• Wed. Jun 12th, 2024

6 things to know when you are applying for instant credit card

Gone are the days when getting a credit card was a huge task. With new technologies coming up, you can apply for an instant credit card any time in any place. It has become easier to apply for credit cards online as well as get approval too. Credit card companies scrutinise the online application process. They check the applicant’s documents and application and then instantly approve the credit card for use. Even though there is no need to do physical KYC nowadays, online KYC facilities are much easier by using just an identity card.

What is an instant credit card?

An Instant credit card is a payment card that gets instant approval on an application. Provided you submit an online application of the credit card and fill up all the basic details mentioned. Also, submit the following documents:- 

  • Age proof

For applying for any credit card, one must be 21years of age. Therefore submit an identity card in which your proper age is mentioned. 

  • Identity proof  

For applying for an instant credit card, providing identity proof, age proof is mandatory. Mostly, banks ask for a PAN card, Aadhaar card, voter ID, or driver’s license. This is a basic requirement that proves you are an Indian citizen or not.

  • Address proof

Address proof submission is important to know from which state you belong. Following mentioned documents can be submitted for address proofs are 

passport, Aadhaar card, voter ID, electricity bills, and gas bills.

Benefits of instant credit cards:-

  • Instant approval of credit card application.
  • No multiple visits to the bank.
  • Online KYC for a credit card.

6 things to know when you are applying for an instant credit card:- 

  1. Checking the eligibility

Before applying for any credit card, make sure you check the required details. Make sure the eligibility criteria align with you. Also, keep in mind that you should have the supporting documents for such details while filling the form online. Not all credit cards will be eligible for you, but there are credit card varieties to choose from. If you apply irrespective of being eligible, there are higher chances of rejection of your credit card application. 

  1. Choose an instant card that matches lifestyle and spending patterns

As credit cards are of different types, hence mentioning your profession will be very helpful. Thus choosing a card that is well suited to your pattern of spending will benefit you more. As credits offer huge discounts in various categories, choose an ideal card for your lifestyle purchases. If you are a businessman, don’t take an instant credit card for personal use. Always have a separate business credit card for business.

  1. Fixing a Budget for Credit card

Everyone does not have the same monthly salary or budget. Thus knowing your monthly spending limit will help you get a card accordingly, just like if you have monthly spending of Rs. 20000, why apply for a card with a higher credit limit.

  1. Credit limit

Getting a credit card within a good credit limit is tough to get. This is because one has to have a good credit score to get a better credit limit. Not everyone needs big credit limits, so choose one which best suits your lifestyle. 

  1. Annual fees

 It is a very smart decision to get a credit card that does not require any annual charges. Many credit card companies waive off the annual charges for a few years. Even if you spend a certain big amount throughout the year using a credit card, they also don’t charge annual fees.

  1. Reward points, privileges, and offers

Almost every credit card gives a lot of reward points. Even some credit companies offer extra cashback and better reward points on achieving a milestone amount. Additionally, many credit cards have facilities like travel insurance, joining bonus, airport lounge access, and also to take loans. But often only all these facilities are together available in the same card. So instant credit cards with a low credit limit might have just one of such facilities. Hence it is up to you which one of the many cards to apply for. 

So make sure you consider the things mentioned above before getting an instant credit card. It is difficult to maintain different cards of a cardholder, so Bajaj Finserv has made our work easier. Thus we can apply for loans, pay bills, and EMIs with just a single card. Only photograph, identity proof, and address proof are required to apply for this card. 

Want to get an instant credit card, choose Bajaj Finserv RBL Bank SuperCard. You can easily apply for these credit cards online, with such few basic, unique and exclusive documents to opt for hassle-free online payments.