How Long Does It Take to Get a Credit Card?

Credit cards are a convenient way to shop, eat, and travel across the world. They not only allow you to enjoy the convenience of avoiding cash but also provide multiple offers on your transactions. It is perhaps why they are fast becoming a permanent fixture in most of our wallets. However, a credit card is a responsibility that needs to be taken seriously. They are helpful, but they can negatively impact your credit score if the bills are not repaid on time. A low credit score can preclude you from getting loans from a bank. It is, therefore, important to get a credit card after thorough research. How long does it take to get a credit card? This blog intends to shed light on this process and resolve all your queries.

How to Apply for a Credit Card

Before you ask how many days it takes to get a credit card, let’s see how to apply for a credit card:

1. Pick the Right Card

It is important to research your spending habits and goals to pick a card that will meet your needs. Look at factors such as joining fees, annual fees, and interest charges, as well as offers and benefits, before you choose the right credit card for your needs.

2. Review Eligibility

It is important to review the eligibility norms set by the bank. Check all the documents, such as proof of identity, address, and income, to procure the card. This information is often available on the credit card issuer’s website or application.

3. Submit Your Application

You can either apply online or at the branch, but most banks accept online applications now. The issuer will then evaluate your application and credit history. One Credit Card allows applications for a lifetime free card directly from its app, with just a few clicks.

How Long Does It Take to Get a Credit Card?

There is no single answer to the question, as it depends on a bunch of factors. However, the process usually does not take more than a few days. One Credit Card often approves applications in a day, allowing users to start spending using their virtual card, while the physical card may take up to 4-5 days to reach your place of residence.

ALSO READ: How to Check Credit Card Balance

Which Factors Influence Your Credit Card Approval?

Several factors influence the decision of a bank to approve your credit card application. Let’s take a look:

1. Credit History

A positive credit history with regular payments on existing loans and credit cards indicates that you use your credit responsibly. Furthermore, a high credit score increases your chances of securing swift approval.

2. Income

Every issuer will verify your income to determine whether you have the capacity to pay your credit card bills. A stable job with a steady income can expedite your approval process.

3. Authenticity

Every bank evaluates the information in your application to determine whether it is accurate. Therefore, it is imperative to ensure that your application meets the norms with zero errors.

ALSO READ: How To Use Your OneCard to Build Your Credit Score

Reasons to Get a Credit Card

Credit cards may be ubiquitous, but there are still many who do not own a credit card. Here’s why you should own one:

1. Helps with Credit Score

Using your credit card and paying your bills regularly is good because it builds a positive credit history. It will help you secure a loan easily in the future.

2. Secure Your Money

Imagine that you are out shopping on a trip abroad, carrying large wads of cash to pay for your purchases. It exposes you to several risks. Credit cards are convenient and more secure than cash. Moreover, most credit cards offer fraud protection.

3. Earn Discounts

Every credit card offers a variety of promotions that give you discounts and cashback. They also accrue reward points for purchases that can be redeemed for travel, vouchers, or statement credits.

4. Offers Financing

Some credit cards allow you to convert large purchases into EMIs (Equated Monthly installments). Many of them do not even charge an interest rate.

5. Set Limits

Most credit cards come with a credit limit, through which you can curb your spending. For instance, the One Credit Card app allows you to set limits on your One Credit Card.

In conclusion, each bank has its own set of internal criteria to assess risk based on which they make the final decision. However, it is easy to secure quick approval if you keep the aforementioned factors in mind. They will help you to ensure that you do not face a single hiccup in your application process.