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In the landscape of financial products, credit cards have become a popular choice for many. They offer convenience, rewards, and the ability to manage cash flow more efficiently. Among the various types of credit cards available today, instant credit cards have gained significant popularity. In this blog, we will delve into the differences between an instant credit card and a normal credit card, and also discuss the credit card eligibility criteria.
Understanding the Concept of an Instant Credit Card
An instant credit card, as the name suggests, offers immediate approval upon application. This type of credit card is primarily digital and is ready for use as soon as your application is approved. The key feature of an instant credit card is the speed and ease of obtaining one.
What is a Normal Credit Card?
A normal credit card, on the other hand, follows a traditional application and approval process. After you apply, the bank reviews your application, checks your credit history, and then decides whether to approve your application. This process can take a few days to a couple of weeks.
How is an Instant Credit Card Different from a Normal Credit Card?
Here are the key differences between an instant credit card and a normal credit card:
Approval Time: The most significant difference is the approval time. An instant credit card offers immediate approval, while a normal credit card takes time for application review and approval.
Physical vs Digital: Instant credit cards are usually digital and can be used for online transactions immediately upon approval. A normal credit card, on the other hand, is a physical card that is mailed to you after your application is approved.
Accessibility: Since instant credit cards are primarily digital, they can be accessed anywhere, anytime, making them particularly useful for online shopping.
Credit Card Eligibility Criteria
Whether you’re applying for an instant credit card or a normal credit card, you need to meet certain eligibility criteria. Here are some common criteria:
- Age: Most banks require applicants to be at least 18 years old.
- Income: Regular income is a crucial factor. The minimum income requirement varies from bank to bank.
- Credit Score: A good credit score is essential for credit card approval. It reflects your creditworthiness and repayment history.
- Employment Status: Being employed, especially with a reputed company, can increase your chances of approval.
In Conclusion
While both instant credit cards and normal credit cards offer the convenience of cashless transactions and various rewards, the key difference lies in the approval time and the form they are issued in. It offers immediate approval and is primarily digital, making it a great choice for those who want to start transacting immediately. However, regardless of the type of credit card you choose, meeting the credit card eligibility criteria is essential. Remember, a credit card is a powerful financial tool, and when used responsibly, it can help manage your finances effectively.