Here’s how to track your credit card status online

Business FINANCE
  1. The Indian financial market is quickly moving towards a cashless future. According to a recent survey, it was seen that in June 2020, around 125 million POS transactions and approximately 323 thousand ATM transactions were made using credit cards. It is evidence of the fact that the introduction of ‘digital India’ programme has catapulted credit cards as the preferred payment tool across India.

This unique financial tool, based on a revolving line of credit, allows consumers to make purchases without requiring liquid cash. Additionally, they can also avail reward points on every transaction with their credit card. These reward points can be redeemed to avail cashbacks, discounts, gift cards etc. which enables them to save a substantial amount on purchases.

Financial institutions are also encouraging more individuals to apply for a credit card. To this end, they are offering facilities such as hassle-free application as well as tracking credit card status online.

How to check credit card application status

You can follow the below-mentioned ways to check your credit card application status online –

Step 1: Go to the credit card section on your lending institution’s official website.

Step 2: click on the tab marked ‘check your credit card status’.

Step 3: Once you click on the tab, you will be redirected to a new window where you have to provide any one of the following information –

  • Mobile Number
  • Email ID
  • Customer ID
  • Reference number
  • PAN number

Step 4: Your credit card application status will be displayed on the screen after you enter any one of the information mentioned above.

In case one cannot track their credit card application status online, they also have the option to check their application offline by following the methods below –

  • They can place a missed call on the number mentioned on the credit card provider’s website. A representative will get in touch with them to let the applicant know about their credit card status.
  • The applicant can also visit the nearest branch of the credit card provider or financial institution to enquire in person regarding their credit card status.

How to ensure fast approval of credit card application

To ensure that your credit card application is approved quickly by the lending institution, one can adopt several measures. It includes meeting all the eligibility parameters specified by the credit card provider before you apply for a credit card. Even though the parameters may be slightly different for each lender, the standard criteria that every applicant must meet are as follows –

  • The applicant must be a residential citizen of India.
  • He or she should be within the age of 25-65 years.
  • They should maintain a CIBIL score of 750 and above.
  • Applicants should have no history of defaulting on payments.
  • They should have a regular source of income.

Besides Eligibility criteria, submitting the correct documents is also crucial to ensure successful approval of credit card application. Some of the essential documents that applicants need to provide include –

  • KYC documents such as PAN, Aadhaar card, Voter ID card, driving license or any other officially valid documents.
  • Proof of income like salary slips, bank account statements for the last six months, income tax returns etc.

Some financial institutions also provide pre-approved offers to borrowers for a hassle-free and quick application process. Besides credit card, such offers can be availed on other financial products as well, including business loans, personal loans etc. One can check their pre-approved offers by entering their name and contact information.

How to select the right credit card

Because of the rising demand for credit cards, financial institutions and credit card providers are also introducing different types of cards that can suit various spending requirements of an Individual. Consequently, you need to know how to choose the right credit card for yourself.

For instance, business owners can opt for corporate or business credit cards that offer reward points and discounts on flight tickets and hotels bills, airport lounge access, etc. They can also opt for cards like the SuperCard, which offers the features of several cards in one.

You should also know the ideal credit limit that you require before you apply for a credit card. For this purpose, you should calculate your overall monthly spending. Additionally, one should try to maintain a credit utilization ratio within 30%. Apart from these aspects, you should also check the associated fees and interest rates charged by the credit card provider.

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