While your email may be flooded with credit card advertisements and promotional offers, none of this guarantees that your credit card application will be approved. Therefore, it is essential to look beyond them and understand how your credit card application is approved. This will increase your odds of availing a credit card without any rejections.
Here are the steps behind the approval of your credit card.
- Meet the eligibility criteria for a credit card
Issuers put forth a list of credit card eligibility criteria basis which they deem you eligible for a credit card. Such eligibility criteria vary across issuers. However, listed below are the common criteria, which you need to qualify for with most issuers:
- You should have a minimum credit score of 750.
- You should be aged between 25 and 65 years.
- You should have a good credit history, without any defaults or credit dues.
- You must have an existing business relationship with the financial institution.
- You must have a steady flow of income.
It is best that you check these and ensure you meet the requirements before you apply for a credit card.
Must Know: Credit information companies approved by RBI
- Check your credit report and score
Lenders want to be sure about your creditworthiness and hence, pay special attention to your credit score while processing your credit card application. This is mainly because a credit card is an unsecured form of credit. If your application gets rejected, a low credit score can be one of the reasons. To avoid this, you can request for your credit report from a credit information bureau and work on any shortcomings reflected in it. If all is good on the report and you have a good credit score, it will indicate that you are financially responsible and the issuer is more likely to approve your application. - Apply for the credit card
You can apply for a credit card online by visiting the issuer’s website or offline by visiting the nearest branch office of the issuer. Alternatively, you can apply for a card through the credit card company’s field agent and also at the issuer’s promotional stalls at events or shopping malls.
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- Submit the documents required
The next thing to pay attention to is the documents required to apply for a credit card. Ensure that you have the following documents handy to speed up your credit card application process:
- Identity proof like Aadhaar Card, Passport, Voter ID, etc
- Address proof like utility bills, driving licence, etc
- Income proof like PAN Card, Form 16, salary slips, and bank statement
- Passport-size photograph/s
Depending on the credit card issuer you are applying with, you may also have to furnish additional documents.
- Await processing and verification
After submitting the required documents, the issuer starts processing your application and verifies if your documents are legitimate. They may also get in touch with your employer and other references to assess the accuracy of the details you have mentioned.
Issuers may take 10 to 15 days to approve your credit card application. The credit card approval process can be expedited if you meet the eligibility criteria, have all the required documents handy, and have a good credit score. Shop around and shortlist those credit cards that best suit your needs. Consider credit cards that come packed with beneficial features like reward points, discounts and affordable interest rates to make the most of them.
The Bajaj Finserv RBL Bank SuperCard is one such credit card that offers money-saving benefits at minimal joining and annual charges. The SuperCard offers interest-free ATM withdrawals, interest-free emergency loan conversion of the credit limit, and conversion of purchases in to EMIs among other discounts and offers. Also, the SuperCard is enabled with security features that minimise the cybercrime risks. To make applying for these Bajaj Finserv credit cards even more convenient, check out your pre-approved offers. This will help enjoy customised offers and instant approval.
Once you apply for the SuperCard, you can track the RBL credit card status online or offline.
To check your RBL credit card status online, following are the simple steps:
- Visit the track credit card status page.
- Enter either your Customer ID, mobile number, PAN number or reference number and click on search.
