5 MinsMarch 17, 2022
Dhruti Kale started working as a digital marketing executive two years ago. Now she wants to apply for her first credit card. What attracted her most was the convenience and the deals that many banks were offering.
After scouting for credit cards online, she zeroed in on Axis Bank credit cards, due to the range of cards available and the numerous benefits they offered. Four cards in particular caught her interest:
- The Flipkart Axis Bank Credit Card, offered up to 5% cashback on transactions with no upper limit in addition to other benefits
- Axis Bank My Zone Credit Card offered 40% off on Swiggy and Buy-One-Get-One on movies
- Axis Bank Neo Credit Card offered discounts on Zomato, Grofers, Myntra and BookMyShow, among others
- Since Dhruti owned a scooter, she also checked out the IndianOil Axis Bank credit card since its features included a 4% value back on refuelling at Indian Oil petrol pumps.
The option of hassle-free online application was an added attraction, which prompted her to apply for a credit card immediately.
After deciding on which card to apply for, Dhruti checked out the documentation required. She figured out that all that was needed was a copy of her PAN card, Aadhaar Card, salary slips and a colour photograph.
Once she had all her documents ready, she filed an online application, uploading all the documents.
The next step was verifying the documentation. Some banks tend to send a representative to the applicant's home or office, and a few others carry out a video KYC process.
[Also Read: Can’t keep track of your credit card payments?]
The bank will then process all the documentation and decide on whether to approve the application or not. Typically, the approval depends on factors such as:
- Age, employment and income: Most banks require their customers to be over 18 years of age, have a stable employment record and regular income.
- Existing Loan balances: If you already have payment out-gos to multiple loans, the banks may reconsider your ability to service your credit card dues this could adversely affect your application.
- High Credit card balances: Multiple credit cards with high utilization ratios can also be factors for additional credit cards getting rejected.
- Payments record: In case you are regularly late in paying your other credit card bill, it affects your credit score, making it challenging to get another card.
- Credit card settlement: If you have settled your credit card (negotiated with your credit card company to pay less than you owe), it's challenging to get a new card.
As Dhruti’s age, employment and income met Axis Bank's criteria. And she was unaffected by any of the other factors that could have impacted her application adversely. Thus, within three weeks of applying for her card online, she had happily
made her first purchase – a gift for her mother.
Axis Bank offers a range of credit cards with various benefits tailored to its customers' preferences. Customers are also entitled to Edge Reward points depending on their spending patterns.
You can redeem them for a range of attractive deals and offers.
You can know more about Axis Bank Credit Cards and calculate credit card EMIs online.
Disclaimer: The Source, a Mumbai-based content creation and curation firm, has authored this article. Axis Bank does not influence the views of the author in any way. Axis Bank and The Source shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.