Nowadays, you can easily apply for a credit card with instant approval as time-sensitive opportunities need fast results. Thus, waiting days for approval defeats the purpose of opting for this credit facility.
There are different types of credit cards in the market that relieve you from prolonged waiting. Whether you want to make an emergency purchase or book a last-minute trip, instant credit cards are there for the rescue.
But the question is, how long does it take? Here is an analysis to help you figure it out.
How Much Time Does It Take to Get Approval
While the term “instant approval” suggests a quick turnaround, it does not happen immediately. This is because the issuer always checks credit scores and eligibility criteria before approval. This is to ensure that you have the capacity to repay the loan without any hassle.
However, certain credit cards take less time for approval. Moreover, if you want instant approval of a credit card, you can apply on the issuer’s online platform. As such, you should know which type of credit card gives you instant approval.
Types of Credit Cards with Instant Approval
Some issuers provide instant approval on credit cards, with quick credit checks and processing. Apart from that, two types of credit card give you instant access to your credit limit shortly after application.
Virtual Credit Card
This is a unique facility available on credit cards offered by limited issuers. You can activate your credit card within 5 minutes of approval. The application process remains the same as any other credit card.
You can activate this using your net banking or mobile banking app by only providing a few essential details. A key point is that you can only use it to make online payments until your physical card arrives. You can generate temporary credit card details, which ensure security during online payments.
Secured Credit Card
Also called FD backed credit card, this option uses collateral to issue you an instant credit card. Some of its features are as follows.
- Your deposit amount decides your credit limit
- You don’t need a high credit score to apply
- Timely repayment boosts your credit score
- College students can also avail of this card to learn credit management
Things to Remember About Instant Credit Cards
A credit card offers numerous benefits; if you get one, you have to keep these facts in mind:
Interest Rates:
Take note of the annual percentage rate, as it is crucial to understand it while applying for a credit card. While you might get quick access to credit, high interest rates can impact your finances if you carry forward a balance.
Fees:
Before applying, always review the terms and conditions of credit card fees and other related charges. Always opt for a card with low interest, no joining, or annual fees. It will be good for your financial health as well as your credit score.
Credit Limit:
Choose a card with a lower credit limit. Cards that are approved instantly have lower credit limits compared with other credit cards. The credit limit can be an important factor to consider when opting for a credit card.
Rewards and Benefits:
Numerous benefits and rewards programs come with online approval on a credit card. You can dine out and get rewards, or even shop with their partner’s store and earn rewards.
Convenience:
With instant approval, you save time by avoiding lengthy paperwork. The online application process is rapid and straightforward.
Eligibility Criteria for Instant Approval on Credit Card
Getting instant approval is all about qualifying for the card, and a flawless record makes it easier.
Good Credit Score:
Issuers review your credit score and financial background. This is mandatory. A credit score above or around 700 is needed when applying for a credit card. If you don’t have a good credit score, then a secured credit card may be ideal.
Current Employment Status
You need to prove that you are a salaried professional or self-employed with a steady job to apply. This reduced the risk of default for the issuer.
Income Proof:
Issuers establish a minimum income level to determine your ability to repay debts. This criterion varies for all lenders, which is why it’s important to check the official website before applying.
Citizenship and Age
You have to be an Indian citizen above the age of 18 years to be eligible for an instant credit card.
Current Debts
Before applying for a new credit card, it is a good idea to pay off any current debts. This enhances your eligibility.
Like regular cards, instant credit cards are also designed to support you in managing your finances more effectively. The best feature of this card is that it provides convenience and flexibility.
If you want to keep your finances on track, choose the One Credit Card! It takes only minutes to activate this card and start using its benefits. This stylish credit card offers 5X accelerated reward points and provides many other discounts too.
One Credit Card’s unique app has features that help you manage your card more effectively such as setting spending limits and showing your spending behaviour across categories over time. Apply now and enjoy instant access to this lifetime free credit card!
