Yes. Applying and using the credit card on the same day is possible now. Usually, instant use credit cards are free credit cards as they do not charge any joining and annual fees. Also, with these instant approval cards, you can enjoy a bunch of rewards.
- To obtain an instant use credit card issued by a bank, you need to have a fixed deposit with the same bank. This fixed deposit will act as collateral. The credit limit of your card will be the amount invested in the fixed deposit.
- The deposit should be in the name of the applicant. Fixed deposits in the name of a partnership firm, HUF, or any other third party are not eligible for this free credit card application.
- Banks put conditions on the minimum amount and the minimum tenure of the fixed deposit that acts as the collateral.
- You can’t close this fixed deposit during the life of the credit card.
- Only people with an excellent credit score are eligible to get an instant use credit card.
- You need to produce income proof while applying for instant use credit cards.
- Foreign citizens and minors can’t apply for this free credit card.
- Many banks offer instant use credit cards only for their existing customers. Hence, before applying for an instant card from a bank, make sure that you have a savings account with the same bank.
Benefits of instant use credit cards
The best instant use credit cardoffers the following benefits:
- Lower interest rate compared to a regular credit card
- Minimum documentation and zero processing time
- No joining or annual fees
- You can enjoy ample rewards on purchases with an instant use credit card and can redeem them later for discounts or cash.
- With an instant use credit card, you can experience privileges in dining, lifestyle stores, spas, entertainment, etc.
- The best instant use credit card offers benefits on fuel refill- a waiver on surcharge.
- Most instant credit cards are globally accepted, and they also provide global emergency assistance.
- Instant credit cards offer extra security as they are built-in with contactless technology.
- You can apply online for an instant use credit card and activate it using the net banking facility.
- You can avail of the cash advance facility through these free credit cards.
- Usually, instant use credit cards have easy repayment patterns. As they are linked with your bank account, the auto-debit facility is available with these cards. The auto-debit facility ensures that you pay the balance on time; thus, you can avoid paying late fees. But you need to set a standing instruction in your savings account to pay your credit card bill.
- These free credit cards allow you to pay the minimum balance and carry forward the rest to the next month. Try to pay the full bill amount every month to avoid paying interest.
- You can enjoy interest from the fixed deposit that acts as collateral.
Documents necessary to apply for an instant use credit card
- Proof of income- salary slip and form 16
- Details of your bank account and fixed deposits
- Address proof
- ID proof
How to apply for an instant use credit card?
Using the online option is the easiest way to apply for an instant use credit card. However, you can visit your nearby branch of the bank and get this free credit card instantly against your bank deposit.
Virtual Credit Cards
Several prominent credit card issuers give virtual credit cards to their members along with regular credit cards, i.e., your virtual credit card will be linked to your physical credit card. You can start using a virtual credit card on the same day of the approval. These days, if you apply online for a regular credit card, then the card issuers give same day approval if you meet the required eligibility criteria.
A virtual credit card is an online credit card with a credit card number, a CVV, and an expiry date. The use of virtual credit cards is limited only to online transactions, and normally their validity lasts only for 48 hours. This limited validity makes them more secure than a physical credit card. Besides, cancellation of a virtual credit card is super easy; it’s just a click away. To assure security, virtual credit cards are issued only to primary holders, not to add-on cardholders.
Virtual credit cards are free credit cards as no charges are associated with them. To ensure that you’re not overspending, the issuer allows you to set a credit limit for your virtual card. Whenever you make payment through this card, the amount will be subtracted from the credit limit of your physical credit card. And just like a regular credit card, all virtual credit card transactions need authentication. With a virtual credit card, you can enjoy ample rewards and discounts.
Your credit card is your responsibility; hence use them wisely to avoid unwanted debt burden. Bajaj Finserv RBL Bank SuperCard offers instant approval. The charges of this credit card are affordable and, at the same time, it offers exciting rewards.