When facing any emergency, getting your hands on an instant credit card can be helpful. Why? Well, most issuers take 15 to 30 days to deliver a credit card once you get approval. This delay can be a drawback when you need money urgently for:
- Getting medical treatment
- Paying education fees
- Completing home repairs
This is why issuers today have options for an instantly activated virtual credit card. This card works similarly to a physical credit card except for a few features. Here is a quick overview to help you understand its importance and how to apply for credit card online.
How Instant Credit Cards Work
A virtual credit card is a facility you can activate when you get approval on a regular credit card if the card company offers this feature. Once you receive confirmation that your application is approved, you can activate a virtual version of your credit card with its own:
- Digital card number
- CVV
- Expiry date
You can use this information to make online payments or purchases. As such, virtual cards act as a replacement for your physical card until it’s delivered to you via mail. Activating your card is easy:
- Go to the issuer’s net banking portal
- Install their mobile application and follow the steps listed
Pros and Cons of Instant Credit Cards
In addition to giving you access to funds quickly, instant credit cards allow you to get offers and discounts too. They also have better security, as the card details generated by virtual credit cards are for one-time use only.
You can conveniently generate these card details from your mobile app or via the net banking facility. Any transaction you make with the virtual credit card reflects on your statement, which makes it easy to track.
Despite these advantages, you cannot get cash or make payments at physical stores with an instant card.
How to Apply for an Instant Virtual Credit Card
The application process for an instant credit card is exactly like that of a regular credit card, with a few extra steps. Here is a step-by-step guide on how to apply for a credit card online.
- Step 1: Visit the issuer’s website or mobile app and select the option to apply
- Step 2: Fill in the application form with accurate personal information and submit it
- Step 3: Select the best credit card from the issuer’s offers
- Step 4: Wait for approval
- Step 5: Complete the KYC process and submit the documents
- Step 6: Go to the virtual credit card option on the net banking account or mobile app
- Step 7: Follow the instructions to activate the card
You can now use your virtual card and transact online immediately.
What to Look for in Instant Credit Cards
Quick approval and instant activation aren’t the only things you should look for. Here is a checklist for choosing a credit card that you can use as your reference.
- Checking the eligibility criteria of the issuer is of utmost importance to make sure you get approved and speed up the process
- Choose a credit card that gives you the maximum limit
- Opt for a credit card with the lowest annual and joining fees – a lifetime-free credit card is most preferable
- Check all the fees and charges, especially interest rates, to make sure you do not add to your liabilities
- Opt for the type of credit card that matches your lifestyle and financial requirements
- Ask the issuer about the grace period offered
- Check the approval timing for virtual credit card
- Choose a credit card with an online application and a mobile app, as these features offer utmost convenience
- Check the reward program and offers to get a fair idea of your savings with the chosen credit card
With this brief guide, you now know the reason to opt for an instant virtual credit card. If you are looking for a credit card with instant access, you should consider the One Credit Card. This is India’s first metal credit card designed for the fast-paced, tech-savvy, and confident generation.
Along with no annual or joining fees, this card comes with a virtual credit card that can help you shop online and earn up to 5X reward points on your top two spending categories. Activated in just a few minutes via the One Credit Card App, this card has no stringent eligibility criteria or document requirements. So, if you need an instant credit card that gives you the maximum benefits, apply online and get started.
