Best Way to Search and Apply for a Credit Card


Credit cards have become the most popular cash alternative in the modern era. They offer several benefits over other modes of payments and also help to improve your credit score. If you are on a hunt for your first credit card, odd you are eager to get a card as soon as possible. However, with a plethora of credit card offers from multiple banks, it often becomes difficult to choose the right credit for yourself. But, don’t worry! Here’s a checklist of everything you’ll need to think about as you’re searching for your first Icici Credit Card.

Also read: Facts You Should Know About Instant Car Loan

Step 1: Make sure you are ready for your first credit card

First, you must carefully think about whether you need a credit card or not. Having a credit card in your name requires a huge financial responsibility. Take out some time to understand the credit card basics and get a picture of where your financials stand before you dive in. Also, be prepared to keep track of what you’ve spent on your credit card, and pay off that balance each month without being reminded to do so. In case, you forget to pay your bills on time, you will be charged heavy interest and late fees. This will affect your credit score as well.

Step 2: Understand what’s it like to apply for your first credit card

Get yourself prepared for the realities of securing your first credit card in today’s market. Undisciplined and frequent swiping of a credit card can land you in huge financial debt. To get your first credit card, you must have a steady income, assuring credit card issuers that you’ll be able to pay back what you owe. Plus, you must have a good credit score of 650 and above to apply for the same.

Step 3: Check your options for your first credit card

Keeping this in mind, which first credit card options are realistically available to you? To know, check out these four places first:

  1. Your bank: If you have an account with a certain bank in your name, then first you should apply with them for a credit card. With that existing relationship in place, you might have a better chance of getting your credit card application approved. The bank might feel comfortable extending you a credit card if you don’t have any overdrafts in your history.
  1. Secured credit cards: You can also opt for a secured credit card. This type of card is secured by a deposit you make against the credit limit of the credit card. The banks hold the deposit just in case you don’t make your credit card payments on time. With the help of your secured credit cards, you can build your history and can graduate to better credit card products in the future.
  1. Co-signers: If you are struggling to get a new credit card for yourself, another option is to get a cosigner on the card. You can ask your parent or trusted person to cosign the card for you. Their income and credit history will be used to determine your eligibility for the card. It’s important that you work with someone whom you can trust, and use this first credit card very responsibly.
  1. Possible credit cards available for no credit history: You can find credit cards even if you have no credit history or limited credit history. Most of the credit card issuers offer limited history credit cards. These credit card issuers do approve borrowers with limited credit history, but these credit cards come with a higher interest rate.

Applying for a new credit card

Once you’ve improved your credit history with a first credit card and proved that you can repay your dues on time, you’ll have more credit card options available to you.

But remember every time you apply for a new credit card, the credit card issuer will do a hard credit inquiry of your credit score. And every time your credit report is pulled, you’ll see a slight dip in your credit score.

So, make sure that you aren’t applying for new credit cards very often or all at once.


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