There is no particular season that can be termed “ideal” to apply for a new credit card. Credit card providers introduce new offers and rewards during certain festive occasions to lure you into hastily getting a credit card. However, it is essential that you steer clear from making any such impulsive decisions. The best time to get a credit card entails a number of factors such as your financial situation and need for additional funds to manage your finances better.
Having said that, a lot goes into getting a credit card. It is crucial that you research thoroughly and pick a credit card that best suits your monetary requirements. Additionally, you must look into the criteria for qualification, the documents that need to be submitted, and such other important factors before you apply for a credit card.
Moreover, getting a credit card isn’t a tedious process anymore. You can now apply for a credit card online without having to step out of the comfort of your home.
Given below are a few situations that might be the right time for you to get a credit card:
When You’re 18 Years Old
It is recommended by experts that getting a credit card as early as you attain the eligible age is beneficial since it gives you enough time to gradually build your credit score. An important factor that as a beginner you’d want assurance on, is safety. Credit cards such as the rupay credit card offer secure transactions and protect your personal data from being accessed by foreign entities.
When You’re Carrying a High-interest Credit Card Balance
Carrying a balance on your high-interest credit card can be quite worrisome. This could be a great opportunity for you to get a credit card that provides a 0% Annual Percentage Rate (APR) for a period of 12 months on balance transfers. You could eventually pay out your balance before the term of the APR expires and this refrain from paying any interest charges. This will help you save a substantial amount of money that would otherwise be spent on paying interest charges.
When You’re Planning a Large Purchase
With the holiday season right around the corner, getting a credit card when you’re planning a large purchase can be advantageous. You could either get a card that offers an introductory 0% APR and save up on interest charges or get credit cards that offer welcome bonuses such as the rupay credit card. These welcome bonuses are often in the form of rewards or cashbacks and can be earned on spending a set amount of money within a pre-decided period of time.
When You Hold an Excellent Credit Score
If your credit score is the range of 750 and above, the chances that your credit card application will be approved is relatively higher. Hence, this is a good time for you to apply. A better credit score can also help you get a better interest rate on your credit card.
When You’re Aiming to Build a Strong Credit Profile
With the option to apply for a credit card online, you can now build your credit profile while lying cosily on your couch. A new credit card can help you establish a strong credit history if you make payments on time and follow financial discipline. The history of your payments as well as the term for which you’ve held a credit card play a vital role in the calculation of your credit score and also determine how credit card lenders view you in terms of the risk you pose.
When You’re Carrying a Debt
Debts can induce a great deal of stress and anxiety. Although it may not seem like at the time, getting a credit card could precisely be what you need to crawl out of such a financial dump. A credit card such as the rupay credit card that’s equipped with rewards, benefits, cashbacks, introductory APRs, bonus points, discounts and more, might be your way out. Credit cards can act as an emergency fund during times of financial crisis. Furthermore, with a credit card that offers a gamut of benefits you might be able to pay off existing debt as well save a huge amount of money through on-time payments and efficient financial planning.
When You’ve Been Pre-approved
If you meet the initial criteria for a credit card, you might receive pre-qualified credit card offers in your mail. You can access pre-qualification forms before you apply for a credit card online, and get an idea of the requirements you’re supposed to fulfil. This will not harm your credit, but will give you an opportunity to explore credit cards that might be the most favourable for you. A pre-approved credit card offer increases your chances of approval since you’ve already been chosen for the said offer.
When You’ve Been Referred
At times you might also receive a referral link from your credit card company that you can share with your family and friends. This does not necessarily mean your new credit card will be approved. But if your credit card application is approved, you might be qualified for a referral bonus. This could either be in the form of reward points or cash. However, it is important that you go through the benefits offered by the credit card and make sure it will complement your financial requirements before you apply for it.
After having read about the circumstances under which getting a credit card might be beneficial to you, it is necessary that you make the call after carefully analysing your financial situation. It is best to get a card when you financially feel prepared to take on such a responsibility. Evaluating what your financial needs are, would dictate if you need to get a credit card or wait longer.