Credit cards have come up as a one-point solution for both Point-of-Sale (POS) and online transactions, be it for big-ticket purchases or financing monthly groceries.
Official data suggests the circulation of credit cards went up to 48.9 million in Q1 of 2019, a significant rise from 38.6 million in Q1 of 2018.
Apart from certain obvious conveniences of using plastic money, individuals also wonder about how long it takes for approval of credit card applications. While different issuers have distinct timeframes for this process, the following aims to find common ground for the time required in the approval process of such an application.
What is the time taken for approval of the credit card application?
The credit card application process has gained traction as an easy and convenient process. Reputed NBFCs focus on extending the benefits of a credit card to users as early as possible. As a result, they tend to favor instant approval of this category of application, based on an applicant’s details and creditworthiness.
Another factor that largely influences instant approval of credit card application is whether the applicant has an existing relationship with the company. In this particular case, the institution already possesses the credentials of a customer. It helps such financial institutions to approve a credit card application within two to three business days.
On the other hand, one must be aware of the correct procedure to apply for a credit card from a reputed agency. It ensures that he/she can avoid additional snags in the process that may delay their credit card approval.
How to apply for a credit card?
Individuals who want to know how to apply for a credit card have to follow the given procedure –
- Visit the official website of a reliable issuer.
- From a variety of lifestyle card options, choose the right credit card.
- Provide accurate information related to the name and basic contact details.
- After submitting the necessary information, the applicant will then receive an OTP on the registered mobile phone. The OTP will have to be entered into the designated area to proceed to the following step.
- On verification, individuals will receive customized credit card offers. From a pool of such offers, they can choose the one best suited to one’s requirement.
- After selection, the applicant has to click the ‘Submit’ option.
This easy-to-follow procedure thus concludes the credit card application process. However, an individual should also actively check his/her application status online.
How to check the status of a credit card application online?
Being aware of the status of credit card applications from time to time enables an applicant to check the time needed for approval.
One of the ways to check one’s credit card application status is online via the following steps –
- Open the page of the financial institution to check application status.
- Enter either of the details such as contact number, email ID, customer ID, reference number, or PAN.
- Click on the following option to have the application status displayed on the screen.
Additionally, individuals should choose credit cards that allow them to save through high reward points and significant discounts on certain purchases.
Credit cards like the Bajaj Finserv RBL Bank SuperCard provide options for zero-interest emergency cash withdrawal and security from fraudulent activities.
Therefore, a credit card application with a reputed lending agency ensures instant approval, based on an applicant’s creditworthiness. Besides, individuals should also keep documents related to identification, address, employment, and income handy to speed up their approval timeframe even further.