The features of a modern online credit card app show us exactly how fintech has changed the way we interact with financial tools. Gone are the days when people applied for credit cards offline, as online provisions now are much better. With just a few clicks, you can apply, get approved, and activate a card, all in a few hours.
However, these are just some of the perks of the digital experience. Read on to learn all about the benefits of online credit card applications and more.
Benefits of Online Credit Card Application
Applying for the card online offers these advantages:
Enhanced Convenience
The most notable benefit of a digital application is that it is hassle-free. Depending on the issuer, you need only download an app, enter your phone number and check for an offer. That’s it, just 3-4 simple steps. For others, you may need to fill a simple form, but even this takes just a few minutes. In both instances, you never have to visit a physical branch, stand in a queue, and wait to apply.
Reduced Time of Application
Using an online credit card app to avail of an offer is by far the quickest way to get the card you want. This is because modern issuers only need your phone number, basic KYC such as PAN information, and verification information to process an application. Providing this data takes mere minutes. Moreover, this benefit isn’t limited to new credit applications only. The processing time for your request is also much quicker, with some issuers offering instant approval.
Convenient Access to Essential Information
When considering a credit card, and its variants, you need to assess various parameters, such as:
- Credit limit
- Applicable rate of interest
- Billing cycle
- Associated fees and charges
- Eligibility and documentation
- Terms and conditions
- Reward system
- Welcome benefits
- Deals and discounts
Online applications simplify access to this information, as most issuers will have a digital brochure or a dedicated section on their app that showcases all the USPs. You can even download the important legal documents, and check all the terms.
Ease of Comparing Different Options
To meet varying needs, credit card companies offer a wide range of card variants. In fact, some of the common types you can find are:
- Student credit cards
- Business credit cards
- Travel credit cards
- Rewards credit cards
- Fuel credit cards
Exploring and comparing all the types is a time-consuming undertaking, and you may still not get all the information you need. However, when you apply online, some apps allow you to compare different offerings and easily highlight the differences. This way, shortlisting the right options is easy and quick.
Online KYC and Document Submission
To apply for a credit card, you must complete a Know Your Customer (KYC) process for verification. Here, you typically need to submit documents that serve as:
- Identity proof
- Proof of residence
- Income and employment proof
When you apply offline, you will receive physical copies and this can easily turn into an ordeal, if you don’t have all the paperwork on hand. With online applications, you need only submit soft copies, and you can do this from the comfort of your home.
Points to Consider While Applying for a Credit Card Online
To ensure success and streamline the process of getting a credit card online, follow these tips:
- Verify the authenticity of the card provider before applying
- Understand your preferences and spending patterns to choose the best credit card for you
- Explore various credit card providers to get the best deal
- Confirm the credit limit you can get and assess if it matches your requirements
- Check the eligibility criteria and paperwork requirements to plan ahead
- Consider your credit score and ensure that it meets the minimum requirement
- Inquire about a pre-approved credit card offer
- Choose a card that comes with the lowest interest rates and other charges
- Pay attention to the terms and conditions associated with your card
- Check the additional perks that come with the credit card
Safety is another key aspect of the online experience, as modern issuers are heavily regulated to ensure that they meet the standards. One option that puts your safety first while simplifying access to credit is the One Credit Card. Built and backed by advanced technology and a powerful app, you can spend confidently, knowing you are always in full control.
Using this premium metal credit card also helps you extract more value from each purchase, as you can earn 5X the rewards on your top two spending categories. Additionally, converting your big-ticket purchases into affordable EMIs is easy and can be done through the app. Apply now to get started on your credit card journey.
