Credit cards are financial instruments through which cardholders can borrow funds according to their financial needs. In this fast-paced world, no one likes to wait for days to get approvals on applications. The same holds for credit cards too. Those who are looking for instant approval on their credit card application can apply for a credit card online. Let us know more about credit cards and how one can get instant approval on a credit card application.
What is a Credit Card?
A credit card is a financial instrument having a pre-set maximum credit limit. Credit cardholders can use the tool to make financial transactions offline and online. The credit card company decides the limit on a credit card based on the credit history, credit score, and income of the applicant. Since they come with a predefined limit, the card user is conscious while spending on his card. It also curtails his expenses to the credit limit and expenses made can be tracked through credit card statements, unlike cash.
Why Should You Get a Credit Card?
- Credit cards are accepted globally: Most credit cards are accepted by different merchants across the globe, giving them a universal appeal. Apply for a credit card with a reputed bank and use the card for making purchases both locally as well as internationally.
- Conversion into EMIs: The idea of bulk payments on credit cards can be scary to many. Reputed banks offer an EMI conversion facility on their credit cards. Under this facility, the credit cardholder can convert his credit card transactions into EMIs. EMIs mean equated monthly installments whereby the cardholder can pay the bill in installments over a period. This helps him pay the bill without burning a hole in his pocket.
- Benefits and rewards on a Credit Card: Credit cards offered by reputed banks are loaded with offers and rewards for card users. There are reward points, movie ticket discounts, dining and shopping discounts, reward points, etc. on credit cards.
- Balance transfer facility on a Credit Card: Using the facility of balance transfer on the credit card, the cardholder can transfer the outstanding balance of a particular bank to another bank. This can help in paying the balance amount at a low-interest rate if the new bank offers the same.
- Saving grace during a financial emergency: Avoid long queues and waiting time to get loans approved in times of financial emergencies. Credit cardholders can use the credit limit on their credit card to meet such a financial crisis, keeping their self-respect intact, and can pay back the money at the end of the billing cycle.
How to Get a Credit Card Approved Instantly in 3 Easy Steps
- Step 1: The first step is logging on to the website of the card-issuing bank. Customers can find the complete list of the various credit card options there. Here they can select the credit card that suits their needs most. They can also find the benefits, eligibility criteria, documents required, and the applicable charges for the credit card.
- Step 2: Now that the customer is fully aware of all the necessary information regarding the card, he can click on the ‘apply now’ option. He will have to fill in the credit card application form with the required details, such as full name, residential address, date of birth, PAN card details, etc. Now the application is ready to be submitted.
- Step 3: The customer can track the status of his application form on the website of the card-issuing bank.
If the application form and documents meet all the requirements of the issuing company, the company will approve the application for the card.
Eligibility Criteria and Documents Required for a Credit Card
Knowing the eligibility criteria and having all the documents ready can help the customer speed up the application process.
The eligibility criteria from most credit card companies are as follows:
- The credit card applicant should be at least 18 years old.
- The applicant’s income should match the minimum income requirement for the credit card variant he chooses.
- Self-employed as well as salaried people can apply for a credit card.
- A good credit score is also required to get a credit card.
List of documents required for a credit card:
- Age proof of the applicant
- Identity proof of the applicant
- Address proof of the applicant
- EMployment details and income proof of the applicant
- PAN card details of the applicant
Credit cards can be swiped at stores or used for online payments. They do away with the need of carrying cash all the time, which can be a headache and also a liability. Credit cards offered by leading banks are loaded with features and benefits for the cardholders and result in savings and benefits. Credit cardholders can get all the credit card information online on the mobile app or website of the issuing bank.