How to open a credit card account with 6 easy steps

Learn the six simple steps to open a credit card account.
How to open a credit card account with 6 easy steps
4 min read
25 July 2023

A credit card adds immense value by providing personal financial flexibility, ease of payment, and the opportunity to earn various rewards and cashback. Opening a credit card account these days is very a simple and straightforward process and can be done in 6 easy steps.

Step 1: Check your credit score

Credit scores play an important role in gauging the chances of credit card approval. Even before you apply for a card, check your credit score. Check your CIBIL score here.

Step 2: Explore credit cards

Credit cards are ubiquitous in the world of finance, with numerous types tailored to meet specific needs. This article will discuss the most commonly used credit cards available in the market.

  1. Rewards credit cards:
    Rewards credit cards are designed to reward those who use their credit cards regularly. These cards offer cashback, points, or miles on every purchase. Cardholders can redeem these rewards for gift cards, travel, and other purchases. Choosing the best rewards credit card involves an understanding of your spending habits and the rewards offered.
  2. Balance transfer credit cards:
    Balance transfer credit cards allow people to transfer balances from high-interest credit cards to new cards with lower or zero-interest rates. This helps people save money on interest and focus on paying off their debts faster. Balance transfer cards usually have a 0% APR period of 12 to 18 months, making them ideal for those who want to pay off their credit card balances without incurring high interest rates.
  3. Secured credit cards:
    Secured credit cards are designed for people who have no credit history or have a poor credit score. With a secured credit card, borrowers put a deposit as collateral, and the lender offers them a credit limit that's equal to the deposit. Secured credit cards help build credit scores and are a great way to get a credit card for people with no credit history or poor credit.
  4. Business credit cards:
    Business credit cards cater to business owners. These cards offer perks like purchase protection, cashback, and rewards. They also offer higher credit limits than personal credit cards and help businesses improve their cash flow. Business owners can use business credit cards to earn rewards on all their business expenses, helping them save money on everyday purchases.
  5. Student credit cards:
    Student credit cards are made for college students who are just starting to build their credit history. These credit cards typically have low credit limits and lower fees. They also offer rewards on purchases, helping students earn cashback on everyday expenses. Student credit cards are a great way for students to learn about financial responsibility and start building a positive credit history.

Here is a list of amazing Bajaj Finserv co-branded credit cards which might suit your financial needs.

Bajaj FInserv RBL Bank SuperCards variants

Benefits

Application

Bajaj Finserv RBL Bank Platinum Choice SuperCard

Welcome rewards

Apply Now

Bajaj Finserv RBL Bank Platinum Choice First Year Free SuperCard

Annual fee waiver

Apply Now

Bajaj Finserv RBL Bank Platinum Plus SuperCard

Offer on movie tickets

Apply Now

Bajaj Finserv RBL Bank World Prime SuperCard

Rewards on online spends

Apply Now

Bajaj Finserv RBL Bank World Plus SuperCard

Rewards on regular spends

Apply Now

 

DBS credit card variant name

Benefits

Application

Bajaj Finserv DBS Bank 10X Plus Signature SuperCard

Monthly milestone benefits

Apply Now

Bajaj Finserv DBS Bank 10X Signature SuperCard

Health benefits

Apply Now

Bajaj Finserv DBS Bank 7X Plus Rewards SuperCard

Accelerated cash points

Apply Now

Bajaj Finserv DBS Bank 7X Rewards SuperCard

Savings on Bajaj Finserv EMI Network

Apply Now

Bajaj Finserv DBS Bank 5X Plus Rewards First-Year-Free SuperCard

Fuel surcharge waiver

Apply Now


Step 3: Check your eligibility

Before applying for a credit card, check the eligibility criteria set by the credit card issuer. This typically includes age, income, employment status, credit score, and other factors that can affect your creditworthiness. Generally, if your credit score is above 700 you are eligible for most of the entry-level credit cards.

Check your CIBIL score here.

Step 4: Find out whether you’re pre-approved

If you're considering applying for a new credit card, finding out whether you're pre-approved can save you time and effort. You can check for pre-approval offers in several ways, including checking your email inbox and mailbox for offers, visiting issuer websites, using online comparison sites, and contacting the issuer directly. By understanding the difference between being pre-qualified and pre-approved, you can quickly find out whether you're a good candidate for a particular credit card.

Step 5: Apply for your desired card

  1. Once you have selected the desired card for example the Bajaj Finserv DBS Bank 10X Signature Credit Card, click on ‘APPLY’ on the top of the page
  2. Enter your 10-digit mobile number and click on ‘APPLY’
  3. Verify the OTP sent to your phone to check if you have any offer
  4. If you have an offer, your credit card limit will be displayed on the screen
  5. Click on ‘GET IT NOW’ and enter your basic details such as PAN, DOB, father’s name, occupation type, company name, marital status, and address details
  6. Now click on ‘PROCEED’; to submit your application

After your submission, our representatives will call you to complete the KYC. After your KYC verification, your card will be sent to your residential address within 5 to 7 working days.

Getting a new credit card can be a beneficial addition to anyone's financial portfolio. It can offer flexibility in making purchases and rewards programs that can help individuals earn cashback, points, and discounts on their purchases. However, it is equally important to manage credit cards responsibly by paying bills on time and avoiding overspending can help build good credit and financial security. With a good credit score, individuals can enjoy better access to loans, mortgages, and other financial opportunities.

Wishing you a healthy financial future!

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Frequently asked questions

Can I create a credit card account online?

Yes, you can apply for Bajaj Finserv co-branded cards online on our website. The online process is simple and quick. If you meet our partner bank’s eligibility criteria, the bank will assign a card to you and open a credit card account.

Does it cost to open a credit card account?

No, it does not cost money to apply for a credit card.

How can I open my credit card account?

The process of opening a credit card account can vary depending on the credit card issuer or bank. Typically, you can apply online or in-person at a branch location. The application will require personal and financial information, including your income, employment status, and credit history.

Can anyone open a credit card account?

Not everyone can open a credit card account. Credit card issuers have specific eligibility requirements, which may include minimum age, income, employment status, and credit score. Generally, you must be at least 18 years old, have a regular source of income, and a good credit score to be eligible for a credit card account.

What is the minimum amount to open a credit card?

The minimum amount to open a credit card can vary depending on the credit card issuer or bank. Generally, the credit limit for the card is determined based on your credit score, income, and other financial factors. It is always best to check with the credit card issuer or bank to understand the specific requirements for opening a credit card account.