Instant credit card approvals depend on several factors including the applicant meeting the various eligibility requirements, his income and credit score. As the name suggests, an Instant credit card is one whose application is instantly approved or rejected. The instant decision allows the applicant to plan and take the necessary action.
What Does an Instant Approval Mean?
An instant approval may prove to be a boon for you if you are in urgent need of funds to finance a purchase or meet some unexpected expenses. However, a rejection in such a case may enhance your worries and make you look around for other sources. Here are some tips to help increase the chances of you getting an instant credit card online:
- Maintain a Good Credit Score
Your credit score is a particularly important factor in determining your chances of getting an instant credit card. Lenders are willing to approve instant credit cards to applicants with extremely high credit scores that indicate their creditworthiness and track record in repaying all their dues and bills. So, apply only if your credit score is higher than 700.
- Keep Your Documents Ready
Credit card applications require you to submit certain essential documents related to your income and identity. To ensure that no time is wasted on the bank asking you to provide these documents at a later stage keep them ready and submit them along with your credit card application. The documents generally required for submission are your PAN Card, ID proof, address proof and income details.
- Apply Only When You Meet the Eligibility Norms
To get an instant credit card, check the eligibility conditions outlined by the issuer. And in case you do not meet any of the conditions, take steps to ensure that you meet them and then apply for a credit card online. This will save a lot of time and effort required for processing your application and result in instant approval.
- Open a Fixed Deposit with the Bank
Another way to ensure quick approval of your credit card application is to make a fixed deposit with the concerned bank. This acts as a security and provides them assurance about your ability to repay the amount used during the credit cycle.
- Approach A Bank Where You Already Have an Account
Instant credit card online approval becomes easy when the application is made to your own bank. Since the bank authorities are aware of your financial position besides having all the documents to support your personal and other details, they can make the decision about approving your application instantly.
Instant approval credit cards are incredibly useful as you don’t have to wait to start funding your urgent expense requirements. But remember instant approval does not mean instant usage. You still have to wait for the actual card to arrive via post which may take five to seven days.