Everyone in India seems to be conducting financial transactions more by the use of credit cards than cash. If people don’t have one, they are looking for ways to get one. How to get a credit card in India isn’t a complicated question, but there are some eligibility criteria you must meet. With years of using cash as the primary means to pay for commodities and services, India has entered the digital age, not with a bang, but with a gradual saunter that is growing by every financial quarter.
The COVID-19 pandemic has only added to this much sought-after payment instrument. In April 2020, the transaction values of credit, as well as debit cards, were at a somewhat low of INR 49,807 crore. This jumped by a thunderous 111% in June 2020, to INR 1,05,266 crore when the pandemic was just gathering steam. With credit cards offering a double whammy at the time of a pandemic — acting as a line of credit for people who couldn’t shell out cash in a suffering economy, and a payment instrument promising a hygienic lack of contact — people clamored to get their hands on one. In the months of June/July 2020, credit card transaction values surged to INR 42,773 crore, from values of INR 20,765 crore in March/April 2020.
Credit Card Demand Continues
What is the reason for this spurt in digital payment use? It’s definitely been helped by the pandemic, yet credit card payments were growing popular before that. With the Reserve Bank of India introducing new security measures for the use and encouraging Indians to go digital, many banks and finance companies have made it simple to get credit cards in the last few years. Earlier, when Indians preferred transactions by cash, there was a lack of information and exposure to digital modes of payment. With awareness and technology touching most parts of Indian life, Indians have become smarter, and more sensible, believing that it’s now easy to know how to get a credit card in India.
No longer available just for the privileged few, credit cards have been introduced for special sections of society to prevent financial misuse, and introduce ways to help the poorer income groups. For instance, there are student credit cards that give financial aid to poor students, who cannot afford the fees of higher education. With a view to uplifting needy, yet deserving candidates, the Government of India has introduced these schemes. Government introduces student credit cards where economically week students can avail themselves the benefits and go for higher education. Student credit card is one of the best schemes from the government it helps many students to full-fill their dream. There is also a Kisan Credit Card to help poor farmers to bypass corrupt money lenders from the unorganized sector, and move to more flexible and easy repayment options. By June/July 2020, there were around 6 crore credit cards in use in India.Credit cards one of the best plastic payment options for all who want to pay their purchase amount on monthly basis and fulfill their need also there is a minimum payment option you can pay the amount according to your economic situation.
Easy Ways to Get a New Credit Card
Here are some easy ways to get a new credit card in India.
Banks or finance companies issue credit cards. If you already have a bank account, and consequently, proof of a source of income, the same bank will offer you a new credit card.
In case a family member already has a credit card, they may apply for an add-on/supplementary card for other family members.
If you are a salaried employee, you may be eligible for a credit card if you show proof of income.
You may open a fixed deposit in a bank and get a credit card with a cash limit that is a percentage of the amount of your deposit.
The Government of India has specific credit card schemes for students, farmers, etc., and you can apply for one of these.
Get a Credit Card Today
Get easy online approval of your credit card when you apply for the Bajaj Finserv RBL Bank Super Card. You can avail of this card without hassle as long as you prove that you have a valid income source. Once you get it quickly, you can use it for multiple purposes such as online shopping, gadgets, and electronics equipment. This is truly a device that can be used to pay for products and services in easy EMIs and it helps you to make pay your daily expenses at the easy EMI. Use it to get loans for up to 90 days with nominal interest rates of 1.16%. This fantastic card is covered for fraud, and you can use it safely at ATMs, making withdrawals for up to 50 days free of charge.
Crafting words to inspire, engage and motivate. 10+ years of content writing, SEO, digital marketing and blogging experience. Ready to help your brand reach its potential!