The popularity of credit cards is on the rise due to the multitude of advantages they provide to cardholders. The affinity for these cards can also be attributed to their ease of acquisition and provision of a flexible credit line when required. Additionally, they extend an array of advantages, including enticing cashback offers.
A report shared online by Statista.com revealed, “In the financial year 2022, nearly 73 million credit cards were issued in India. The cumulative number of cards increased constantly in recent years and even recovered quickly from falling numbers during the lockdown from the end of March to the end of May 2020, amidst the first wave of the coronavirus (COVID-19) pandemic.”
More number of people are applying for credit cards to avail of the following benefits, which include:
- Ease of use: Credit cards offer the convenience of making purchases at any establishment that accepts them. This eliminates the need to carry cash or checks, providing significant convenience.
- Financial flexibility: Credit cards furnish you with a credit line, enabling you to make purchases even when immediate funds are lacking. This proves beneficial for financing substantial acquisitions or managing unforeseen costs.
- Incentives: A multitude of credit cards feature rewards initiatives, granting you points or miles for each dollar spent. These accumulated rewards can be exchanged for travel, merchandise, or cash back, enhancing the overall value of your transactions.
How to get quick credit card approval?
When you're in the process of applying for credit cards, there are essential pointers to consider. Following a handful of straightforward measures can expedite the approval process for credit cards. Opting for an online application can yield rapid responses, often within minutes. However, before proceeding with your application, it's vital to assess your eligibility, credit score, and other pertinent factors associated with the scheme.
A lot depends on your credit score when it comes to seeking quick approval for your credit card application. Here are some strategies for securing swift credit card approval:
- Opt for a credit card aligned with your credit score:Select a credit card that aligns with your credit score status. Certain cards cater to individuals with strong credit, while others cater to those with less favourable credit. If your credit is good, you're more likely to gain approval for a card with a higher credit limit and enhanced rewards. For those with lower credit, considering secured cards or options with lower credit limits might be advisable. When seeking credit cards and loans, a credit score of 750 or higher is regarded as favourable.
- Maintain a positive credit history: Your credit history chronicles your past credit behaviour and plays a vital role in gauging your creditworthiness. A favourable credit history can significantly bolster your chances of obtaining credit card approval.
- Opt for an online application: Online credit card applications are generally faster compared to traditional mail or in-person approaches. The online route also affords the convenience of applying from your home.
- Furnish complete information: During the application process, you'll need to provide essential details such as your name, address, and other details. Income and employment information will also be requested. Ensuring all the requisite information is supplied can expedite the approval process.
- Exercise patience: Despite following these recommendations, the credit card approval process might still necessitate some waiting time. Lenders typically conduct credit checks that may take a few days. Demonstrating patience and adhering to these steps heighten your likelihood of attaining expedited credit card approval.
Seeking a reason for card rejection
The approval or decline of your credit card application hinges on a combination of factors, including your submitted documents, the card's eligibility criteria, and the stipulated terms of the bank. In the event of a rejection, reaching out to the bank's customer service can provide insights into the decision. Conversely, if your application is approved, your credit card will be dispatched within a matter of days, necessitating compliance with the bank's activation instructions.
Should your application encounter rejection, the bank will furnish a letter detailing the rationale behind the decision. Enhancing your credit score or satisfying additional eligibility prerequisites might allow you to reapply for a credit card at a later time.