Credit Card comes in handy when you need to fulfil a temporary need for funds. A cardholder gets a credit period of 30-50 days from the lender to pay his or her bill. Furthermore, customers can purchase expensive items with a credit card limit and pay the billed amount in monthly small instalments. However, not everybody gets the benefit and perks of using a credit card. Banks & NBFCs offer their lending services to only exclusive and creditworthy customers and creditworthiness is defined by your credit score.
A high credit score and stable income source help a lot to get you a credit card with a high credit limit and attractive reward programs from the lender. But if your credit history is short, your credit score is low and the income source is not stable then you may find it very difficult to even get a credit score.
So, Here are the Few Tips to Get You the Credit Card With Desired Limit:
- Your bank may have a pre-approved credit card offer for you if you have an active salary account with them. If the bank has not conveyed the offer then you can approach them instead to know about it. So, if there is any pre-approved offer in your name then you can avail of the benefits credit card with minimum paperwork.
- But if you are not interested in the credit card offers that your bank is offering, you can visit the official website to know the latest credit card deals your bank has. You can explore and compare the exclusive credit card deals as per your eligibility on the platforms like BankBazaar, paisa bazaar, etc.
- Another method is to open an FD with the lender in order to get 90 per cent of the total spending limit of your invested amount. If you are a non-salaried person then the bank may find you a risky borrower because of your unstable income.
- For individuals with no credit history at all another method to have a credit card is to get an add-on card against the credit card of your family member. This add-on card will be attached to your family member’s credit card account. This way with a shared credit limit you can create your credit history and score.
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Improve Your Credit Score Before Applying
If your credit score is below the set benchmark of the lender you are applying for a credit card with then you will have to improve your credit score to increase your creditworthiness.
A low credit score will get your credit card application rejected by the lender. It shows that you are a risky borrower and cannot be trusted with an unsecured credit product.
