A strong credit score is an essential financial tool that can open doors to various opportunities in life. It can help you secure loans, rent a home, buy a car, or even qualify for a better credit card with more perks. If you’re considering how to get a credit card to improve your financial profile, you’re in the right place. In this article, we will explore how credit cards play a vital role in helping you build a strong credit score and learn how you can apply for a credit card online.
The Role of Credit Cards in Building a Strong Credit Score
Let’s understand how credit cards can help you build and strengthen your credit score:
- On-Time Payments
Timely payments are the foundation of a good credit score. When you use a credit card responsibly and make your payments on time each month, it reflects positively on your credit history. Payment history is a significant factor that credit bureaus consider when calculating your credit score. This demonstrates your reliability in repaying borrowed funds, which is attractive to lenders and can boost your score.
- Credit Utilisation
Credit utilisation is the percentage of your available credit that you’re currently using. Keeping your credit utilisation low (typically below 30%) shows that you are responsible with your credit. When you consistently pay your credit card bills in full and don’t max out your credit limit, it positively impacts your credit score.
- Length of Credit History
The length of your credit history also affects your credit score. By opening a credit card account and keeping it open for an extended period, you can increase the average age of your credit accounts. This contributes to a more favourable credit score, as it demonstrates your experience in managing credit over time.
- Diversification of Credit Types
Credit bureaus consider the mix of credit accounts you have, including credit cards, loans, and mortgages. Having a well-balanced mix of different credit types can positively impact your credit score. A credit card is an essential tool in this mix, and it shows that you can handle revolving credit alongside instalment loans.
- Building a Credit History
If you are new to credit or have a limited credit history, obtaining a credit card is often the first step in building your credit. Responsible use of a credit card provides you with a valuable credit history that lays the foundation for your financial future. This is particularly useful for those looking at lifetime free credit cards to minimize costs while building credit.
Now that you understand the importance of credit cards in building a strong credit score, let’s explore some credit cards available on Bajaj Markets that can help you achieve this goal.
Some of the Best Credit Cards on Bajaj Markets
Here are some of the top credit cards that are available on Bajaj Markets platform:
- IndusInd Bank Platinum Master Credit Card:
This is a premium credit card that offers you rewards on every spend, complimentary lounge access at airports, fuel surcharge waiver, travel insurance, and more. You can also enjoy discounts and privileges at various partner outlets across categories such as dining, shopping, entertainment, travel, etc. The best part is that this card has no joining fee or annual fee ever.
- SBI Card PRIME:
This is a travel-friendly credit card that offers you free airport lounge access, free club Vistara membership, free Trident Privilege membership, fuel surcharge waiver, milestone rewards, and more. You can also earn reward points on every spend and redeem them for gift vouchers, products, or cashback. The annual fee for this card is waived off if you spend ₹3 Lakh or more in a year.
- Axis Bank MY ZONE Credit Card:
This is a lifestyle credit card that offers you cashback on movie tickets, dining, online shopping, and more. You can also get discounts and offers at various partner outlets across categories such as travel, entertainment, wellness, etc. The annual fee for this card is waived off if you spend ₹50,000 or more in a year.
To apply for these or other lifetime-free credit cards on Bajaj Markets platform, you need to follow these simple steps:
- Visit the Bajaj Markets website or download the Bajaj Markets app on your smartphone
- Go to the Credit Card Section and browse through the various options available
- Select the credit card of your choice and click on “Apply Now”
- Fill in the required details such as your name, mobile number, email address, PAN number, income details, etc.
- Submit your application and wait for approval
- Once approved, you will receive your credit card within a few days
By applying for one of these cards and managing your credit responsibly, you can not only build a strong credit score but also take advantage of the rewards and benefits they offer. So, if you’re looking to get a credit card that is both cost-effective and rewarding, consider the lifetime-free credit cards available on the Bajaj Markets platform to kickstart your journey towards a stronger financial future.