Instant Credit Card: Approval Within Minutes – No Joining Fees

Credit Card
Credit Card

Credit cards are financial tools that allow cardholders to borrow funds at their convenience. For instant credit card approval, you can apply online. In India, financial institutions pre-establish the maximum credit limit when the card is issued once you opt to use it online. Users can conduct online transactions with credit cards in India. Cardholders of instant approval credit cards agree to repay the borrowed funds together with any other charges imposed by the issuer. The instant credit card online applications can be used to enjoy cashless transactions and other benefits.

With an instant credit card application, you receive instant approval. To understand how an instant approval credit card works, you need to know how credit cards work. It is very easy to understand how credit cards work. With an instant credit card, you can make purchases online. After using a credit card, you must repay the outstanding balance at the end of every billing cycle. The credit card can easily be swiped at merchant stores, and the PIN is used to authenticate the transaction. With some credit cards, you don’t need to enter the PIN. Ensure that the website you use for instant credit card online payment is secure before proceeding. It is also essential to know that after instant credit card approval, the credit card limit in India is determined by its eligibility criteria. The card must also be repaid within the given period. Using a credit card in India over the maximum limit will result in penalty charges.

Eligibility criteria for a credit card

  • You must be 18 years old to apply for a credit card online. However, for some cards, it can be 21 years old.
  • Credit card applications require a minimum salary. Your income must also be steady.
  • To qualify for a credit card online, you must have a credit score of at least 750.
  • You must be an Indian citizen or a non-resident Indian.
  • You can apply for a credit card based on your employment status, whether you are self-employed or salaried.

Documents required for a credit card

ID Proof

  • Aadhar card
  • PAN card
  • Driving License
  • Voter ID card

 Address Proof

  • Electricity Bill
  • Rental Agreement
  • Passport
  • Telephone Bill

Income Proof for Self-employed

  • Statement of recent ITR
  • Business continuity proof
  • Balance sheet or 
  • Audited profit and loss statement

 Income Proof for Salaried Individual

  • Salary Certificate
  • Appointment letter
  • Recent Salary slip/s

Top Banks and Financial Institutions offering Credit Cards

  • Bajaj Finserv RBL Bank Credit Cards
  • ICICI Bank Credit Cards
  • SBI Credit Cards
  • HDFC Bank Credit Cards
  • Yes Bank Credit Cards
  • IndusInd Bank Credit Cards

Credit Card Interest Rate

The annual percentage rate (APR) calculates the interest rate, depending on the credit card type. Your credit score determines the APR. Banks charge a set credit card interest rate percent on the borrowed amount if the cardholder does not repay the monthly outstanding amount. If you are comfortable making regular monthly payments, you can choose a credit card with a higher APR that offers a travel loyalty and reward program. However, a credit card with a low APR is a good choice if you want payment flexibility. Credit cardholders also benefit from a bank-provided interest-free period of 20 to 50 days.

Credit Card Benefits

  • Enhances credit score
  • Waive international payment fees
  • Consolidating debt and saving money on existing balances
  • Pay off your credit card bill during interest-free days
  • It is safer to carry liquid cash
  • Meets any emergency need
  • Complimentary extras
  • Card add-ons for family members
  • Earn rewards points, get cashback and more

EMIs with credit cards 

Credit card bills can be paid through EMI. Some banks offer zero percent interest on instalment payments. If you select a monthly repayment period, you will have to pay the principal amount through monthly instalments, and there will be no interest associated with it. The EMI on a credit card is also sometimes charged at a low-interest rate by some banks. Cardholders must pay the EMI, which includes the principal and interest rate, until the debt is cleared. A good credit card will allow you to convert EMIs. 

Cardholders can convert their credit card transactions into equated monthly instalments. In this way, you can easily repay your outstanding amount without breaking the bank. Credit cardholders can pay back the borrowed amount with a low-interest rate and save money by transferring balances. In addition, cardholders may transfer their outstanding credit card balances to other banks’ credit cards through this facility.

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