Here's how to track the application status of credit card
According to recent data published by the Reserve Bank of India, financial institutions around the country issued around 10.8 million credit cards between September 2018 and September 2019. At the same time, during this one year, the total number of transactions (via POS terminal) also increased by 29.8%. This upsurge in credit card usage is primarily due to the overall benefits it offers.
With the advent of technology, applying for a credit card has become simple, and individuals can also check their credit card status quickly.
The process to check your credit card’s application status
Although the typical steps required for checking credit card status for a concerned financing institution may differ, the standard process involved in doing so includes the following.
-Checking your card’s application status online
Before proceeding with a credit card status check, you must keep a few details handy to complete the process without any hassle. They include –
a. Customer ID
b. Phone number
c. Email ID
d. PAN details
e. Reference number
Once you have all the details ready, you can proceed to check the status of your credit card by visiting your lender’s official website.
Once there, visit the customer login section and provide the details required from the list mentioned above to check your credit card status.
-Checking your card’s application status offline
The offline mode of checking the application status of your credit card involves two methods, i.e., by visiting the card issuer’s office, or by calling on the designated phone number.
While checking the application status is a step after you have applied, if you are still planning to do so, make sure to fulfil the requirements listed below before applying.
Eligibility criteria for credit cards
●Age: 25 to 65
●Credit score: 750 or above
●Credit history: Should not have failed to repay their credit card debt or any other credit at any point
Apart from these fundamentals, a credit card issuer may have other requirements as well. In such cases, applicants need to fulfil those criteria as well.
Proper usage of credit cards has several benefits; it increases an individual’s purchasing power, provides reward points, and better deals, etc. To understand whether it has been used properly or not, and keep track of the expenses, users can check their monthly credit card statement. It holds all the necessary information regarding their payment card. Knowing the things to check in the statement beforehand can simplify tracking your spends and other intricacies related to the card in time.
Things to check in a credit card statement
Here are some pointers that users must keep an eye on to track their credit card usage –
1. Statement date: This date indicates on which day of every month a credit card statement is generated.
2. Billing cycle: It is the period between 2 consecutive statement days. Every credit card bill reflects the transactions made during this period.
3. Grace period: It is a period of typically 15-20 days after a statement generation date. During this period, no interest is applicable to the due amount, and users can pay their bill to keep card usage interest-free.
4. Total amount due: Under this section, individuals will find the full amount that they need to pay to their credit card issuer.
5. Minimum amount due: In this section, they will find the minimum amount they can pay to avoid attracting any interest on the outstanding.
6. Payment due date: Customers will find their final payment date under this section.
7. Available credit limit: It denotes the credit limit remaining on their payment card.
8. Reward points: In this section, they will find the reward points they have accumulated.
Credit cards also allow users to withdraw cash in case of any emergencies. Typically, cash advance on these cards incurs hefty interest. However, the likes of Bajaj Finserv RBL Bank SuperCard provide customers with a 50-day interest-free period for every cash advance. Along with that, such cards also come with accelerated reward points, emergency loan, and many other features.
Furthermore, pre-approved offers from the concerned card issuer are also available to streamline the application process and help save time. It is also applicable to other financial products like business loans, personal loans, etc. Customers can check their pre-approved offer by submitting their essential contact details.
Thus, while tracking credit card application status is not a difficult task anymore, you must be aware of other intricacies as well that allow utilizing the card to its best potential. Financial institutions allow customers to track their credit card status and access all other details like monthly statements, etc. in a few simple clicks now via their website or mobile app.