The increasing popularity of this financial product can be primarily owed to its vast offering of consumer-friendly facilities. Moreover, with a push towards digitalization, credit card issuers have also consistently introduced several products that cater to users with varying financial requirements.
According to a report by TransUnion CIBIL, the credit card inquiries in September 2020 were higher by 106% than that in October 2019. The increasing popularity of this financial product can be primarily owed to its vast offering of consumer-friendly facilities. Moreover, with a push towards digitalization, credit card issuers have also consistently introduced several products that cater to users with varying financial requirements. Instant approval credit cards are such products that allow individuals to address any financial emergencies without delay.
This comparatively new financial product works almost on the same line as a traditional credit card. However, individuals need to know about their distinct features and benefits to optimize its benefits during periods of financial duress.
Features and benefits of best instant credit cards
Following are the features of the best instant approval credit cards available in the market -
- Available online only
This particular card is also known as a virtual credit card. Unlike a conventional credit card, this one is not available as a physical payment card. Generally, these cards are best for one-time usage as they come with a validity of up to 48 hours.
- Better security
Due to its virtual presence, the chances of theft and misuse of instant cards are reduced significantly. The OTP facility also reinforces the security aspect of such cards. Moreover, individuals can also choose to cancel the card if they encounter any issue using this otherwise secured credit card or predict any cyber-attack.
However, it will be wiser to follow some tips to protect your credit cards from being hacked.
- Accompanies transitional limit
Just like a physical card, instant approval credit cards also come with a transactional limit. Individuals can initiate multiple transactions within that limit. However, the credit limit of such instant cards aligns with that of a physical credit card.
- Instant availability
As the name suggests, this card's approval also takes little time, making it a reliable financial tool to tackle the immediate liquidity crunch.
Alternatively, individuals can also opt for Bajaj Finserv RBL Bank SuperCard that allows cardholders to raise funds by opting for a personal loan on the card's unused credit limit during any emergency. They can repay the loan in 3 easy EMIs. Besides, this card also comes with an ATM cash withdrawal facility with an interest-free period.
This NBFC also extends pre-approved offers that make the credit card application procedure hassle-free and prompt. Besides credit cards, such offers are also available for various financial products like personal loans, business loans, and several others. You can check your pre-approved offer simply by entering your name and mobile number.
- Eligibility
Instant approval credit cards are offered typically to existing cardholders. Moreover, the outstanding card balance is transferred directly to the primary card after the instant one's expiry.
Non-customers can also use this card by linking it with an account or a debit card.
- Unchanged CVV
The CVV of this card remains the same throughout. It only changes if a person chooses to close it and opt for a new one.
Moreover, to make the most of this card, individuals need to know how to use it online to make payment.
How to use an instant credit card?
Since instant approval credit cards only have an online existence, individuals can use it for almost all national and international online transactions, depending on the card type.
They have to follow the below-mentioned steps to complete the transaction.
- In the payment gateway, enter the card number.
- Mention validity, CVV, and other required details.
- On receiving an OTP, enter the code to authenticate the details entered.
- Click on "submit" to complete the transaction.
Irrespective of the type of credit card you are using, you first need to learn how to repay your credit card debt. It will help you clear off the outstanding amount and improve the credit score in the process.
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