How To Improve Your Chances Of Getting Approved For A Credit Card

Posted on Thursday, September 14th, 2023 | By IndusInd Bank

Credit cards offer convenience, flexibility, and the opportunity to build a positive credit history. With instant fund access, credit cards also offer a range of benefits not limited to shopping, lifestyle, entertainment, and travel privileges.

However, whether you are applying for a credit card for the first time or looking to add another to your wallet, securing approval is a crucial step during the application process. In this guide, we will dive into the ways you can improve your chances of getting approved for a credit card without any hassle.

Getting approval for a credit card

Before delving into the strategies to improve your credit card approval odds, it is important to understand the factors that banks consider when evaluating your credit card application. The key factors include your credit score, income, employment status, and existing debts. Lenders use these factors to assess your creditworthiness and determine whether you are eligible for a credit card.

Having a good credit score, stable income, and no existing debts can highly increase your chances of getting a credit card approved. Getting approved for a credit card can sometimes be time-consuming as the banks verify your details through the documents you submit during the application process.

However, with IndusInd Bank, you can apply for a credit card online in three simple steps and eliminate the problem of approval delays through a 100% paperless documentation process. What makes IndusInd Bank Credit Cards an attractive deal is the low interest rates and never-expiring reward points that you can redeem anytime to get additional discounts. In addition, several credit cards come with zero joining fees and annual charges to add to your benefits.

Ways of improving your chances of getting credit card approval

Using the online mode to apply removes much of the hassles in getting a credit card. However, you must follow the ways below to get quick credit card approvals.

1. Know your credit score: Your credit score plays a pivotal role in the approval process. It reflects your creditworthiness and financial responsibility. You can access your credit score for free through various online platforms. A higher rating is considered better and increases your chances of getting a credit card approved.
2. Choose a credit card wisely: Before applying, research and compare different credit card options to find the one that aligns with your financial situation and requirements. Applying for a card that matches your credit profile enhances your approval chances.

IndusInd Bank offers different types of credit cards to suit the needs of diverse individuals and come with a host of offers, rewards, and privileges on your daily expenses. Knowing how to pick a credit card based on your financial needs can help you get quick approvals.

• Review eligibility criteria: Carefully review the eligibility criteria set by the credit card issuer. Ensure you meet the requirements related to income, credit score, and other factors before applying. This step minimises the chances of rejection.
• Clean up your credit report: Regularly review your credit report for inaccuracies or discrepancies. Dispute any errors you find, as they could be negatively impacting your credit score and, consequently, your chances of approval.

How to improve and maintain your credit score

Improving and maintaining a healthy credit score not only increases your chances of credit card approval but also opens doors to favourable interest rates on loans and mortgages. Here’s how to do it:

• Pay bills on time: Timely payment of bills, including credit card bills, is crucial. Set up reminders or automatic payments to avoid missing due dates.
• Reduce debt: High credit card balances can negatively affect your credit score. Aim to keep your credit utilisation below 30% of your available credit limit.
• Don’t close old accounts: Length of credit history matters. Keeping old, well-managed accounts open demonstrates your credit history’s stability.
• Diversify your credit: Having a mix of credit types (e.g., credit cards, loans) can have a positive impact on your credit score, as long as you manage them responsibly.
• Limit new applications: Applying for multiple credit cards within a short period can raise red flags. Space out your applications and only apply when necessary.
• Regularly check your credit report: Monitoring your credit report helps you detect any unusual activity promptly and maintain accurate information.

Maintaining a good credit score increases the chances of getting a new credit card. IndusInd Bank offers several avenues to increase your CIBIL score using your credit card which in turn can help you get quick approvals on your next credit card.

Choose one from these IndusInd Bank Credit Cards for instant approvals

Planning to apply for a credit card and need instant approvals? Here are the best picks for you from IndusInd Bank Credit Cards with their features.

• IndusInd Bank Eazy Dinner Credit Card – Being the most popular diner credit card, it offers instant discounts on your diner expenses and up to 10 Reward Points on every ₹100 spent on dining shopping and entertainment You receive 4 Reward Points all other spends, excluding fuel. You also get a 1-year EazyDiner Prime membership worth ₹2495. In addition, you can enjoy a 1% fuel surcharge waiver and various lifestyle, entertainment and travel benefits.
• IndusInd Bank Legend Credit Card – With a unique contactless payment feature, this credit card lets you make secure, and fast payments on your daily expenses. Earn never expiring 1 Reward Point on every ₹100 spent on weekdays and 2 Points on every weekend. You have the opportunity to earn 4,000 bonus Reward Points on spending ₹6 lakhs or more within the first year.
  IndusInd Bank Platinum Visa Credit Card – This card offers an extensive range of travel, lifestyle, and shopping benefits and comes with a comprehensive insurance benefit. You earn 1.5 Reward Points on every ₹150 spent and fuel surcharge waiver.

Conclusion

Getting approved for a credit card involves strategic planning and financial management. By understanding the factors that influence approval decisions and taking steps to enhance your creditworthiness, you can improve your prospects. Researching your options, applying online, and maintaining a healthy credit score are essential components of a successful credit card application process.

IndusInd Bank offers multiple variants of credit cards for all your lifestyle needs. To avail of the convenience of digital applications and instant approvals, apply for an IndusInd Bank Credit Card today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.