What is an instant credit card? Key features explained | Mint
Source: Live Mint
Are you contemplating applying for a credit card and worried over the delay that the banks take in issuing it? Well, there is an alternative – you can instead apply for an instant credit card.
Those who are not aware – an instant credit card is issued instantly, sometimes within a few minutes. Sounds cool? Isn’t it?
As soon as you apply for a credit card, the bank carries out a soft credit check. If the applicant’s credit score is high, the bank may decide to give an instant approval for the card and thereafter, the recipient can start using the credit digitally.
This means you will receive the card details such as the card number, CVV and expiry date before even receiving the physical card.
And if the bank declines it owing to a poor score or something else, you can apply for another card with another lender.
4. Customers receive the card details (card number, CVV, and expiry date) digitally, which enables them to use it for online transactions immediately
5. This card requires minimal documentation since the card approval process is digital and completed through eKYC.
Some of the examples of instant credit card:
A. ICICI Bank Instant Platinum Credit Card: This is issued against fixed deposit.
B. SimplyCLICK SBI Card: This is also issued immediately for online use after approval.
(Note: Using a credit card carries its own set of risks)
