With the easy access to credit cards, the application process needs documentation, following which your card will be approved or declined. Here’s all you need to know
In the past, very few people had credit cards. It was considered a luxury and used only by the well-heeled. Today, it’s no longer considered a luxury or status symbol, but a necessity. No self-respecting person will be without a pack of credit cards in his wallet.
Credit cards are accepted everywhere, so it makes sense to use one instead of carrying wads of cash around. Plus, online shopping is now a part of life, and a credit card comes in handy when it comes to shopping on the Internet.
Credit cards are very easy to get these days. If you have a bank account, you can be pretty sure that the bank or people acting its behalf will approach you to offer a credit card.
In fact, you don’t have to visit the bank to get the formalities done. In many cases, the bank’s representatives land up at your doorstep with the application forms, and all you have to do is sign on the dotted line.
Processes to get credit cards are streamlined these days, so you will get them in a week or two. If you are eager to get your credit card, you can check the status of the application on the web site of the bank. Every bank has its own processes to check credit card status. Let’s see how to go about checking your credit card application status on the web sites of various banks.
Details required
You will need to enter some details on the web site to get information on your credit card status. This may include:
- Application number
- Date of birth
- Mobile phone number
- Captcha code
When you enter all these details, you may get the following responses on your credit card application status:
Under process: This means that the application is still being processed. The bank is still checking your details like your eligibility for the card, credit score, credit limit and so on. So the application is still in the initial stage, and you may have to wait slightly longer for the credit card.
Hold: if you get this response, there could be some problem with the application. It could mean that there’s some information is incorrect and the bank may be waiting to seek some clarification from you.
Rejected: This means that your credit card application has been rejected. There could be many reasons for your credit card application being rejected. One could be a poor credit score. If you have defaulted on any loan payments, your credit score could be low, and thus the bank may reject your credit card application. If your salary falls below a certain minimum, or if your earnings are irregular, your application could be rejected as well.
Dispatched: If you get this message while checking credit card status, it means that that your card has been approved and has been sent to you. It’s just a matter of time before it reaches you. All you have to do when it comes is to sign on the back of the credit card, and the world of shopping is wide open to you.
Credit card status on HDFC Bank
To check your credit card application status on the HDFC Bank web site, here’s what you have to do:
- Go to the credit cards section on the bank’s web site and click on Track your Credit Card
- You can enter the 16-digit Application Reference Number OR
- Enter the Application Form Number OR
- Date of birth as provided in the credit card application form
- Mobile number
- Enter the Captcha code
Credit card status on Axis Bank
- Go to the page on the bank’s website -- Credit card and loan application
- Click on Check Credit Card Application Status
- You can use either App ID or Pan No/ Mobile No to track your application
- If you’re using App ID, Enter Application Reference Number, the nine-digit number (if applied through physical form) or 20-digit number (if applied through Tab) that you received as an SMS from Axis Bank while applying for Axis bank credit card
- If using PAN and Mobile No to track application, enter your PAN number
- Enter your mobile phone number that you entered while applying for the credit card
- Click `Submit’.
Credit card status on ICICI Bank
- If you have applied for a credit card through ICICI Bank’s web site visit this page.
- If you have an Application Number, enter mobile number and date of birth
- If you don’t have an Application Number, enter your mobile number and date of birth
- Click on `Send OTP’
- The one-time password will be sent to the mobile number on your application for the credit card
- Enter the OTP
- Click `Continue’
Credit card status on Kotak Mahindra Bank
- Go to the page Track Application Status on the web site of Kotak Mahindra Bank
- Click `Select Product’ and select `Credit card’
- Enter Application Number or Form Number
- Click on `Submit’
Credit card status on State Bank of India
- Go to the page Application Status on the SBI web site
- Click on `Track’
- Click on `Credit Card’
- Enter card reference ID
- Enter mobile phone number with ISD code
- Click on `Track’
What are reasons for a credit card application being denied?
It’s rare for banks to reject credit card applications. However, there are some reasons why a bank may reject your applications. Here are some of them:
- If you are a minor and under 18, you may not get a credit card.
- Your application may get rejected if your income is below a certain specified limit.
- If your income is irregular, you may not get a credit card. Self-employed persons may find it difficult to get cards. However, if the flow of money in your account during the past few months has been satisfactory, the banks will not have a problem giving you a loan.
- If your CIBIL credit score is poor, your application may be rejected. You will get a low score if you have defaulted or delayed loan or EMI payments. You score will also be low if you max out on your credit card limits, so make sure you stay well below that limit.
- High loan repayments could be another cause of rejection. If a large part of your income goes into repaying home loans, car loans etc, banks may not be too keen on giving you a card.
- Applying for multiple cards at the same time may send warning bells to the banks, who may then reject the application.
FAQs on credit cards
How long does it take to apply for a credit card?
Well, that will vary from bank to bank. But if all your documents are in order, you should have a credit card in your hands in a week or 10 days.
My credit card application was denied. Can I apply for another card again?
That depends on why it has been rejected. Some of the reasons for denial could be for low income and credit score. If you managed to make improvements on these fronts, you might be able to get another credit card.
It is possible to apply for a credit card online?
Yes, most banks offer customers the facility of applying through their web sites, apps or even chat bots. You can also visit the nearest branch.
Is there an annual fee for a credit card?
Yes, there is an annual fee for a credit card. However, banks waive fees for many of its customers in order to encourage card use.
What is a credit limit and how is it determined?
A credit limit is the maximum amount that you can spend on your card. The bank fixes the credit limit depending on various factors. For instance, premium cards also have a high credit limit. The other factors that are taken into consideration are your income, your ability to pay, and the history of your credit card payments.
Do I have a choice in availing higher credit limits?
Yes, you have the choice of not availing of the higher limit offered to you. If you don’t use your credit card all that much and are afraid that it could fall into the wrong hands and misused, you can set a lower limit. This way, your downside in case of misuse will be on the lower side.
What is minimum payment? What happens if I don’t pay the minimum amount?
You have to pay a certain minimum amount, and carry forward the rest to be paid later. You will have to pay interest on the amount that is carried forward, which is between 2.5 and 3.5 percent per month. Remember the operative word `month’. If you don’t pay the minimum amount or pay less, the bank will levy a late payment charge.
What should I do if my credit card is stolen or lost?
You must report it immediately to the bank. Use the hotline number on the web site of your bank, or on the banking app.
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