A credit card allows you to make instant credit-based purchases. Unlike debit cards, which are connected to your bank accounts and debit the amount associated with each transaction, credit cards allow you to make purchases on credit regardless of your account balance. These funds are repaid at the end of a predetermined credit period, and each credit card has a credit limit beyond which purchases are not permitted.

With the introduction of debit cards, credit cards, and e-wallets, the financial system has been transformed, and everybody has gone cashless. Thanks to its convenience and ease of use, the number of credit card holders is growing by the day.

Need and Benefits of Credit Cards

With its ease of use and flexible payment choices, a credit card has become an essential part of our lives. A credit card’s discounts, rewards, and promotions are unrivaled by any other financial product, making it a gold mine for the smart user.  Here are some key benefits:

  1. Easy and flexible credit
    Credit cards work under the principle of deferred payment, which means you can use your card now and pay for your transactions later. The money used does not leave your account immediately.

Credit cards have an interest-free period, which is a period of time during which you will not be paying interest on your unpaid credit. As a result, you can get a cash advance without having to pay the fees that come with keeping a balance on your credit card.


  1. Building a line of credit
    Credit cards give you the ability to build up a credit line. This is useful in helping banks to see your active credit history, which is focused on your credit card repayments and use. It comes in handy when determining credit worthiness.
  1. EMIs
    You may opt to put a big expenditure on your credit card as a way to postpone payment if you don’t want to spend all of your money on it. Furthermore, you have the option of paying for your purchase in equal monthly installments, meaning that you do not pay a lump sum for it and depleting your bank account.


  1. Offers and rewards
    Most credit cards come with a slew of deals and rewards to encourage you to use your wallet. These can vary from cash back to accumulating bonus points each time you swipe your card, which can then be exchanged for air miles or used to pay off your unpaid card balance, allowing you to save money.

Credit card eligibility

When applying for a credit card, first find one that fits your credit profile. Every bank provides credit cards for a variety of purposes. You have the option of choosing the credit card that best matches your spending habits. Here’s what you should know about credit card apply online or offline

You must meet certain approval criteria in order for your credit card application to be accepted. Different criteria can apply to each bank or card. Your application will be denied if you do not meet the bank’s criteria. Your credit score could suffer as a result of this.

  • To obtain a credit card in India, you must meet the following criteria:
  • The applicant must be at least 18 years old.
  • A minimum income salary of Rs.1 lakh to Rs.3 lakh is needed.
  • The applicant should be working or self-employed.

Credit Card Application Status Check

Following your credit card application, you should receive an SMS from the bank confirming your credit card application and including the reference number and application number. Every bank has implemented an easy mechanism to monitor your credit card application status online to make the process easier. Go to the bank’s official website or credit card site.and check your credit card application status   by entering your application reference number, application form number, telephone number, or date of birth.

The responses possible on a credit card application status and what they mean

  1. Under process
    The application is currently in the process of being reviewed. The bank is still verifying your information, such as your card eligibility, credit score, credit cap, and so on. As a result, the application is still in the early stages, and the credit card might take a little longer to arrive.
  2. Hold
    There might be an issue with the application. It may indicate that certain information is wrong, and the bank is waiting for you to provide clarification.
  3. Rejected
    Your application for a credit card has been refused. Your credit card application could be denied for a variety of reasons. 
  4. Dispatched

If you see this when checking credit card application status, it indicates that your card has been accepted and is on its way to you. It’ll just be a matter of time before it gets to you. 

Reasons why credit card application might get rejected

A bank can reject your application for a variety of reasons, including:

  • Your income falls below a certain level.
  • You may not be able to get a credit card if your salary is irregular. It can be difficult for self-employed people to obtain credit cards. However, if the inflow of money in your account has been satisfactory for the past few months, it would not be a problem.
  • A bad credit score. Due to late or defaulted credit repayments, or exceeding the credit cap, the score may be poor.
  • Applying for multiple cards at once can raise red flags with banks, causing them to reject the application.
  • High outstanding credit dues


It’s very easy to keep track of the status of your credit card application. Though banks monitor credit card application status in a variety of ways, most of them have an online facility to check the card’s status.