Many aspire to own credit cards, but not everyone qualifies due to factors like credit history. A zero CIBIL score, for instance, can hinder your chances of approval. The time to get a credit card in India varies by bank and depends on factors like processing time, credit history, and required documentation. It’s crucial for applicants to understand the timeline for approval, which is influenced by these elements. In this article, we explore how long it typically takes to get a credit card in India, the factors that affect this process, and the benefits of having a credit card, along with a step-by-step guide to the application process.
Factors Affecting the Time Taken to Get a Credit Card in India
The factors below can affect the period it takes to obtain a credit card in India. It’s important to be aware of these factors when applying for a credit card for a smoother application process.
- Credit History: Your credit score plays a big role in the timeframe for getting a credit card. A good credit history can lead to a hassle-free application process.
- Document Submission: The accuracy of the documents you submit can impact the processing time. Make sure you provide all required documents and that they are error-free.
- Verification Process: Banks conduct thorough background checks and document verification. Any error or incomplete information can lead to delays, so it’s important to provide all the necessary details accurately.
- Specific Bank Policies: Different banks may have different processing times for credit card applications. Some banks may have more smooth processes, resulting in quicker approvals, while others might take longer due to their internal procedures.
Application Process of a Credit Card
By following the steps below, you can operate the credit card application process effectively.
- Choose the right credit card: Begin by selecting a credit card that suits your financial requirements and lifestyle. Different credit cards offer varied benefits, such as cashback, reward points, or travel perks.
- Application Submission: You can apply for a credit card through the bank’s website online or by visiting the nearest bank branch. Fill out the application form with correct information and submit the required documents, such as identity proof, address proof, income proof, and passport-sized photographs.
- Verification Process: Once the application and documents are submitted, the bank initiates the verification process. This includes assessing your credit score, verifying the submitted documents, and conducting background checks. It’s important to maintain the accuracy of the documents to avoid delays.
- Approval/Rejection: After the verification process, the bank decides whether to approve or reject the credit card application. If approved, you will receive the credit card within the given time. In some cases, certain banks offer instant approval and issuance of credit cards to existing customers based on pre-approved offers.
- Activation: Upon receiving the credit card, you will need to activate it according to the bank’s instructions. This often involves a simple verification process over the phone or through an online portal.
Time-Period of Getting a Credit Card
The time to get a credit card in India can vary from a few days to a few weeks. Individuals with a strong credit history and complete documentation often experience faster approval and card issuance. However, those with limited credit history or document discrepancies may face delays due to additional bank verifications. Many banks offer instant approval and issuance for existing customers with pre-approved offers, significantly reducing the time, and sometimes leading to immediate card activation.
Benefits of Having a Credit Card
Having a credit card has several benefits, as it provides a suitable payment method for both online and offline transactions. The main benefits of credit cards are as follows:
- Timely Payments: Credit cards offer a hassle-free way to pay for shopping, bills, and other expenses both online and in-store.
- Rewards and Perks: Many credit cards come with rewards programs, offering cashback, travel miles, or points that can be used for various benefits and discounts.
- Building Credit History: Responsible credit card use helps build a good credit score, which is important for getting loans and better interest rates in the future.
- Emergency Fund: It can serve as a backup in case of emergencies when cash is not readily available.
- Purchase Protection: Some credit cards offer purchase protection, ensuring that you can get a refund if a purchased item is lost, stolen, or damaged.
- Travel Benefits: Certain credit cards offer travel perks such as travel insurance, airport lounge access, and waived foreign transaction fees.