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Instant Approval Credit Cards

IndianMoney.com Research Team | Posted On Saturday, September 29,2018, 04:19 PM

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Instant Approval Credit Cards

 

 

At times when money is needed urgently, and you cannot wait weeks for your loan or credit card application to be processed, an easy option is Instant Approval Cards. Instant Credit Cards are issued over the counter with an on the spot decision on whether your card is approved or not. When applying for an instant credit card, the company does a preliminary check on the credit score. Individuals with higher credit score usually get instant approval easily.

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Instant Approval Credit Cards

What are Credit Cards?

A credit card is a credit instrument that is issued by a financial company to a user (cardholder). The issue of a credit card is subject to the condition that the holder will pay back the borrowed funds plus additional charges which are pre-determined.The issuer extends a line of credit to the holder, which is a maximum limit of money that can be borrowed. The holder can use this credit as and when needed, or the entire amount at once, but cannot exceed the maximum limit. The holder can pay back the entire borrowed amount at the end of each month, or a minimum fixed amount. In case the holder pays only the minimum amount, the remaining amount is rolled over to subsequent months and interest is charged on this amount.

Eligibility Criteria for Credit Card

An individual seeking to get a credit card from a bank must check the following credit card eligibility criteria before applying.

Age: In order to apply for a credit card for the first time, the applicant must be over the age of 18 or any other limit set by the respective bank. Add-on card holders must be 18 years or above.

Income: The applicant must be salaried or self-employed to avail a credit card. Income criteria differs according to the type of card. A credit card can be taken against the Fixed Deposit and if you meet the minimum income criteria set by the bank. This is required to show a proof of steady income to be able to pay the credit card bill.

Credit History: Credit history is a record of how the applicant manages credit related activities. Past credit liabilities, payment of bills, repayment of loans and so on are some of the factors considered while calculating credit score. Having a good credit score is very important to avail a credit card.

Nationality: The applicant must be:

  • Resident of India
  • Non-Resident Indian.
  • Foreigner who is a Resident of India

SEE ALSO: How to use a credit card wisely?

Documents required for a credit card:

1. Identity Proof:(Any one)

Aadhaar card, PAN card, Driving License, Voter’s ID, Passport

2. Age Proof:(Any one)

Birth Certificate, Passport, Voter’s ID, Secondary School, certificate (Class 10)

3. Address Proof:(Any one)

Utility Bill (Electricity, Telephone, Water), Ration Card, Passport, Driving License, Voter’s ID, Bank Statement

4. Income Proof:(Any one)

Pay slips, Income Tax (IT) Returns, Proof of Business Continuity

Non-Resident Indians (NRIs) must provide any of the following additional documents of the resident country for Overseas Mailing Address.

  • Driving License
  • Overseas Bank Statement
  • Government Issued ID card
  • Utility Bill
  • Credit Card Statement
  • Lease Statement
  • Rent receipt
  • Company Appointment Letter
  • Company ID Card

Credit Card Interest Rate

Credit Card interest rates are charges levied by the issuer on the borrowed amount, i.e. only the amount actually used. Further, it is only charged on the unpaid amount at the end of the billing cycle, which is usually a month. This means that if you repay the outstanding dues before the due date + grace period, no interest will be charged.

Credit Card Rates are calculated as Annual Percentage Rate (APR). It is the actual cost of borrowings for a year, and includes interest rate as well as other rates that may be applicable on the borrowings. The APR gives a general idea on how much you pay for availing the card and facilitates in comparing different issuers.

How to get Instant Approval Credit Cards?

Instant Credit Cards are offered by almost every bank. A Fixed Deposit is mandatory for most banks to give an instant approval credit card, as the decision is made instantly and the bank needs to have some security of repayment. Even though a high credit score can get quick approval for any type of card, an instant approval card is more liberal in credit score requirement, as the card is issued against the Fixed Deposit. The maximum limit of credit that can be used is a certain percentage of the fixed deposit, usually around 80%.

Some of the popular Instant Credit Cards available are given below:

1. Axis Bank Insta Easy Credit Card

Axis bank offers its instant card with a host of benefits like 100% cash withdrawal of credit limit, offers at selected restaurants, guaranteed approval, rewards on refuelling vehicles, EMI payments on purchase over Rs 2,500 and so on.

Any person who is not a minor can avail this service. The bank requires a minimum FD of Rs 20,000 at any of its branches. The interest rate is 2.50% per month.

2. ICICI Bank Instant Platinum Credit Card

The benefits of taking an instant credit card from ICICI Bank are savings on dining, fuel and hotels. For every Rs 100 spent, you get 2 payback points which can be redeemed for gifts like travel, movie, mobile vouchers and is internationally valid. A fixed deposit is mandatory for the credit card and it charges interest of 2.49% per month.

3. SBI Advantage Gold Credit Card

SBI instant card requires a mandatory fixed deposit and charges 2.25% interest rate per month along with Rs 299 in annual fees. It is accepted worldwide and offers rewards on railway ticket booking, balance transfer, add-on cards, EMIs, and online management of the card. State Bank of India SBI, also charges Rs 299 as joining fee. 

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