March 22, 2023

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Smart Financial Tips to Follow When Submitting Your First HDFC Credit Card Application

What to Know before Applying for Your First Credit Card? - Bajaj Markets

Credit cards offer a variety of benefits, such as the chance to accumulate reward points, a grace period during which interest is not charged, support during difficult financial circumstances, and the removal of the need to carry cash.

Despite the fact that using a HDFC credit card can have a number of benefits and that credit cards have many benefits, the key to maximizing these benefits is to develop the habit of using the right card sensibly and responsibily.

Because there are so many credit cards available from so many different credit card issuers, choosing the ideal credit card to apply for may take some time for many people, especially those who are new to using credit cards.

You must pass a variety of verification procedures before you can use a credit card and start making payments with one. 

Some of the checkpoints that fit into this category are listed below:

Consider your purchase preferences and pattern

Most credit cards that you could choose to apply for are designed to handle specific types of purchases. This is accomplished by giving some purchases more advantages than other kinds of purchases. These incentives could come in the form of points, savings, reimbursements, coupons, and other incentives. 

For instance, some credit cards may offer cashback on regular purchases like gas or other purchases, while other credit cards may offer additional reward points on purchases like travel, dining, or housing. Additionally, many different kinds of transactions might generate cashback. It is imperative that you choose a HDFC credit card with the best benefits that match your spending habits and way of life.

Find out the fees for first year, the renewal fees, and any additional costs.

Generally speaking, credit card issuers impose a variety of costs on cardholders, including an annual fee, a late payment fee for failing to make a payment by the due date, a reward redemption fee, and, among other things, a cash advance/withdrawal fee. Depending on the type of credit card used, these fees could change. It is always a good idea to compare each of these fees before selecting a certain credit card because they differ between lenders and card kinds. This is so since credit cards have so many functions and advantages. After applying for a credit card, keep in mind that you can check HDFC credit card application status to stay informed about it.

Some credit card companies will waive both the annual cost and the membership fee if a specific amount is charged to the card each month. However, not all credit card companies operate in this manner. You should select a credit card whose benefits, such as cashbacks, discounts, and reward points, outweigh the multiple necessary fees and costs imposed by the credit card issuer after carefully analysing the different fees and costs imposed by various lenders.

To see if a joining bonus is eligible for claim, check.

It is crucial to spend some time confirming whether a sign-up bonus is offered before choosing a credit card and submitting an application. As a way of encouraging new clients, several credit card companies offer joining bonuses, also referred to as welcome benefits. These bonuses may take the form of gift cards, freebies, bonus reward points, or a variety of other incentives.

Before applying for any credit card, look for joining bonuses and compare them with credit cards if you want to get them in addition to other benefits like cash-backs, discounts, and other incentives. By doing this, you’ll make sure that you receive extra benefits like cash-backs, discounts, and other incentives. Additionally, keep in mind that you can check HDFC credit card application status after applying so that you are informed of it.

Note any fines and expenses that may apply.

Even if it’s never a good idea to pay your entire credit card bill past late, comparing financing rates is still a smart move before registering for a credit card. This is accurate despite the fact that comparing financing rates is a smart move before applying for a credit card. The card issuer has the option to charge financing costs to the account if a credit card bill is not fully paid on or before the due date. In addition to the late payment penalties and cash advance fees that have already been charged, additional financing costs are payable when a payment or cash withdrawal is made with a HDFC credit card after the payment is due.

Don’t forget about the rewards programme.

By providing a wide range of benefits and advantages, credit card incentive programmes actively encourage the use of credit cards. This type of credit card payment support can take the form of gift cards, cash back incentives, reward points, air miles, discounts, coupons, and numerous more possibilities with a comparable objective. It is crucial to take into account not only these advantages but also the award expiration date of the card and the available redemption options when determining whether or not to apply for a credit card. There are several methods to use credit card rewards, and most of them expire after two to three years. Gift cards, in-person redemption at partner stores, online redemption, and putting reward points against unpaid balances on the HDFC credit card account are all examples of these.

Because of this, make sure you are aware of the rewards programme before applying for a credit card through the credit card application. The next step is to select the credit card with the rewards programme that best fits your existing way of life. Last but not least, keep in mind that after applying for a credit card, you can check HDFC credit card application status to see how it is progressing.

Last but not the least, its important to understand why following the above mentioned points is important rather than just going for any credit card. The reason is if you just apply and use ‘any card’ instead of a well researched and suitable card, you miss out on maximizing the benefits as per your spending pattern and purchases preferences.