How can I get my first credit card in India?

Getting a first credit card is a big step and choosing the right one can be very overwhelming as there are hundreds of credit cards available in the market. We are here to guide you every step of the way to help you out with how you can get your first credit card in India. There are certain aspects that you need to keep in mind while applying for a credit card so that you can make the most out of it. Owning a credit card and using it wisely are two different things. If the credit card is not used responsibly it can lead you to a debt trap. Here are a few things you need to look for while applying for a credit card online or offline for the first time.

Things to remember while applying for a credit card first time:

Eligibility requirement: Before applying for a credit card you need to check whether you are eligible or not. The eligibility requirement depends on two factors, i.e., age and income. Not meeting the minimum requirements can lead to the rejection of your credit card application. There are certain credit card issuers that provide your credit card as an add-on credit card to the primary credit card if you are 18 years old. Having a stable source of income is very important while applying for a credit card.

No credit history: If you do not have any credit history can also decrease the chances of your credit card approval. You can work on your credit history by taking the loan and repaying it on time or you can also use Amazon Buy Now Pay Later facility to build the credit history easily.

Secured Credit Cards: The applicant should go for the secured credit card when applying for the first time. Secured credit cards are issued against the fixed deposit. You need to have a fixed deposit with the bank for a certain period of time to be eligible for a credit card.

Lifetime free credit cards: There are credit cards in the market which come with no joining and renewal fee. These credit cards are pocket-friendly and ideal for first-time credit card users. The best lifetime free credit cards are Kotak 811 #DreamDifferent Credit Card, Amazon Pay ICICI Bank Credit Card, HSBC Visa Platinum Credit Card, Bank of Baroda Prime Credit Card, etc.

No Payment Default: After receiving the credit card, duly keep in mind to clear your credit card dues on time and never default on the payment. Timely payment of credit card bills helps you keep your account in good standing that will further increase your chances to receive more credit cards or funds from the bank easily.

Most Important Terms and Conditions: Read credit card’s most important terms and conditions before applying for a credit card as it will help you in making an informed decision. You will have all the important information regarding the fees and charges like joining & renewal fees, interest rates, foreign currency markup charges, cash advance charges, etc.

Credit Utilization Ratio: Keep in mind to keep your credit utilization ratio lower than the approved credit limit so that you can build a good credit score and maintain a good standing account as well. Having a good credit utilization ratio increases the chances for you to get another credit card in the future.

Bottom Line:

With the fast-moving world, you have the facility to apply for credit cards online also. You do not have to wait in long queues to apply for a credit card. However, you still have the option to visit the bank to apply for the same. Applying for a credit card for the first time in itself is a big step. The first-time applicant should go for the lifetime free credit card or secured credit card depending on their spending habit and profile. Read thoroughly the most important terms and conditions before applying so that you have an idea of all the hidden charges. Using a credit card smartly and cautiously can accrue benefits and decreases the chances of ending up in a possible debt trap.

You may also Read: Beginner's Guide To Use a Credit Card In the right Way