5 MinsFeb 18, 2021
Aayush Mishra works for an MNC and is thinking about getting a credit card. He believes that his application would be approved quickly. His friend has advised him to go to his bank’s website and apply online. Here is why this is very sound advice.
What’s the difference in an online application and going to the bank branch?
For one thing, it will save him a lot of time. Aayush can avoid the hassle of physically visiting a bank branch. The second aspect is the reduced documentation. Before approving a card application, banks need to ascertain that the applicant’s credit risk is worthy of taking on or is acceptable. If Aayush logs into his net banking account and applies for a card, the bank already has a lot of his financial information due to which the approval process would be smoother.
Easier to explore all options before you choose
Most banks offer multiple cards that have differentiated features such as reward points, airport lounge access, cashback, gift vouchers, and other benefits. Banks also offer co-branded credit cards, which come their own set of partnership discounts and benefits. If Aayush opts for an online application process, he can explore which card is best suited for his lifestyle.
Axis Bank, for example, offers 22 different types of credit cards, several of them co-branded with brands like Vistara, Flipkart, Freecharge and Indian Oil, among others. The benefits they offer range from cashback on purchases, air miles, free use of airport lounges, discounts on movie tickets, restaurants and free video consultations with doctors and fitness instructors.
Aayush can study all these features and decide what works for him best. For example, if he plans to swipe his credit card for expenses like utilities, groceries and fuel, it might make sense for him to apply for a card offering cashback. If he is likely to travel frequently, a card offering air miles and use of airport lounges may be a good option.
Does visiting the branch help in faster approval of the credit card application?
Not really. When Aayush applies for a credit card online, he gets an in-principal approval within 45 seconds of his application. Going to a bank to apply for a credit card is just additional time spent for the same process.
[Also Read: How To Apply For A Credit Card Online And Enjoy Best Deals]
So how can Aayush apply for a credit card online?
Aayush has to log on to the bank’s website and fill out the online form. He should also check his eligibility before filling out the application form. A person over the age of 18 can apply for a credit card in India, but some banks have different age criteria. Other criteria may include a credit score of over 750 and no past defaults.
Aayush will need to upload essential documents like photograph, address proof and identity proof and his card will be approved!
Axis Bank credit cards come with benefits tailored to customers' preferences and benefits that accrue on achieving pre-defined spending milestones. Thus, the more you spend, the more you earn. These range from a waiver of annual fees, enhanced Edge Reward Points, to the upgrading of your credit card.
Visit the website to know more about the range of Axis Bank Credit Cards.
Disclaimer: The Source, a Mumbai-based content creation, and curation firm has authored this article. Axis Bank does not influence the views of the author in any way. Axis Bank and The Source shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
