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All you need to know about credit card approval process: What factors matter?

Credit cards have become an essential part of the modern financial market. Transactions through credit cards have increased by 32% between August 2017 and 2018, largely due to various financial institutions providing ever-increasing benefits with this financial tool.

Almost every major financial institution, including NBFCs, offers credit cards. This large availability has made it more accessible to individuals across all occupations and income categories.

Organisations are also making the application process quicker and hassle-free. You can apply for credit card online with instant approval. Thanks to the streamlined application process and minimum documentation, the request gets submitted, verified, and approved in the least amount of time. Also, modern technology allows an eligible applicant to complete the entire process online without ever visiting a physical location.

However, despite the ease of the entire process, there are a few things you should remember about a credit cards’ approval process. These factors will ensure a quick and assured approval of your application.

Let’s take a look at the vital aspects you should remember when you apply for your feature-rich credit card.

Your credit portfolio

Your financial and credit portfolio is one of the most significant deciding points for your credit card’s approval process. These include –


  • Credit score – A high credit score of 750 or above is essential to get approval for a credit score. Applicants with a better credit score have a higher chance to apply for a credit card online with instant approval. You can also get a higher credit limit as well as several add-on features with your card if you apply with a good score.
  • Credit history – The lender will also evaluate your financial history to determine your creditworthiness. A history of timely repayments, zero defaulting, and limited credit utilisation ratio will indicate that you are responsible with your finances and have a higher chance of repayment. Not only it will improve your credit score, but it will also increase the chances of availing a premium credit card like Bajaj Finserv RBL Bank SuperCard.
  • Credit utilisation ratio – Credit utilisation ratio represents the amount of money you are using from the available line of credit. Lenders generally prefer candidates who have a credit utilisation ratio of 30% to 50%. Too high utilisation ratio implies that the individual is too dependent on credit and may face trouble repaying the due amount.


Your occupation and income

Your occupation and income are two other important criteria to apply for a credit card online with instant approval. Most lenders prefer applicants who have a stable occupation and high income. Companies also look for low debt to income ratio.


  • Debt to income ratio – Debt to income ratio, also known as Fixed Income to Obligation Ratio (FOIR) is the ratio of your income against your obligations. These obligations include your fixed monthly debts like loan EMIs, bills, credit card debts, etc.


Companies give preference to candidates who have a FOIR of 50% or less. Lower monthly debt means you have more money to pay for the essentials as well as any new debt.

Your current obligations

Existing debts like loans, older credit cards, etc. play a key role in determining the chances of your credit card’s approval. Your repaying capability is directly related to the number of advances you have availed.


  • The number of existing credit cards – Your creditworthiness might decrease if you own multiple credit cards. Multiple credit cards may indicate that you are too dependent on advances. Also, every time you apply for a credit card, the financial institution issues a hard inquiry to know your credit rating. Too many inquiries can negatively affect your credit score.



        Financial experts suggest owning no more than 3 to 4 credit cards at a time. Also, you can use a product like Bajaj Finserv RBL Bank SuperCard that packs the features of 4 different cards into one.


      SuperCard can be used as a credit, cash, loan and EMI card at the same time. It comes preloaded with several industry-first benefits. Moreover, Bajaj Finserv also provides pre-approved offers on such credit cards as well as on personal loans, home loans, business loans, and multiple other financial products. Such offers help you save time by simplifying the process of availing finance. You only have to share few basic details online to check your pre-approved offer.

The above mentioned factors are some of the most important aspects you should remember to clear your credit card’s application process successfully. Remember to learn how to get credit card statement so that you can keep track of your finances.


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