You Can Get A Credit Card In No Time. Just Follow The Below Steps

Posted by govardhan on March 16th, 2021

What if I tell you that there is an easy way to get a credit card easily. 

But also, there are many things that go into obtaining a credit card. Thus, you can get a credit card if you check a few pointers before you apply for it. 

First, check whether you are qualified to obtain a credit card. We have listed the process below. 

How to get a credit card easily by getting qualified for it?

1. Ensure that you are of the right age

You should be a minimum of 18 years old to get qualified for a credit card. Also, you need to have a constant source of income to get approved for it. If you do not have a constant source of income, then you can ask someone else for an application for a joint credit card with you.

It is also not mandatory for you to work full-time to be eligible for applying for a credit card. The money that you earn from your part-time campus job is also accepted. But, it should be high enough to repay a credit card balance. 

   2. It is important that you have your own income source.

Have an income source of your own. If you do not have so, at least have "reasonable access" to a household income. Reasonable access means having deposits in a shared account. Otherwise, regular transfers from the wage earner's account to your account are also accepted. 

Also, if you are putting your parent's income on the credit card, then it has to be a joint credit card, or else the parent has to give you money or pay your bills every month.

  3. Have a good credit history

The most important thing to get approved for a credit card is to have a good credit history. Only if you have a good credit report or no late payments in the last two years will you be able to obtain a credit card. 

If you have had a negative credit history with a credit card issuer in the past, then you will not get approved for a credit card from the same credit card issuer. 

  4. Avoid having a lot of debt.

In case you have many debts pending, and your credit utilization is high, then there are chances of your credit card getting denied. The amount of debt that is acceptable is based on the credit card issuer and also the type of credit card that you apply for. Try keeping the credit card debt lesser than 30% of your credit card limit. 

Keep your debt-to-income ratio as minimum as possible.

  5. Get a co-signer

If you do not qualify for a credit card because of any reason, then worry not! You can still ask a friend or a family member who can co-sign your application. But, the important thing is that the co-signer must satisfy the requirements for the credit card. 

And in case you are not able to pay back your balance, then the co-signer will be receiving any credit damage that occurs. 

  6. A Security deposit

If you are unable to get a regular credit card, you can try for a secured credit card. To obtain that, you need to make a security deposit against your credit limit. You will be eligible for an unsecured credit card once you finish a year of timely payments. 

You just need a security deposit of 0 for the majority of the credit card issuers. To have that amount, put aside around to 0 each month. 

Now that you know what is needed, let us see the process of obtaining a credit card.

1. Firstly, you need to choose your credit card. After choosing it, check whether you are eligible for it or not. Also, check the documents that you have to submit. 

2. Secondly, apply for the card. You can either apply at an ATM or online or visit your nearest branch with the necessary documents. 

3. Then, activate the card. A PIN, as well as a credit card, will be issued to you through courier. A green PIN will be sent to your registered mobile number. After obtaining these two, go to the nearest ATM and change the PIN. 

You now have a credit card with you with which you can make your first purchase! Happy shopping!