Understanding the Credit Card Application Status Timeline

Applying for a credit card is an easy procedure, and with the online convenience today, obtaining a credit card is faster than ever. But do you know that keeping track of your credit card application status is equally essential? Although the likelihood of success is high when you are eligible to apply for a credit card, monitoring your credit card application status remains essential.

This post will discuss the stress-free method of monitoring your credit card application, offering insights into necessary documents and more. 

How to Apply For a Credit Card?

Obtaining a credit card is a trouble-free process, provided you have chosen the right one. Follow these steps once you have compared options and settled on a preferred credit card. 

1. Start by visiting the bank’s official website. Open your web browser and navigate to the bank’s official website from which you wish to apply for a online credit card. It is usually straightforward and can be done from the comfort of your home.
2. Next, search and click on the ‘Credit Cards’ section. Once you are on the bank’s website, find the section specifically dedicated to credit cards. This section often provides detailed information about the bank’s various credit card options.
3. Fill in essential details, such as occupation, mobile number, monthly income, and PIN code. Click on the ‘Apply’ option within the ‘Credit Cards’ section. It will lead you to a form where you need to input your personal details. Ensure accuracy and completeness in providing information such as occupation, mobile number, monthly income, and PIN code.
4. Choose your desired credit card and click ‘Check Eligibility’. After entering your details, you will likely be prompted to choose the specific credit card you wish to apply for. Different cards cater to various needs and preferences, so select the one that aligns with your requirements.
5. If you meet the eligibility conditions, proceed by entering your name, email, date of birth, and PAN. Once you have selected the credit card, you will be asked to provide additional information to assess your eligibility. It may include details like your name, email address, date of birth, and PAN.
6. Enter your address and PIN code. Provide accurate residential information, including your address and corresponding PIN code. This step ensures the bank knows where to reach you and deliver the card later. 
7. Share details about your employment, including the company’s name, address, PIN code, and landline number. Banks often require information about your employment to assess your financial stability. Provide details about your current job, including the company’s name, address, PIN code, and landline number.
8. Complete the process by verifying your mobile number with the OTP sent to your phone. To finalise the application, you will receive an OTP on the mobile number you provided. Enter this OTP to verify your mobile number, adding an extra layer of security to the application process.

Following these steps, you will receive a call from the bank. They will suggest a convenient time and place to finalise the physical documentation, sending a field agent to your location. It ensures a smooth continuation of your application process. 

How to Check Credit Card Application Status?

Checking your credit card application status can be done online and offline, it depends which method you prefer to proceed with. Here is a detailed overview. 

Online method

1. Start by going to the official website of the bank or credit card issuer.
2. Locate the option labelled ‘Track Application’ on the website.
3. Click on ‘Application Status’ and provide details such as the application number, application form, PAN card, etc.
4. After entering the necessary details, click ‘Check Status.’
5. A new tab will open, displaying the current status of your credit card application.

Offline method 

1. Contact your bank or credit card issuer’s customer support. Please provide them with the required details, such as your application number, to get an update on your application status.
2. If you have registered for the SMS service, send a text message to check the status of your credit card application. The bank will respond with the relevant information.
3. Alternatively, visit the bank’s physical branch. Approach the concerned officials and inquire about your credit card application status.

By following these steps, you can easily track the progress of your credit card application, ensuring you stay informed at every stage of the process. Whether online or offline, these methods offer flexibility to suit your preferences and provide timely updates on your credit card application status.

Essential Documents for Checking Credit Card Application Status

To efficiently check the status of your credit card application online, make sure to have the following documents readily available:

1. Locate this unique identification number provided during the application process.
2. Provide the PAN associated with your credit card application.
3. Keep the form number, a distinct identifier from the application process, at your fingertips.
4. Enter your correct date of birth, as specified in your credit card application.

With these documents, you can navigate the online platform seamlessly and obtain real-time credit card application status updates. 

Key Credit Card Eligibility Factors 

When applying for a credit card, several personal and financial factors come into play, influencing your eligibility. Here’s a breakdown:

1. Age Requirements

You must be 18 to apply for a credit card (21 years for some banks). The upper age limit for credit card applications is generally 60 years.

2. Income Criteria

Banks and credit card issuers assess your monthly income to gauge your credit repayment capacity. The minimum annual income requirement varies from bank to bank. 

3. Nationality Consideration

While there are usually no stringent limitations on residence or nationality, certain credit cards may be exclusively available to Indian citizens.

4. Employment History

Credit card applications scrutinise your employment history. Being consistently employed in the same job for a year or more can enhance your credit card application.

5. Credit Score Impact

A higher credit score improves your chances of approval. Conversely, a low credit score may indicate a problematic financial history, potentially lowering your approval odds.

6. Credit Utilisation Ratio (CUR)

The CUR measures your credit card bill against the credit limit. Excessive spending leading to a low CUR can negatively impact your credit card application, suggesting a credit-hungry approach.

7. Credit Application History

Banks monitor your credit card application history. Multiple rejected applications can diminish your chances of approval for subsequent credit cards.

8. Existing Loans Impact

Several existing loans might raise concerns about your ability to manage additional debts. It could lead to the bank being cautious about your credit repayment capabilities.

Conclusion 

Credit cards are convenient for accessing funds and making purchases. To obtain one, the initial step involves applying for and securing approval. However, checking your credit card application status is also equally important. 

Cultivating sound financial habits positions you favourably, prompting your bank to proactively extend offers, transforming your credit card journey into a tailored and hassle-free experience.