Having a Credit Card opens up many windows of opportunity for you as a consumer. You can access exclusive unique shopping deals, earn reward points and air miles, and save on fuel costs. You can also build your credit score.
This process enables you to get access to lower interest rates on credit products such as loans. If you plan to apply for a new Credit Card, here are five ways to reduce the turnaround time, and get instant approvals.
Here are five steps you can take to expedite approvals on your new Credit Card.
(1) Apply for instant approval Credit Cards
The approval process for a new Credit Card used to take up to a couple of weeks. However, today, banks have introduced a revolutionary new product - the instant approval Credit Cards - to meet growing demand. Typically, the card approval process requires income statements, credit scores, and other documentation. However, instant approval cards only require a specified minimum amount in your savings account.
For instance, the eligibility for Axis Bank’s MY ZONE EASY Credit Card is a minimum deposit of ₹15,000 in your savings account. Card benefits include assured approval, movie ticket cashback, high cash withdrawals, and free credit for up to 50 days.
(2) Do your research before applying
Instant approval cards may not always meet your aspirations, especially, if you are seeking more Credit Card benefits. If this is the case, then it is important to do your research before applying for a new card. Your bank’s website will typically state the eligibility criteria upfront. This may include a specific credit score and minimum income requirements.
When applying for a new card, ensure that you can meet the eligibility criteria. For instance, if your credit score and minimum income match the desired requirement, the approval process is likely to be expedited.
Also Read: [Why keeping your Credit Card active is important]
(3) Furnish all details
You may be required to submit multiple documents and information, as a part of the Credit Card application process. Information can include income details and statements, and identity proof/ address proof documentation such as PAN and driver’s license.
Forgetting to submit all details and documentation can increase the turnaround for Credit Card approvals. The best approach to access an instant Credit Card online is to make a checklist and send everything in one shot. Also, check that all details are correct and that there are no errors. This approach streamlines all communication.
(4) Build your creditworthiness
When applying for a new card, your credit score can play a key role in getting instant approvals. Hence, it is important to continue building your credit score. A high credit score demonstrates superior consumption behaviour and your ability to pay back your loans, promptly. It can help you access products with superior Credit Card offers.
Hence, the best policy is to avoid minimum, late, and missed payments, which also attract late fees and higher interest. You can get a credit score and credit report from one of the four Credit Information Bureaus operating in India. Just log in to the website, enter all your details, and access your free credit score report.
(5) Opt for an add-on Credit Card
Another approach to getting a Credit Card instantly is to apply for an add-on card with a creditworthy cardholder. The cardholder could be a spouse or parent. This works well for students, or if you have just started working and may not have income proof or credit score which are essential when applying for a Credit Card.
Also Read: [6 benefits of using a Credit Card]
The takeaway
If you are planning to apply for a new card, then ensure you follow this checklist to expedite the approval process. With advances in digital transformation, Axis Bank, for instance, can provide instant approvals on a slew of high-value Credit Cards.
You can apply via Internet banking or mobile banking, submit all documents and information, online, and expedite the process. Choose from a wide range of cards that allow you to redeem high-value Axis Edge Rewards, travel miles, and exclusive shopping deals in various categories.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author 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. Please consult your financial advisor before making any financial decision
