How long does it take to receive your credit card after approval?

With multiple and abruptly arising financial needs, credit cards serve as an immediate and effective solution. They do so by assisting in cash flow management, offering convenience, building credit history and contributing to meeting long-term financial goals. 

For individuals applying for a credit card for the first time, the information on credit card eligibility criteria is key. Apart from that, other information is also essential, like credit card application steps and the time duration involved in receiving the card after approval. Aiding you through the details, here are the insights. 

Benefits of credit card 

Known for instant credit and meeting financial needs, credit cards offer more. Here are the insights into the benefits they serve: 

• Earn reward points and collect to shop with them instead of rupees. Alternatively, cardholders can also book flights and do more
• Meet the immediate expenditures without making a big hole in your pocket. Rather, pay little by little each month in EMIs
• Fuel  surcharge waiver
• Earn cashback on spending the specified limit 
• Avail of the benefit of a card with no hidden charges, keeping exact account of each expenditure 

 

Eligibility criteria for credit card 

Receiving a credit card is no longer a tedious task. Yet, there exists a criteria that makes you eligible to obtain the same. Know about it here before proceeding to a credit card apply online/offline process: 

Age: The minimum age required is 21 years old. 

Employment: The applicant must offer valid proof of being salaried or self-employed. 

Income: This value varies across the banks and, hence, must be verified before applying. 

Credit history: A good credit history is one of the factors in getting a credit card. However, candidates with no credit score can also obtain the card. 

Nationality: Indian nationality is important. 

Banking relationship: This factor contributes to obtaining a credit card even with a slightly lower credit score. 

There can be other eligibility criteria as well. It is crucial to connect with the bank's customer support or their website for clear information.  

Steps to credit card apply

The application process for credit cards is simple. You must follow mentioned steps:

Step 1: Choose the right credit card that meets your goals and requirements, and be well aware of its eligibility criteria. If you meet the same, proceed to the application process. 

Step 2: You can either connect with customer care for assistance or head to the official website for a digital process. Fill out the application carefully and submit it. 

Step 3: You will receive the confirmation of application submission along with other details. Keep them stored for future reference. 

Wait time for receiving credit card 

The applications for credit cards undergo processing, which involves steps like verification, enquiry and others. The applicants are also required to complete their full KYC after submitting the online application. Post approval, the applicants can expect to receive their credit card within 7 to 10 days. 

Points to know before applying for a credit card

Some of the key points that play an important role in effective finance management with credit cards are: 

• Credit cards allow borrowing the money that needs to be repaid in EMIs. The inability to do so will incur interest. So, the applicant must be well aware of the interest rate applicable to the credit card of their choice. 
• Necessarily check the credit score before applying for a credit card. A low score often results in you compromising certain beneficial aspects. If you have the time to improve your score, proceed with measures to improve and then apply for the card. 
• Inquire about all the associated fees and charges in different scenarios specific to the credit card of choice. 
• Do not go beyond the credit utilisation limit to protect the credit score and prevent charges like additional fees.

 

Summing Up 

Obtaining credit cards is a worthy step to manage finances effectively. Helping to meet the expenditures, these offer multiple rewards and benefits. For applicants interested in applying for a credit card, the process is very simple. Connect with the bank’s customer care or inquire about it while opening the account. If you are a bank account holder, the credit card application can be completely online and received within 7 to 10 days of meeting the eligibility criteria. 

FAQs on Credit Card

1. What is an important rule to keep in mind when owning a credit card? 
The key point to remember is not to make unaffordable purchases. It means your expenditures must be enough to pay the EMIs smoothly without piling them up. 

2. How often is the credit card limit updated? 
Generally, the credit card limit is restored monthly. However, it may vary according to the bank and can be influenced by your repayment history. 

3. Are there multiple types of credit cards? 
Yes, there are four common types of credit cards. It includes standard, rewards, secured and business credit cards.