Instant Credit Card Eligibility Requirements: All You Need to Know

Speed and convenience score big points in today’s fast-paced world and an instant credit card caters to this need unlike anything else in the financial domain. Aiding speedy approvals, the eligibility requirements for these cards are a bare minimum. 

So, getting one of them is a smart choice if you are seeking instant financial flexibility and easy access to credit.

Guide to Instant Credit Cards

As the name suggests, an instant credit card is a type of card for which you can get approvals quickly. Typically, these cards function in the following way:

• Banks and credit card companies decide on these credit card applications within minutes.
• Once your request is approved, they create your credit card account and dispatch the card.
• They generally use certain automated processes to determine if you qualify for the credit card.
• To make a decision quickly, these automated systems instantly check your credit score, net income, employment status, and other factors.

Here is how to apply for credit card with an instant application process:

• Check the credit card eligibility and choose the most suitable card
• Go to the issuer’s website and fill in the application
• Submit the relevant documents to complete the process

Qualifying for Instant Credit Cards

The eligibility criteria for instant credit cards vary across issuers. Thus, to qualify for a particular card, you need to meet these requirements. These may include the following:

Nationality

• Most credit card companies check your nationality and residential status when issuing a card.
• Most of them require you to be an Indian national and resident.
• Some credit card companies also allow Non-Resident Indians (India) to apply for cards.

Age

• Some credit card issuers require you to be 21 years old to hold a credit card.
• Others allow you to get a credit card if you are over 18 years old.
• For an add-on card as well, most banks have pegged the minimum age at 18 years.

Income

• Depending on the type of card you choose, the income requisite may differ.
• You need to have a minimum annual income of around ₹1.44-2.50 Lakhs to get some of the basic credit cards.
• However, the high-end or premium cards may require earnings of at least ₹25 Lakhs.

Employment Status

• A regular source of income is a deciding factor when it comes to your instant credit card eligibility.
• Both professionals and business owners can apply for these types of cards.

Credit Score and Repayment History

• A good credit score is an indication that you can manage credit well.
• A credit score of 750 or more guarantees approval for this type of credit card.
• However, some credit card issuers may also offer it if you have a low score, but it will have a low credit limit.

Bank Account

• To apply for a credit card, you need to have a savings or current bank account. 
• At the time of application, issuers require you to provide your bank account history to establish a regular inflow of income.

Existing Debts

• Availing of a credit card is essentially taking on a debt.
• The issuer may not be interested in providing you with a card if you have a lot of debt.
• Hence, it helps you cement your chances of getting a card if you clear off your outstanding loans.

Past Credit Enquiries

• The issuer requests credit bureaus for your credit history and reports when you apply for a card.
• Multiple hard enquiries show a desperation for credit and will impact your eligibility negatively.
• Ensure a gap of at least 6 months between applying for credit cards. 

Location

• Certain credit cards are available only to people residing in a particular city.
• Check if you reside in the city where an issuer offers these credit cards before applying.

Documents Required for Instant Credit Cards

You need to submit the following documents to apply for instant credit cards:

• Identification and age proof, like an Aadhaar Card and PAN Card
• Residence proof, such as a passport and driver’s license
• Income proof in the form of Income Tax Returns, salary slips, bank statements, or financial documents

Why to Choose an Instant Credit Card?

These cards offer loads of benefits, which include:

• Quick Access: You can get a fast approval for these cards, which allows you to access funds instantly.  
• Convenient: You can apply for these credit cards online and get them in hand within a short period.
• Earn Rewards: Like regular credit cards, these instant cards also offer various rewards and attractive offers.
• Minimal Paperwork: When applying for these cards, you only need to provide basic documents.

Offering quick access to credit, instant credit cards cater to your needs if you are looking for an immediate financial solution. To get started with your credit journey with a 100% digital onboarding process, get the One Credit Card. 

Get 5X rewards and a wide variety of discounts and benefits with no joining and annual fees thanks to this premium metal credit card. What’s more, you can control every aspect of your usage with the powerful One Credit Card App. Apply now to spend confidently.