In today’s world, getting a credit card online has become accessible with a 100% digital onboarding process. While these cards provide instant access to funds and offer numerous perks, you need to use them in a disciplined way to avoid accruing unnecessary debts.
As easy as it may sound, simply meeting the issuer’s criteria isn’t enough when you apply for a card online. Keeping an eye on your spending pattern is a must before you zero in on a card. Why? This helps you choose the right card that aligns with your needs so that you don’t exceed the card limit and hurt your credit score.
Before you apply for a credit card online, watch out for these 5 mistakes that you need to avoid.
1. Applying for Too Many Credit Cards at Once
When you opt for more than one card, issuers may perceive you as hungry for credit. Also, applying for multiple cards within a short period can affect your credit score. How? Each time you apply for a card, issuers run a hard inquiry, which causes a temporary dip in your score.
2. Neglecting to Check Your Credit Report
Any errors or discrepancies can lead to the rejection of your application. Check your credit report regularly for any inaccurate information. If there is any mistake, report it to the authorities immediately.
3. Closing Old Credit Card Accounts
Closing older credit card accounts can lower your credit score, as it shortens your credit history. Try to keep old accounts open to build a more extended credit history. Keeping them open will help improve your creditworthiness.
4. Ignoring Your Spending Habits
It’s common for you to apply for a card without assessing your needs and financial situation. As a result, you’ll end up applying for the wrong card, and there are chances that your application may get rejected.
5. Neglecting Annual Fees
Many credit cards have high annual fees and other associated costs. Before applying, consider whether the card’s benefits justify the yearly fee. Otherwise, you may end up paying excessive charges, causing a strain on your finances.
When choosing a credit card in India, it’s your primary responsibility to avoid these mistakes. If you’re looking for a card that helps you spend confidently while letting you enjoy maximum benefits, look no further, as the One Credit Card is here.
You can track all your purchases on its powerful credit card online app, which helps you keep tabs on your expenses. This lifetime-free credit card gives you 5X monthly reward points on the top two spending categories.
You can also get discounts on most transactions with partner brands and check new offers on the app. With a fully digital onboarding process, obtaining these cards is hassle-free. as all it takes is just 5 minutes to activate your card. Explore all these benefits and apply online now.