Citibank was incorporated in India in 1902 in Kolkata. It is the consumer division of financial services multinational Citigroup. It is one of the leading private sector banks in India and one of the largest credit card issuers in the country.
Citibank offers Credit cards suited to the differing lifestyle needs of its customers. Some cards offer cashback rewards like Citi Cashback Credit Card, while other cards give fuel benefits like the IndianOil Citi Platinum Credit Card.
Before applying for a Credit Card, you need to consider the following:
Your credit score: One of the most important things is to do is to check your credit score. Obtain a copy of your credit report from the credit bureau and check it for any kind inconsistencies including mistakes about your name or address, or wrongly entered credit account status or credit limit. All these mistakes can needlessly drag down your credit score and hurt your ability to be approved for a credit card. If you find an error, file a dispute with the credit bureau immediately and get it corrected. Having a good credit history and score makes your chances of getting a credit card much higher.
Your spending patterns: Observe your spending patterns and identify what your needs are. Are you spending more on travel? Then you can go for a credit card which offers travel perks like the Citibank PremierMiles Credit Card. If you are an online shopaholic, then choose one which has benefits and reward programs specially designed for that particular purpose.
Your income: You should consider your monthly net income and decide whether you can afford to have a credit card which could considerably increase your expense and might possibly put you in debt. Check your income eligibility before you apply for a credit card to avoid the chance of rejection.
A plan to repay your credit card bills: You should have a concrete plan on how you will pay your credit card bills. Keep in mind that even If you pay the minimum amount due, interest charges will continue to accrue on the balance amount and it might possibly cause you repayment problems.
Eligibility: Make sure you fulfill all the eligibility requirements when you apply for a Citibank credit card to avoid rejection. You should be minimum 18 years of age, a resident of India, and be able to demonstrate a stable income in order to qualify for a Citibank Credit Card.
Fees and other charges: Be absolutely sure about all the fees and charges involved, including the joining fee, annual fee and renewal fee. This will help you avoid nasty surprises later on.
I have decided on my card, what next?
Once you have decided on the card you want, you can apply online by logging onto the Citibank website or by visiting the nearest Citibank branch and submitting the application and required documentation. You can track the status of your application online by referencing your application number.
Great, but I think I might need help…
It can get a little overwhelming to choose from the wide array of credit cards available and identifying the most suitable card. If you think you need help with choosing the right credit card that is best suited to your credit profile and needs, then CreditMantri can guide you through the entire application process and match you with the best offer.