Credit cards are an essential part of our financial habits. They help us spend better and build good credit scores and sometimes we also get rewards in the form of free air tickets and hotel stays.
But before one can enjoy these benefits one has to actually apply for a Credit Card. In this guide we show you how.
Firstly, you gain incredible flexibility in your spending. You can buy now and pay later, manage your finances more carefully and access emergency money at any time.
Secondly, you can build a Credit score. Using a Credit Card regularly and then repaying the balance every month will help you build a better Credit rating. This in turn makes it easier for you to secure a mortgage or larger personal loans. For most of us, buying a house is the largest life expense we will incur-so if running a Credit Card can help secure a better mortgage deal, it has to be a very good idea!
Finally, owning a Credit Card is also a great way to enjoy lifestyle perks. For example American Express Membership Reward Points can be exchanged for hotel stays, air miles and a variety of other benefits-just from using the Credit Card.
The best Card for you is largely dependent on how you intend to use a Credit Card.
A good place to start is with an understanding of your spending habits each month and how you will repay the balance.
Credit Cards Charge monthly interest based on the APR. If you need flexibility in repayments then Credit Cards are the best option. They allow you to repay as much or as little as you want to each month. This makes them more versatile than Charge or Debit Cards.
Credit Cards also allow you to build up rewards and take advantage of additional benefits; just for using the Card.
With the American Express Gold Card you can get Reward Points for much of your regular shopping.
With the American Express Platinum Range you can enjoy travel benefits like air miles, free hotel stays and use of exclusive airport lounges.
Choose a card based on your lifestyle habits and get the best of benefits.
Charge Cards are perfect if you have cash available with which you can pay off the balance in time. The balance is paid directly from your bank account on a specific date each month-so you don't have to worry about interest Charges.
Like Credit Cards, with charge cards too you can gain Membership Reward Points to spend on a variety of benefits. Our Platinum Card gives bonuses in a single Charge Card.
Both Credit Cards and Charge Cards will help you build a Credit rating. Before you apply for a Card, look at the interest rates, rewards and bonuses to see what suits you the most.
The key requirements for American Express Credit and Charge Cards (and most Credit Cards in India) are:
Your Credit score is the Credit report provided by CIBIL.
Your history with managing credit, defaults or missed payments may influence your credit score.
Your Credit score determines the interest rates you will be offered on applying for a Credit Card. For good credit history, you receive better interest rates and higher levels of Credit spending. You can find your Credit score by visiting the CIBIL website.
You can apply for a Credit Card by visiting our Credit Card section here and finishing the online application form. It takes just ten minutes. You are asked to provide your address, income and bank details. You then receive confirmation post which you are required to send us documents to prove your legal status and identity.
Application processing typically takes 2-3 weeks from submission. You will be notified directly upon approval or denial of your Credit Card application.
To help the process please double check your entries and make sure that you have all the necessary documents ready .