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Finance

Maximum Time Duration To Get a New Credit Card

Do you wish to apply for a credit card? Are you wondering how it takes to get a credit card? Well, the time duration depends on the kind of credit card you are applying, eligibility criteria, and your credit card application. It also depends on how you are applying for a credit card. If you are applying through online platforms, your application can get instant approval, but your credit card may take up to 14 days to arrive.  

It is worth noting that applying for a credit card through the mail or over the phone usually takes longer.  However, there are things you can do to expedite the processing time. 

What is The Time Duration To Get a Credit Card in India? 

Whether you are applying for a new credit card online, by phone, or by mail, you will need to provide your personal information, including your full name, residential address, monthly income, PAN number, and employment status. 

If you apply through online platforms, you will receive your approval instantly, provided you meet your issuing bank’s requirements. If you are applying manually, it will take some time to get approved. Your bank will assess your application manually and then approve it. You should receive it within a week or two. If you are applying via mail or phone, it will also take longer than online applications.  

Keep in mind that getting approved and receiving your credit card are two different things. You may get approval instantly, but getting your credit card in the mail usually takes between 5 to 14 working days, depending on your issuing bank. If you wish to expedite your application process, you may or may not have to incur a fee. While submitting your application for a new credit card, make sure everything is in proper order to avoid delays. 

Factors Determining The Time Duration To Get Your New Credit Card

Here are the factors responsible for getting your credit card right after the submission of your application: 

  • Eligibility criteria

The time duration to get your application approved and receive your credit card depends on your eligibility criteria, which are: 

  • You must be at least 18 years old while applying for a credit card. 
  • It is mandatory to have a stable income. 
  • It is crucial to be an Indian citizen currently living in India. 
  • Your salary must be within the range set by your bank. 
  • You must have valid income, identity, and address proof.
  • Documentation

While applying for a credit card, you must submit the following documents if you want to get your credit card quickly: 

  • Identification proof: PAN Card, Aadhaar Card, Passport, Driving License, or Voters ID Card
  • Address proof: Driving License, Ration Card, Utility Bill, Passport, Voters ID Card, or Bank statement (last two months). 
  • Income Proof: Form 18, Salary slips (last three months), Income Tax Returns with computed income, Audited Financial Documents, or Business Continuity Proof. 
  • Age proof: Aadhaar Card, Passport, Birth Certificate, Voters ID Card, or 10th  standard certificate. 
  • CIBIL score

Your credit card application approval also depends on your credit score. It is mandatory to have a minimum CIBIL score of 750 to get your credit card approved soon. Upon submitting your credit score, your issuing bank approves your application and gets your best credit card delivered to your address within 14 working days. It is worth noting that it can take a couple of weeks or even a month to deliver your credit card to your address. 

  • Using multiple credit cards

When you apply for a new credit card, your issuing bank will check the number of credit cards you are using. If you have multiple credit cards in your name, it will take longer to get your credit card. This is because your bank will verify the usage and repayment history of your current credit cards and then issue a new one.  If you wish to get your credit card quickly, make sure you have not skipped any payments of your current card bills. 

  • Secured credit cards

If you want to get a new credit card in no time, you may want to apply for a secured credit card. It is a pre-approved credit card that requires a minimum documentation process and involves relaxed eligibility norms. You will need to deposit a certain amount with the bank against which you will get your credit card.  It is the fastest way to get a credit card in India. 

In short

With the above-said points, you know the time duration to get your credit card. After your credit card approval, it may take between 5 to 14 days to receive your credit card.  Your credit card approval depends on factors such as CIBIL score, income, eligibility criteria, documentation, etc.

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