Credit cards come with a long list of benefits, including the ability to avoid cash transactions, reward points, interest-free periods, and financial support during hard times. Even though applying for a SBI lifetime free credit card can have several benefits and credit cards themselves have a long list of benefits, the secret to maximising credit card benefits is using the right credit card responsibly. But choosing the best credit card through application can be time-consuming for many, especially for first-time cardholders, as there are so many credit cards available from different credit card issuers.
So before you apply for any card and delving into how to activate SBI credit card, here is a one stop guide to make sure your card application is not rejected by the issuer:
Analyse your purchasing patterns.
Most credit cards that you choose to apply for are made to facilitate particular kinds of purchases by offering them more benefits than other kinds of purchases, like reward points, cash-backs, discounts, coupons, and other incentives. Consider the fact that some credit cards, for instance, give cashback on petrol and other regular purchases, while others give extra reward points on things like dining out, hotel stays and airline tickets. Therefore, in order to get the most out of your SBI lifetime free credit card, it’s critical that you choose one that fits your spending habits and way of life.
Frequent travellers might want to think about travel credit cards, which are offered by credit card companies and have a number of travel benefits, including hotel certificates, lounge access, and air miles, to mention a few. Similarly, fuel cards with higher points for fuel purchases are advantageous to people who spend a lot of money driving their own cars to work.
Check the renewal and annual fees as well as any additional costs.
Generally speaking, credit card companies charge their customers a range of fees, such as late payments, application, annual, and renewal fees; cash advance/withdrawal fees; reward redemption; and late payments. Before deciding on a particular credit card, it’s usually a good idea to compare all of these fees as they differ between lenders and card versions. Some credit card issuers may not charge an annual or joining fee if a specific amount is charged on the card; however, other issuers may lower or waive these costs. Choose a credit card whose benefits—like cashbacks, discounts, and reward points—offset the various costs and levies that the credit card issuer applies as conditions. It is advisable to apply for a SBI lifetime free credit card only after carefully going over every fee and charge that lenders levy.
Verify whether a joining bonus is offered.
It’s crucial to ascertain whether a joining bonus is offered before selecting and applying for a credit card. Many credit card issuers offer joining bonuses, also called welcome benefits, in the form of extra bonus reward points, free vouchers, gift cards, and other incentives. Thus, confirm that joining bonuses are offered prior to applying for any credit card. To be sure you’ll also get additional perks like cash back, discounts, and other incentives, you should also compare these bonuses to those of other credit cards.
Pay attention to any financing costs.
Before applying for a credit card, it’s a good idea to compare financing costs, even though it’s never a good idea to miss payments on your entire credit card account. The credit card issuer may apply finance charges to the account if a bill is not paid in full by the due date. If a credit card payment or cash withdrawal is made after the payment is due, financing charges are imposed in addition to late payment penalties and cash advance fees. It is advisable to compare finance charges before choosing a credit card and deciding to proceed with credit card application, as credit card finance rates normally vary from 18% to 49.36% annually.
Bonuses include things like incentives and offers.
One of the main things that encourages people to use credit cards in the first place is their reward programmes. These incentives could be in the form of gift cards, cash back offers, airline miles, reward points, vouchers, discounts, or other appropriate payment methods. When choosing which credit card to apply for, it’s crucial to take into account the available redemption options and the credit card’s reward expiration time. Credit card rewards typically run out after two or three years. There are numerous ways to redeem rewards points, including e-gift cards, in-person redemption at partner stores and websites, and credit card statement crediting of points against outstanding balances.
Because of this, make sure you comprehend the rewards programme and select the credit card whose rewards programme best fits your current lifestyle before applying for a SBI lifetime free credit card. Remember that using credit cards can save you money on transactions by offering you rewards points, cashback, discounts, coupons, and other perks. While you’re at it, make sure the costs do not exceed the advantages by keeping a check on all the fees and charges related to credit cards, including the application and renewal fees. Applying for and getting approved for the best credit card is an important first step towards using it as a helpful payment tool to kickstart your financial journey.
Last but not the least, keep in mind that after getting your credit card application accepted, you must also know how to activate SBI credit card timely. Only after that will you be able to start using the card.
Why can a credit card application be rejected?
Getting your credit card rejected can be a possibility, so its better to firstly understand why such rejections happen. These reasons can be a low or no credit score, failing to meet minimum income criteria, risk job profile, residing in a non serviceable area or errors in application form or documentation.
Here it is noteworthy that if your regular credit card application ends up getting rejected, you can look out for secured credit cards, which are secured against your FD (fixed deposit) kept as collateral.