4 Ways to get instant approval on credit cards

Instant credit cards are becoming increasingly popular as more people look for ways to access funds quickly. An instant credit card is a type of credit card that is issued and approved within minutes, rather than the traditional process of having to wait for days for an application to be approved. Instant credit cards are also commonly referred to as "instant approval" credit cards.

Several banks these days provide instant approval on credit cards with zero or minimum documentation. You can apply for an instant credit card online from the convenience of your home or office and start using it immediately.

But before you begin the application process, you must gain complete knowledge about the instant credit card you’re applying for and its eligibility criteria.

Different credit cards require different eligibility requirements in terms of age, monthly income, and credit score.

This article explains what an instant credit card is and how you can get one easily.

What is an instant credit card?
 

An instant credit card works just like a normal credit card. The only difference here is that you get instant approval on credit cards after completing the application process, unlike a regular credit card which takes almost seven to ten business days for approval. You may or may not have to submit any documents to apply for an instant credit card.

Post approval, you will receive your virtual credit card on your e-mail address, and you can start using it for online transactions immediately. Sometimes, instant credit cards are also referred to as pre-approved credit cards.

Features and benefits of an instant credit card
 

An instant credit card offers all the benefits that a normal credit card does. Besides, it provides several additional benefits, such as -

· Convenience
 

Instant credit cards are very convenient to use. It’s because you can carry them in digital form, and all the important details related to your card, such as card number, card verification value or CVV, expiry date, etc. are available online. You can simply log into your mobile phone app to access these details and use your card to complete a transaction.

· Emergency
 

Getting instant approval on credit cards can be of immense help during financial emergencies. It ensures that you won’t have to wait for several days to receive your credit card. You can get access to credit within a few minutes and use it to tackle the situation at hand. 

· Special offers and discounts
 

Instant credit card holders can avail of discounts and cashback just like any other credit card. Additionally, instant credit cards often have fewer fees and restrictions than traditional credit cards, making them a more attractive option for those looking to save money.

· Zero documentation
 

Banks usually provide an instant approval on credit cards based on the applicant’s credit score and debt status. This is why they don’t require too many documents from them. While some banks may ask you to furnish some basic documents, such as your income proof and age proof, some provide instant credit card approvals with zero documentation.

How to get an instant credit card?

Not everyone can get instant approval on credit cards. There are several eligibility requirements that you need to fulfil. Below are the tips that can help you get an instant credit card easily -

· Maintain a good credit score

Banks usually provide instant approval on credit cards for customers that have excellent credit scores Usually, applicants with a credit score of 750 or more are eligible for such cards. If you don’t have a satisfactory credit score, you can wait and take steps to improve it.

· Check your eligibility online
 

These days, there are plenty of websites that allow you to check your credit card eligibility online. These websites ask you to enter your personal details, such as your name, age, occupation, monthly income, employer, etc. And then, they evaluate these details to determine your chances of getting instant approval on credit cards with different banks.

· Get all the documents ready
 

It’s very crucial to be ready with the right documents as they are the key to get quick credit card approval. Although the exact credit card documents may vary from one bank to another, you should keep all generic documents handy, including your PAN, Aadhaar, employee ID card, etc. A delay in the submission of these documents can lead to the rejection of your credit card.

· Lower your debt
 

Do you know that 30% of your credit score is decided by the amount you owe to different lenders? Hence, if you want to have a good credit score, you must trim down your debts as soon as possible. You can start by foreclosing your existing loans if you have the required finances. You can also clear the dues of your existing credit cards before applying for a new one.

Applying for an instant credit card in four easy steps
 

Step 1 – Select your credit card
 

As mentioned above, several banks in India offer instant approvals on credit cards. You need to select the one that offers maximum benefits and is best suited to your requirements. For example, you can go for the FIRST WOW! Credit Card, which comes with guaranteed approval and zero joining fees. All you need is a fixed deposit of Rs.20,000 or more with IDFC FIRST Bank. It offers 4X reward points on every spend.

Step 2 – Check for pre-approved cards
 

If you have a good relationship with a bank and a sufficient credit score, you can get a pre-approved credit card. These cards come with pre-determined limits and do not require any verification for approval.

Step 3 – Go ahead and apply
 

Visit the bank’s website and complete your credit card application process. You may need to enter your basic details, such as name, age, employment status, monthly income, etc. and upload the supporting documents. You can apply for the FIRST WOW! Credit Card without any documents.

Step 4 – Activate your card and start using
 

Upon successful approval, you will receive your instant credit card in your mailbox within a few minutes. You will need to activate this card by generating a One Time Password (OTP) from your registered mobile number before you can start using it for online transactions.

Conclusion
 

Instant approval on credit cards can be a boon during an emergency. You can apply for a FIRST WOW! Credit Card even if you have just started earning and have no credit history or income proof. This card entails benefits such as zero forex conversion charges, free ATM withdrawals, up to Rs 2 lakhs personal accident cover, and much more. Click here for additional details.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.