Here’s How to Apply for Credit Cards I’ve Had Before?

The credit card market is booming. Owing to the potential of this segment, many banks and NBFCs have started to offer unique and customized credit cards. If you are low on cash or are facing any temporary financial hassle, credit cards have your back. 

There are many variants of credit cards that are on offer. You must find the one that is best suited to your needs. If you have canceled your card and want to apply for the same card again, don’t lose heart. Although credit card applications are simple and easy, the below tips will help you reapply for the credit card you’ve had.

●      Reason for the Cancellation

You need to understand the reason for the cancellation of the credit card application. Why did you cancel it? Was it because of the customer service? Was it because of the credit limit? It is important to re-evaluate your decision and have an honest discussion with the card issuer. It would help you set a more realistic expectation and understand the fine print attached to the card.

●      Policy Variation

Policies and regulations change periodically. You must understand that every bank evaluates the profit they make on the card and accordingly might tweak the features or benefits on the card. Read the offer document of the card and ask questions if you are unclear about any point. The relationship managers of the banks will be more than willing to assist you and clarify your questions.

●      Choose your variant

Your previous card may no longer be available. There is a possibility that it is discontinued. Compare all the other cards that the bank has to offer. The bank may have issued a new or better variant that might be more suited to your needs. Accordingly, apply for the new credit card.

●      Eligibility and Qualification

Before applying for a new credit card, carefully go through the eligibility criteria on the official website of the bank. You should apply only if you meet the requirements. If you already hold a card with the bank, then the criteria may remain the same for you, unless your income source or repaying capacity changed.

●      Credit Score

Your credit score is an indication of your financial health. It is the most important factor that the card issuers consider before approving any credit card applications. You must ensure that you maintain a high and respectable credit score. If you have taken a loan, faltered on your payments, or have increased your liabilities, your credit score will be affected adversely.

Hence, before applying for a credit card, check your credit score. If it is at the same level as before, you have nothing to worry about. However, if it has dipped, then you might have to wait, improve your score and then apply for the card.

A credit card is one of the most user-friendly and convenient financial products. However, you must use it with discipline and sincerity.