As per RBI data, currently, there are over 54 million active credit cards in circulation in India. Since the online marketplace is expanding rapidly in this country; the demand for payment cards, including credit cards is likely to increase in the upcoming days. While this financial tool is excellent when it comes to meeting daily expenses, a cutting-edge instant credit card is more potent to address any short-term emergencies. Although a conventional credit card is also capable of handling an immediate liquidity crisis, an instantly approved credit card offers a more improved and compact solution.
Therefore, it is imperative for both existing and prospective credit cardholders to learn about this product in detail and ways to acquire it online.
The process to get an instant credit card
Generally, an instant credit card refers to a virtual card with a restricted online presence. Although their basic features remain the same as a standard credit card, the eligibility and application process is slightly different.
Thus, before knowing about the procedure to apply for an instant credit card, individuals need to understand the prerequisites for this product.
Most financial institutions offer this credit card only to those who hold a primary card in physical form.
Since it is only available online, individuals need to have internet banking facilities enabled on their devices.
Though this card’s credit limit remains the same as that on the user’s primary card, individuals need to maintain a credit score of 750 and above to negotiate a higher credit limit. In this regard, they also can follow some useful tips to increase their credit card limit and make higher spending.
Typically, existing credit card users are eligible to avail of this instant credit card. However, non-credit cardholders can also avail of this financial tool by linking it with a debit card or another account.
The instant credit card criteria, however, vary for different issuing institutions. To apply for this credit card, individuals first need to contact their issuer online and make a request for the same. On approval, they will be provided with a unique card number, CVV, and other details on their registered mobile number and will be able to start using it immediately online.
However, individuals alternatively can settle for a more feature-rich card like the Bajaj Finserv RBL Bank SuperCard that also facilitates instant approval with minimal joining and annual fees.
They also extend pre-approved offers that simplify the credit card application process. Such offers are also available on a range of financial products like personal loans, business loans, and various others. All you have to do is enter your name, mobile number, and OTP to check your pre-approved offer.
Nevertheless, those who still want to settle for an instant credit card should know about its benefits in detail.
Benefits of instantly approved credit cards
Following are some of the benefits of an instantly approved credit card.
Improved card security
Since an instant credit card is available only in virtual form, the risk of misplacement, or theft of the card is minimal.
Even so, individuals need to be aware of different types of credit card frauds and how to avoid them.
Outstanding credit balance transfers to the primary card
The outstanding credit of the card is transferred to the primary credit card after the validity is over.
Available for free
Most financial institutions offer this card free of cost and without the imposition of any additional fees.
Moreover, the validity of an instant credit card is up to 48 hours in general. Therefore, individuals who require instant credit for the short term can resort to this financial tool. Its instant approval will help them meet their requirements conveniently.