Credit cards are a great tool for managing your finances. For people with stable yet fixed pay, particularly the salaried, Visas are a helpful device as it permits you to meet costs without spending your profit right away. Indeed, the majority of issuers’ credit-free period of 18-55 days, along with multiple reward points, cashback, and free air miles, is sufficient to entice customers to apply for a credit card.
A few Mistakes You Can Avoid While Applying For Credit Card
Here are a few mistakes that you should avoid while applying for a credit card.
1) Failure To Check Credit Score
One of the biggest mistakes people make when applying for a credit card is not checking their credit score. On the off chance that your FICO rating is very poor, banks won’t give you a charge card. However, don’t get upset if you get a low score because you can always get better.
In such cases, it is smarter to hang tight prior to applying for a charge card as it would give the genuinely necessary opportunity to work on your score. You must check your credit score because it will also help you find and fix any errors or inconsistencies on your credit report.
2) Ignoring Eligibility Criteria
There are a ton of charge cards that are accessible now with every one being tailor-made to suit explicit prerequisites. In the event that your pay level doesn’t coordinate with the Visa that you are applying for, your application might get dismissed. In this way, ensure that you apply for the Mastercard that matches your monetary profile.
On the off chance that your pay level isn’t exactly high, you shouldn’t make a difference for a top-of-the-line or premium Visa.
3) Basic Errors
This might appear to be very commonplace yet in any case is something imperative to remember while applying for a Visa. Giving erroneous and conflicting data in your application is a significant error that ought to be kept away from. For instance, if your ITR (Income Tax Return) shows that your annual income is 3.6 lakh rupees, but you overstate it in your application to increase your chances of getting the card, you will not get it at all.
4) Not Reading The Fine Print
There are a variety of terms and conditions associated with credit cards, such as an interest-free period, a fee for late payments, and monthly interest charges for outstanding balances. Do peruse the fine print prior to marking on a Visa application as it would help you in going with an educated decision.
If a credit card application is rejected for a valid reason such as a poor credit score, it is better to wait for six months to one-year before trying for the next time.
