Emergency situations do not come after knocking on your door. You have to be well prepared in advance to face these situations. These emergency situations like – a sudden health crisis, damaged electronic appliances, car repair, etc can consume a lot of money. Prediction of the amount that can be spent on such expenses cannot be made. Hence we have to be prepared in advance to face such situations. Sometimes, an individual might have sufficient cash in hand to pay off such expenses but many times this cannot be the scenario. This is where credit cards come in handy. Credit cards can help you face such situations by providing you with enough credit.
But there are still many people who do not own a credit card and yet fall into such situations where they feel the need to have a credit card. Now, this is why instant credit cards were introduced. It is quite easy to get instant approval credit cards as you do not need to provide any lengthy details to the card issuers to get this credit card.
While in emergency situations, it might not be feasible enough to wait for some source of money, instant approval credit cards can be really helpful in such cases. We can easily get out of such situations using these cards. Slowly, these cards are getting famous as they do not require any advanced paperwork or details. Keep reading the article to know more about instant approval credit cards!
Instant Approval Credit Cards: Meaning
In simple words, instant approval means when a decision on your credit card application is made instantly, generally within a few minutes. When an application is placed by the prospective credit cardholder to the credit card issuing company, the issuing company generally conducts a quick check on your profile and issues a decision. The people with high CIBIL Scores are more favorable to getting a positive decision from the card-issuing company. These companies generally make a decision by having a look at the applicant’s income and credit history which they can easily get from the CIBIL Report. Additionally, the applicants are required to furnish some personal documents which the credit card company requires to issue a credit card to the applicant. The following documents might be required for processing the application :
- Identity Proof: For this purpose, the applicants can give any government-approved document which can serve as identity proof. Documents like – PAN Card, Aadhaar Card, etc.
- Address Proof: The applicant will have to provide any document on which his/her residential address is clearly mentioned.
- Income and Employer Details: Another important information that the issuing company might require is to know about the income of the applicant. It would also like to know about the employer where the applicant is working and drawing a salary from.
After going through all the details, the credit card issuing company makes a decision on the applicant’s credit card application. Once this credit card gets approved, a digital copy of your card which includes all the required details such as card number, CVV, and expiry date is sent to your registered mail id. In this way, you can use your credit card in emergency situations even before you get a physical copy of your card.
Top Instant Approval Credit Cards in India
Now we shall discuss a few Instant Approval Credit Cards in India –
HDFC Bank Instant Approval Credit Cards
HDFC Bank provides a wide range of credit cards that are 100% secure and also provide instant activation. There are premium as well as entry-level credit cards in the HDFC Bank’s portfolio. The premium cards have strict eligibility compared to the basic credit cards that don’t have very strict eligibility requirements and one can get them easily if they fulfil the basic eligibility criteria. For example, you can get the HDFC MoneyBack Plus Credit Card, HDFC Freedom Credit Card, or HDFC Bharat Credit Card easily if your age is above 21 years and you have a stable income source. Make sure to check the basic eligibility requirements before you apply for these cards as the bank doesn’t guarantee approval until you are applying for a card against a fixed deposit.
However, if you want to get instantly approved for a premium card like HDFC Regalia Credit Card, you can get it against a fixed deposit as the HDFC Bank offers most of its credit cards as secured as well as unsecured cards. You will just need to apply online for the credit card you want and after approval, you can get it in minutes. Once approved, you will receive an e-copy of the card in a password-protected file. You can hence use this card for all online purchases. This e-card can be used till the time you do not receive a physical copy of the card. Once you receive the physical copy of the card, you will have to activate the card in the nearest HDFC Bank ATM.
SimplySAVE SBI Credit Card
It is quite simple and easy to apply for SBI SimplySAVE credit card. You can simply go to the SBI Login page and fill in all the details required for the issuance of this credit card. It is easy to get approval for this card. Also, you can get a cashback of Rs. 100 on making an ATM transaction through this card within 30 days of card activation.
Axis Bank Insta Easy Credit Card
Axis Bank Insta Easy Credit Card is one of the easiest cards to get. You do not require to fill in any details or provide the bank with income proof. All you need is to have a fixed deposit of Rs. 20,000 in any of the Axis Bank branches and you are eligible for this credit card. You can generously use this card by keeping the card limit as high as 80% of the principal value of the fixed deposit.
ICICI Bank Instant Platinum Credit Card
This card is also one of the simplest credit cards to get on an instant basis. Go to the ICICI Bank net banking page and then under the ‘Credit Card’ Tab, apply for ICICI Instant Platinum Credit Card. All you have to do is to provide your basic details and id proof and you are good to go. You will receive the approval of the credit card within minutes of uploading the documents. You can enjoy various benefits across different categories by using this credit card.
In today’s time, credit card has become one of the basic necessities of an individual’s life. Credit cards prove to be very helpful no matter where you go, be it in a shopping mall or in a hospital. They can come in handy in times of emergency. If a person does not have a credit card and he is in urgent need of one, he can opt for instant credit cards which are quite easy to get. They can be even easier to get if you have a fixed deposit with the bank. Though these instant approval credit cards are basic credit cards and will not provide you with great benefits like rewards and benefits as some premium credit cards, but can definitely help you in times of need.