Many people desire credit cards, but not everyone qualifies. One key reason is the applicant’s credit history. If you have no CIBIL score, getting a credit card might be challenging. However, the time taken to get a credit card in India varies depending on factors such as your credit score, documentation, and bank processing time.
1. Factors Affecting Time Taken to Get a Credit Card
- Credit History: A good credit score can speed up the application process, while a weak or limited credit history may result in delays.
- Document Submission: Ensure all required documents are accurate and error-free. Missing or incorrect documents can slow down the process.
- Verification Process: Banks perform thorough background checks and document verifications. Providing accurate information can reduce delays.
- Bank-Specific Policies: Different banks have different timelines and policies for processing applications. Some banks are quicker than others due to more streamlined processes.
2. Step-by-Step Application Process
- Choose the Right Credit Card: Select a card based on your financial needs, lifestyle, and preferences—whether cashback, rewards, or travel perks.
- Submit the Application: You can apply either online through the bank’s website or visit a nearby branch. Ensure all details are accurate and submit supporting documents (identity proof, address proof, income proof, and passport photos).
- Verification: Once submitted, the bank initiates a thorough verification process. This includes assessing your credit score, verifying the documents, and conducting background checks.
- Approval or Rejection: Based on the verification, the bank decides whether to approve or reject the application. If approved, the card is dispatched, typically within a few days.
- Activate the Card: After receiving your card, you must activate it, usually through phone or online verification.
3. Timeframe to Receive a Credit Card
The process typically takes a few days to a few weeks, depending on:
- Strong credit history and complete documentation lead to faster approvals.
- Limited credit history or document issues may result in additional verification, leading to delays.
Some banks offer instant approvals and pre-approved offers to existing customers, reducing the time significantly, with some receiving cards within a few hours!
4. Benefits of Having a Credit Card
- Convenient Payments: Easy payments for online and offline purchases.
- Rewards and Perks: Earn cashback, rewards points, or travel benefits.
- Building Credit: Proper usage helps build a good credit score, crucial for future loans and lower interest rates.
- Emergency Fund: Use it as a backup during financial emergencies.
- Purchase Protection: Many cards offer protection against lost, stolen, or damaged purchases.
- Travel Benefits: Enjoy perks like airport lounge access, travel insurance, and more.