Hidden Facts you Should know About your Credit Card’s Application Status

Hidden Facts you Should know About your Credit Card’s Application Status

Credit cards have become an omnipresent financial tool in the modern economy. The convenience to purchase something and pay for it according to one’s convenience attracts many to use a credit card for most of their expenses. There are more than 18.2 million active cardholders in India; and an additional 8.4 million credit cards get added to that number every year.

Such immense growth is largely thanks to the easy availability of credit cards and the number of financial institutions offering them. An eligible applicant can choose different types of credit cards and financial institutions to find a suitable financial tool according to their requirement.

However, it is essential that an applicant knows all the details before they apply for credit card and learn how to check their credit card’s application status. They should also understand the hidden facts related to the application process. It will help them follow the status of their application as well as identify whether they have been approved for a feature-packed credit card or not.

Lesser known details of a credit card application –

It is necessary to understand a credit card application status and its different stages to follow up with the process. Companies use specific words to denote the status of an application. Here is a list of the terms used and what they represent.

  • In-process – The application status will stay at ‘in-process’if the financial institution is still examining an application. In this stage, a lender checks the eligibility criteria of an applicant, like their credit score, employment details, repayment capability, etc. Lenders also enquire about the applicant’s credit score during this time.
  • On-hold – On-hold credit card application status represents that the financial institution has temporarily postponed the application checking process. It can be prompted for various reasons. Lack of an important document, delay fetching the credit score of an applicant, etc. can cause the status to show as on-hold.
  • Dispatched – Dispatched denotes that the credit card application has been approved and the said has been sent to the applicant’s address via post. Usually, it takes a few days for the product to reach the applicant. He or she will also have to proceed with the correct activation procedure post receiving the card.
  • Disapproved – Disapproved credit card application status denotes that the financial institution has declined the credit card application. It can happen because of a below-par credit score, missing documents, a discrepancy in the provided details, etc. Usually, financial institutions inform an applicant about any rejection. It is done via an official letter, email, SMS, or phone call from the company. The applicant can also contact their lender for more details regarding a declined application.
  • No-records found – ‘No-records found’ will show up if someone searches for their card’s application status with incorrect information.

How to view a card’s application status?

Most of the well-known financial institutions in India offer provisions to check credit card application status both, online and offline. For example, someone applying for Bajaj Finserv RBL Bank SuperCard can follow online or offline checking process according to their convenience. Here is how an applicant can check their card’s status.

Online process –

  • Visit the dedicated webpage to check the SuperCard’s application status.
  • You will be required to provide certain details for verification including –
  1. Customer ID.
  2. Applicant’s cell phone number.
  3. PAN Card number.
  4. Applicant’s registered email ID.
  5. Reference number of the credit card application.
  • The submitted details will be verified, and the status of their credit card’s request will be displayed on the screen. Compare it with the above mentioned list to understand your credit card application status.

Offline process –

There are two ways to check the credit card application status offline.

  • The applicant can call on the designated helpline number to converse with a representative and learn about his/her card application’s status.
  • The applicant can visit their nearest branch of a financial institution and speak with a representative to know about his or her application.

Companies like Bajaj Finserv usually complete the application, verification, and card dispatch process within a few days. They also provide pre-approved offers on credit cards, personal loans, home loans, business loans, and a range of other financial products. Not only do such offers simplify the process of availing finance, but it also helps save on time. An applicant only has to share some essential details online to check your pre-approved offer.

These above mentioned facts about a card’s application can help an applicant understand the state of their application. It can also help them to avoid a possible rejection and pinpoint any issue if their request is declined.