Bajaj Finserv, in collaboration with RBL Bank, offers 11 different variants of the SuperCard to the customers. From the Platinum Choice SuperCard to the Platinum Plus SuperCard, each card comes with its own unique set of benefits, and these cards are extremely popular.
But just like every other credit card, Bajaj Finserv co-brand credit cards also have certain eligibility criteria that every applicant must meet. Here are 5 quick tips that will help you while applying for a Bajaj Finserv RBL Bank credit card.
- Build up a good credit score
One of the foremost things that determine your credit card eligibility is your credit score. It is a number assigned by the credit bureau that tells the lenders about how good of a borrower you are. It takes into account a number of factors, including your repayment history.
It goes without saying that if you pay all your EMIs and credit card bills on time, you automatically have a better credit score. On the other hand, if you miss due dates or fail to pay your instalments or credit card bills, you will end up spoiling your credit score. Therefore, if you have a good repayment history, you have a good credit score, and thus, you come across as a good potential borrower to the bank.
The credit card bureau also takes into account your credit utilization ratio. This is determined by the percentage of your total credit limit that you spend on transactions. If this number is huge, it makes your credit score dip. This is because a high credit utilization ratio usually means that you rely on credit a lot. Furthermore, the number of existing debts you have also have a significant say on your credit score.
If you manage to strike a balance between these factors and get a good credit score, you will be very likely to get your Bajaj Finserv RBL Bank credit card application approved. Usually, 700 is a good credit score to have.
- Have a low debt-to-income ratio
Banks and credit card companies also look at how much of your gross monthly income goes into paying back loans and credit card bills. This is exactly what the debt-to-income ratio dictates. A high ratio can arise if you have too many loans or have a large EMI to pay every month. In such cases, you should try to pay off those debts before you apply for a credit card. A low debt-to-income ratio will definitely increase your chances of getting your desired Bajaj Finserv co-brand credit card.
- Provide valid proof of income
A mandatory part of applying for a credit card is to produce proof of your income. This can be done by producing any one of the following — salary slip, IT returns, proof of business or recent bank statement. On failing to provide any one of these, your application will get rejected. This is essential because lenders want to make sure that the applicant is financially stable, and is capable of handling the credit card.
- Do not close old credit card accounts
A lot of people believe that having older credit cards can hamper their chances of getting a new one. This is, in fact, untrue. Having more than one credit card increases the total amount of credit available to you. Thus, the credit utilization ratio remains low even if you use a lot of credit. In addition to this, older cards also help you build a solid credit history.
- Check for errors in your credit history
A lot of times, loans that you paid off still show as an outstanding amount in your credit history. These mistakes are common and can cost you your much-anticipated credit card. Therefore, always check for such errors before applying for a credit card and resolve them as soon as possible.
Want to procure a Bajaj Finserv co-brand credit card Apply online for the Bajaj Finserv RBL Bank SuperCard today! Visit the official website, enter your mobile number and a representative will soon get in touch to guide you through the process. The card offers special discount privileges for online and offline purchases, and comes with a host of benefits and features.