Credit Cards have become increasingly popular for their convenience and the financial support they provide in the hour of need. However, not all types of Credit Cards suit your needs and thus have varied eligibility requirements.
Therefore, before you apply for a Credit Card online, it is important to understand its nuances, from usage and eligibility to maximum spending limits and other details.
Here is a guide to provide you with everything you need to know about Instant Approval Credit Cards.
Instant Approval Credit Cards: Meaning
Instant approval Credit Cards are payment cards offered by banks to provide instant approval and immediate access to credit to their customers. This type of Credit Card application receives a quick decision on its approval status, typically within minutes of submission.
They also help you build or rebuild your credit score and develop good credit discipline. Since these are available to use immediately upon approval, some banks often provide an instant Credit Card online facility before mailing you the physical card.
Additionally, it is important to note that the approval of these cards is based on your creditworthiness and the issuing bank’s criteria. The process is simply quicker than the traditional cards and does not guarantee approval for every applicant.
Benefits of Instant Approval Credit Cards
Instant access
The key benefit of these cards is that once they are approved, you can have instant access to them, giving you financial security almost immediately.
Convenience
Since the Credit Card application process for instant cards is faster than the traditional method, it adds to the convenience of having a Credit Card. Additionally, online access to cards eliminates the need to carry a physical card everywhere and the risk of losing it.
Saves time
With instant cards, the time required to get approval for your Credit Card application and finally receive the physical card is cut down significantly, saving you valuable time.
Build or rebuild your credit score
If you are a first-time Credit Card applicant or have a weak credit history, instant approval Credit Cards can be the best way to build your credit score. With limited usage and minimal eligibility requirements, building or rebuilding your credit history becomes easier.
Things to consider before applying for Instant Approval Credit Cards
- Credit Card requirements: Ensure you meet the credit score requirements before making a Credit Card application to avoid facing rejection.
- Fees and charges: Learn about annual fees, late payment fees, or transaction fees that may apply.
- Credit limit: Be aware of the transaction limit you will have with your Credit Card and verify whether it meets your needs. Also, be mindful of the limit while using your card.
- Rewards and benefits: Understand the reward programme and other offers to make the best use of your instant approval Credit Card.
- Purpose: Understand the purpose and primary difference between instant approval, pre-approved and pre-qualification cards.
- Issuer reputation: Research the card provider, customer service and approval time before you apply for a Credit Card.
How to apply for an Instant Credit Card online?
Typically, Credit Card applications for instant cards are made through your preferred bank’s website. It includes filling up an online application form, submitting some important documents such as KYC or salary details, and accepting and understanding the terms and conditions.
Conclusion
Instant approval Credit Cards have changed the usage and application processes of Credit Cards, making them more accessible and convenient. They help you get instant financial support upon approval and build creditworthiness.
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