free credit card, apply without any errors, and improve your approval chances. Free credit cards can be a better choice, especially if you are just starting your credit journey. A lifetime-free credit card you can consider for great savings is the One Credit Card.
With this card, you can easily convert your big-ticket spends into no-cost EMIs, get exclusive deals, and earn up to 5X rewards with no expiration on your top two spending categories. You can also enjoy no redemption fees with this free credit card. Apply online in just a few clicks to explore these advantages and more!
