Applying for an instant approval credit card is an ideal way to go if you are looking for quick access to credit. Getting it depends on factors that affect your eligibility.
What It Means
An instant card functions like a regular credit card. The main distinction is that after finishing the application procedure, you receive quick approval that allows you to use the card immediately. In contrast, a regular credit card may take a few days to approve an application.
Post approval, you will get a virtual credit card for instant use, while the physical card will be sent to your address. With a virtual card, you can make purchases online right away.
Factors Affecting Approval
Since an instant approval credit card involves a 100% digital process, your eligibility depends on certain factors outlined below.
1. Having A Stable Income
Whether you are salaried or self-employed, the credit card company is sure to verify your employment and income details. Your credit card issuer may ask for your:
- Payslips
- Bank statements
- IT returns
This helps it understand if you can repay your bills on time. This is the primary qualifying criteria.
2. Meeting The Qualification Terms
Before you apply for a credit card, conduct some research. Try to understand the terms and conditions relating to eligibility. When you see these terms, you can analyse your chances of approval.
These criteria revolve around:
- Your Age
- Your Income
- Your work experience and job stability
You will need to prove that you meet all the criteria with the right documents, so this is an important step.
3. Having A Reliable Credit Profile
To get approval for any credit product, having a good credit score is key. This makes you worthy of credit, and you can look forward to getting quick approval on your application.
How can you improve it?
- Ensure that you pay your credit card bills and loan EMIs on time
- Ensure your credit utilisation ratio is low
Factors That Boost Chances of Approval
Now that you know what matters during the approval process, try these strategies to improve your chances.
Apply For Cards During Promotional Periods
Issuers run special promotions during festive seasons or the new year to attract customers. During such times, qualifying for a card may be easier thanks to simpler eligibility terms.
Apply With Issuers With Whom You Have A Relationship
It may be easier to get a credit card from the bank where you currently have an account. Customers who have demonstrated good financial responsibility have a higher chance of being approved.
Avoid Inaccuracies
Your application must be factual and free of errors. Some mistakes that can make the approval process slow and result in refusal are:
- Incorrect spellings
- Mismatched address
- Missing documents
Verify your application again to be sure that all of the following information is accurate:
- Personal data
- Employment information
- Income details
Reduce The Ratio Of Debt To Income
Issuers evaluate your capacity based on your debt-to-income ratio, which evaluates the difference between your monthly income and total debt payments.
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- A lower ratio can help you get approved quickly since it shows that you are managing your debt properly in relation to your income
- Before applying for a credit card, pay off your current debts and refrain from taking on any new loans
Go For Secured Cards
If you don’t have a lengthy credit history or your score is poor, an FD credit card can be a great option. Unlike regular credit cards, these are based on the fixed deposit you open with the issuer, which acts like a guarantee.
- Your credit limit on these cards will be in proportion to the deposit you have made
- If you want to improve or build your credit score, these cards can be a game-changer
Features & Benefits Of Instant Credit Cards
All of the benefits of a regular credit card are also available with an instant credit card.
- Minimal Documentation
Since these cards are approved using technology that bases the decision on certain core factors, you do not need to submit too much paperwork. All you need to attach is your ID proof, address proof and income proof.
- Helps During Financial Emergencies
During a cash crunch, job loss or medical emergency, receiving instant credit card approval may be quite beneficial. It guarantees that the time it takes for you to access credit will be short.
- c) Easy accessibility
Using instant credit cards is quite convenient. You can use the virtual card for online transactions and be rest assured of safety. The physical version of the card will also reach you in a few days, and you can carry it with you for offline purchases.
If you are looking for an instant approval credit card with maximum benefits, consider the One Credit Card. This lifetime-free card doesn’t have any hidden charges. What’s more, the One Credit Card gives you 80+ offers on categories like grocery, food delivery, shopping, electronics, travel and more.
With the help of One Credit Card’s smooth and sleek mobile app, tracking your expenses is easy, too. On the app, you can also look for offers near you and redeem them with ease. Apply now for the One Credit Card and try it yourself.