Applying for a credit card is relatively simple because of the variety of possibilities now offered in the Indian financial market. But whether it is a pre-approved credit card or not, the lender goes through a certain approval process before granting the applicant a credit card. Several factors make it difficult to receive a credit card, no matter which card you apply for. Some qualifying criteria might differ from one credit card issuer to the next and even between credit cards from the same credit card issuer.
How do you make a credit card application?
There are multiple answers on how to apply for a credit card. You can apply online or by going to the nearby branch. They may frequently be used through several promotional booths at different events or by bank field service agents. Broadly, there are three ways to obtain a credit card.
A) Some banks will issue you credit cards on their own if you have a high credit score or CIBIL score. You must have heard from executives via calls, SMS, or notifications from your bank app that you qualify for one.
When requested, all you need to do is stick to those steps, and the card will likely be sent to you.
B) By physically going to the bank office and filling out the documents. Depending on the sort of card you’re applying for, the card may either be granted immediately or take a few days to arrive.
C) By submitting an online application for one using a website or mobile app. Simply follow these instructions after logging onto the website or using the app.
- Based on the available credit cards and your needs, find a credit card that fits you.
- After choosing the card, complete the application. An Aadhaar Card or PAN card as identity verification and documentation demonstrating your source of income, such as wage slips (if you are working) or an ITR, must be submitted (for self-employed). This isn’t the case if you apply for a credit card from the same bank that you have an account with.
- The card will be issued to your registered address once the bank staff has verified and approved all the information you provided. The card must be activated by entering a pin, which must be kept secret.
Make sure you choose a credit card designed for people with credit scores similar to yours to increase your chances of being approved.
Your application’s processing and verification
The bank begins the process of confirming the validity of your documents once you have sent in all the required paperwork. All of the paperwork will be examined, and they could also call and speak with the references you listed on your application. Additionally, your employer could be contacted to confirm that the information you have supplied is accurate. The verification process could be sped up if you have a fixed deposit or salary account with that bank.
Check Your Credit Score
Your credit score plays a deciding role in determining whether or not your application will be approved. Since a credit card is an unsecured loan, the company issuing it will want to confirm your creditworthiness before approving your application. Your credit score is the only method to accomplish this. A high credit score shows that you handle credit properly, which makes you eligible for further credit.
The last review
Before deciding whether to accept or reject the application, the bank will check all documents and conduct a final review. Your credit limit is determined by the issuing bank depending on your income and other factors, such as your credit score, etc. If your application is approved, you’ll receive your credit card in a few days and can start using it immediately.
Duration of the approval
Depending on the type of card you’ve applied for and the supporting papers you’ve provided, the full procedure typically takes between 10 and 15 days from application to approval.
If you are creditworthy and have all the necessary paperwork, applying for a credit card is not difficult. However, once the card is issued, the most crucial aspect is to routinely pay off your existing balances and avoid rolling over credit card debt to maintain your creditworthiness at all times. If used in the right way, credit cards are a great way to save and boost your money.