In the past few years, the notion of a cashless economy has gained traction in the Indian psyche. The government is also pushing hard for removing cash from the financial ecosystem in a bid to eradicate inefficiencies from the system.
As a result, payment card usage has gone up astronomically in the past few years. According to reliable sources, over 8 Lakh new credit cards are added every month on an average. The total number of credit cardholders has crossed the 40 million mark for the first time in the previous financial year.
Almost every financial institution, including NBFCs like Bajaj Finserv, offers credit cards with a host of benefits. There are numerous benefits of these cards when compared to other payment cards which make them a massively beneficial financial tool.
If you have also applied for a credit card, and waiting to hear back on your credit card application status, here’s a brief guide for you.
How to check credit card application status?
You can easily check the status of your credit card application in just a few minutes. The process is entirely online so that you can check it anytime from anywhere.
Follow this step-by-step guide and follow your credit card application status now.
- Visit the concerned website where you can check the status of your credit card.
- Provide your identification. It can be one of the following- your customer ID, PAN number, mobile number, email ID or reference number.
- Click on the ‘Check Status’ link. Your application status will be displayed immediately on the screen.
You can also track your credit card application status offline. Here’s how.
- Leave a missed call on the number provided by the financial institution. Their representative will call you back and guide you through the process.
- You may also visit the nearest branch office of your credit card provider and ask for assistance.
Once your credit card is issued, you can avail of a host of benefits that it entails. Some of them are mentioned below.
Benefits of using a credit card
The reason that credit card usage has spiked in the past few years is that Indians are increasingly becoming aware of the many benefits of using them. Credit cards are already the primary mode of payment in most developed countries, and the trend is slowly catching up in India as well.
Here are some of the benefits of using a credit card, which makes it the choice of countless individuals.
- Withdraw cash from ATMs
One of the primary misconceptions about credit cards is that you cannot withdraw cash using it in ATMs or there is a high-interest rate attached to it. Bajaj Finserv’s RBL credit card is a clear exception. You can use this card to withdraw money from ATMs with no interest for up to 50 days. All you have to pay is a negligible processing fee of 2.5%.
- Turn purchases into EMIs
A significant advantage of using credit cards is that you can turn high-value purchases of over Rs. 3,000 into easy EMIs. It reduces the financial burden associated with such purchases by a significant margin as the cost is divided into several installments. The interest levied on these EMI conversions is also minimal, further reducing your financial burden.
- Avail an emergency personal loan
Another major benefit of using an RBL credit card is that you can avail of an emergency personal loan. Such loans are free of any interest for a period of up to 90 days and entail only a nominal processing fee of 2.5%.
The loan amount available depends on your pre-approved limit. The loan amount is disbursed instantly, and you may use it for any purpose you deem fit as there are no end-user restrictions attached to such loans.
Repaying these loans is also easy and hassle-free. You may split the loan amount into 3 EMIs and repay them one at a time. It ensures that your financial situation doesn’t become too precarious.
- Enjoy reward points and other benefits
Every time you transact using the Bajaj Finserv RBL Bank SuperCard, you earn a certain number of reward points which is then credited to your account at the fag end of every month. They also offer 20,000 reward points as a welcome bonus. You also get additional points for completing specific milestones set by them.
These reward points can be used to avail discounts at various vendors, earn cash backs and gift vouchers, and get free movie tickets and fuel surcharge waiver. You can save up to Rs. 55,000 every year if you use the reward points prudently.
- Secure all your transactions
Credit cards are incredibly secure, more so when you have the RBL Bank SuperCard. It comes with enhanced security features such as ‘Zero Fraud Liability Cover’ and ‘In-hand security.’ It ensures that you are entirely safe from any cybersecurity threat and you have full control over your card at all times.
- Improve your credit score
A bad credit score may impair your financial credibility and leave you ineligible to avail of a loan. One of the fastest ways to improve your credit score by making timely repayments on your credit card dues.
Conversely, if you do not pay your credit card dues on time, it will adversely affect your score. So, it’s vital that you know how to repay your credit card debt in a timely manner.
Credit cards are incredibly convenient financial tools, which can make your life much easier. If you have applied for one, check your credit card application status today. However, before applying, check some of the most common reasons why credit card applications can be rejected and steer clear of them.