From buying everyday groceries to enjoying your dream vacation, Credit or Charge Cards have become a handy tool to give wings to your wallet. Perhaps you already carry a Card, and are looking for another one; or you may also be someone looking for your first Card, here is all the information you’ll need to apply for an American Express Credit or Charge Card.
A Credit Card can open several doors in personal finance for you. Here are a few reasons why you must apply now for a Credit Card or Charge Card.
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Applying for a subsequent Credit Card makes sense if you have been responsible with your existing Credit Card and any other loans that you might have. Getting another Card will also help you bring down your credit utilization ratio. It is the percentage of your available credit that you are using (your Credit Card debt divided by your Credit limit). The credit utilization ratio is one of the factors used to compute your Credit score. For millennials and first-time Card applicants, it’s a good idea to use their Credit Card account to start building their credit history and, in turn, achieve a good Credit score. Having a credit history will help you establish that you are a responsible and trusted borrower.
Applying for a Credit Card may not be a good idea for people in poor financial health. If you reach the Credit limit of your Cards often and can’t pay your bills on time, then it’s better not to consider another Credit Card till you set things right. Also, if your Credit score is already low because of bad payment history, another inquiry about your Credit score by the prospective Credit Card provider might affect it adversely. It might even deter the Credit Card provider from approving your Card. Applying for multiple Credit Cards in a short period can raise a red flag about you. It is better to wait for a few months before you apply for another Credit Card.
The best Card for you will depend primarily on how you intend to use a Credit Card. An excellent place to start is with an understanding of your spending habits each month and how you will repay the balance.
Both Credit Cards and Charge Cards will help you build a Credit rating. Before you apply for a Card, look at the interest rates, rewards and bonuses to see what suits you the most applying for a Card.
Before you apply for a Card, you need to check the basic eligibility criteria first. The critical requirements for American Express Credit and Charge Cards (and most Credit Cards in India) are:
Your Credit score is a three-digit number provided by agencies such as CIBIL. The higher the score, the more trustworthy you're considered. It is influenced by your credit history, which has all the details of your accounts, including Cards and loans. It also contains minute details, such as your payment pattern.
Credit Card providers want to know your creditworthiness before approving your Credit Card application. For this, they investigate your Credit score. Credit score serves as a risk indicator to the Credit Card providers, letting them know how likely you are to repay your Credit Card bills on time.
Your Credit score determines the interest rates you get offered on applying for a Credit Card. If you have a good credit history, you will be able to receive better interest rates and a higher Credit limit. You can find your Credit score by visiting the CIBIL website.
You can apply for an American Express Credit Card or Charge Card online. The entire application can be completed online in as little as 10 minutes. Here are the steps you can follow:
Your American Express Credit Card application status will be conveyed to you within 15 working days from the date of receipt of the application. If the submitted documents are as per American Express’s requirement, your application is complete in all respects. If the necessary documentation is not received or in case of any other exceptional scenario, American Express will notify the applicant on the decision within 90 days from the receipt of the application, beyond which an application is not processed. To help the process, please double check your entries and make sure that you have all the necessary documents ready.
Has talk of interest, annual fees, rates and percentages left you feeling confused?
Our simple Credit and Charge Card guides are a great place to start.