Reliance Industries Limited (RIL) is getting all prepped up to reopen its entire 1,400 petrol pumps by the end of this fiscal.
RIL issued a presentation on the company’s corporate results for the financial year ended March 31, 2015, that stated that it has already opened 320 of its petrol and diesel pumps subsequent to the complete deregulation of transport fuels.
In March 2008, RIL had shut down its entire its 1,432 petrol pumps due to the huge losses in keeping up with the public sector firms, which sold fuel at prices way lower than their cost as they enjoyed government subsidies.
It was in June 2010 that the government decided not to provide any more subsidies, which deregulated petrol pricing. In addition, diesel was also deregulated in October 2014. It motivated the private retailers to again enter the market.
RIL stated that they will launch customized loyalty programme for different customer segments, along with, “Fleet management programme providing better fleet control, cash flow management and cashless transactions.”
While you may see many credit card offers regularly, getting approved for one isn’t as easy. Maximising your chances of being approved begins way before the application stage and here are a few tips to help you:
Take your time to research
Jumping at the first credit card deal you see is often a mistake many make when they are starting out with a credit card. Just because a deal is advertised to you, doesn’t mean you will get approved.
Hence, you should take your time to assess three important things
The NBFC or bank
Terms offered by different issuers
Terms like interest rates, annual fees, and rewards and bonuses are essential features of every card, which you should carefully check and compare.
For example, the Bajaj Finserv RBL Bank Credit Card offers up to 20,000 reward points as a welcome gift as well as the possibility of earning reward points on every transaction you make. Free movie tickets and other benefits can be enjoyed every time you reach a milestone.
Check the eligibility criteria
Every financial institutions issuer has different credit card eligibility criteria, like age, income and credit history, which you should check thoroughly before applying. Skipping this step may result in rejection which is going to negatively affect your credit score and the chances of getting approved for any other card as well.
Review your credit score
The first thing any credit card issuer looks at when you apply for a card is your credit score. It’s on the basis of this that the lenders assess your financial behaviour and the degree of risk they face in issuing you a credit card.
You should request for a copy of your credit report before applying for a card so you can review it and see if your credit score is ideal. If not, then you should take the time to improve your credit score before applying for a card to increase your chances of approval, by applying for a lower category card, and making other payments as well on time.
Lower your credit utilisation ratio
The credit utilisation ratio shows how much of your available credit you actually utilise against the total available limit. Having a ratio of 30% or less is advised by financial experts because having a higher ratio is an indicator of being credit-dependent. Hence, maintaining a low credit utilisation ratio is going to help you improve your chances of getting approved for a credit card.
Be careful with the details and the documents
While applying for a credit card, you will be required to provide a lot of information in your application including current and previous employment, salary, current debts, contact numbers and addresses among other things.
Make sure to be accurate with even the minutest of details and ensure to not miss out on any field because an incomplete application is grounds for rejection. The application usually requires several other documents which you must submit as per the issuer.
If your spouse has good credit history, ask them to add you as an authorized user on their credit card. This is easy to do and will give your credit score a boost, increasing your chances of being approved for a credit card.
Things to note
In addition to the above tips, remember to pay of all your outstanding bills on any other credit cards you own, and steer clear of applying for multiple cards at once or within a short time period.
Instead, opt for a credit card that offers multiple benefits. For example, the Bajaj Finserv RBL Bank SuperCard is a card that gives you the power of 4 cards in 1. It’s a credit card, cash card, loan card and an EMI card, all rolled into one that provides industry-first features.