What is an Instant Credit Card?
An instant credit card is just like a virtual credit card; the only difference is you will get a credit card instantly right after getting approved for the same. Whereas, in some cases, virtual credit cards may take time for approval. So, with an instant credit card, you can apply, get approved and start using your credit card within minutes or the same day.
How does Instant Credit Card Work?
An instant credit card works similarly to a virtual credit card. Most of the credit card providers issue a number to an instant credit card. When you apply for an instant credit card and get approved, that number is given to you which you can use for online transactions. Additionally, you can also add your instant credit card number to digital wallets like Google Pay, Samsung Pay and more. With instant credit cards, you can get approved and start using your credit instantly. However, you will also receive your credit card on the email within 10-15 working days after getting approved for it.
Also read: What is a Virtual Credit Card?
Features & Benefits of Instant Credit Card
Unlike virtual credit cards, instant credit cards also offer loads of benefits to their users. Some of the important features and benefits of instant credit cards are as follows:
Special Discount/ Deals: Some of the brands or credit card providers offer special discounts to instant credit cardholders. You can also access some of the exclusive deals offered by the credit card providers only for instant credit cardholders.
Convenience: Instant credit card has no physical form and all the important details, including CVV, card number, expiration date and more are available online which you easily access through a mobile phone. Hence, you can conveniently access all the relevant information online.
Earn Rewards: With instant credit cards, you can earn reward points sooner as compared to physical credit cards. Even before receiving your credit card in email, you can earn reward points from the first purchase through the credit card number provided to you.
Suggested read: Different Types of Credit Cards in India
Drawbacks of Instant Credit Card
No doubt, instant credit cards make your life easier, but there are certain things which you should consider while applying for the same:
- Instant credit cards cannot be used at a merchant swipe machine as they are purely digital
- Returning items with an instant credit card can be challenging
- You cannot withdraw cash using the instant credit card
- Not everyone gets qualify for an instant credit card easily
Top Instant Approval Credit Cards
Nowadays, a lot of credit card providers offer instant credit cards to their users. To narrow down your research, we have curated a list of top instant approval credit cards:
|Credit Card||Annual Fee||Key Feature|
|Kotak 811 #Dream Different Credit Card||Nil||2 reward points per Rs. 100 on online spends|
|SBI SimplySAVE Credit Card||Rs. 499||10X reward points on dining, movies, grocery and departmental store spends|
|Axis Bank Insta Easy Credit Card||Nil||6 reward points on every Rs. 200 spent domestically|
Q. How can I apply for an instant credit card?
A. You can apply for an instant credit card through the credit card provider website. Many credit card issuers allow you to apply online through their website.
Q. What limit do I get for an instant credit card?
A. The limit for an instant credit card varies from provider to provider. The limit will be decided by the credit card provider as per the applicant’s eligibility and income.
Q. Can I get a secured instant credit card?
A. Yes, some of the credit card providers offer secured instant credit cards. You can use them normally just like any other instant credit card, the only difference is that they are offered against a fixed deposit.
Q. Do I receive an instant credit card on email?
A. Yes, even after providing the credit card number, you will receive a credit card on your email within 10-15 working days after getting approved.
Q. Does instant credit card charge annual fees?
A. Yes, the annual fee charged for your instant credit card depends on your credit card provider. However, some of the credit card providers also offer instant credit cards without any annual fees.