Here's All you Need to know about Instant Approval Credit Cards

Nobody likes standing in long queues when visiting the bank, whether it is for getting a new credit card or personal loan. Moreover, due to COVID-19 people are refraining from visiting places like banks and financial institutions. Therefore, to remain in the market with a considerable share of customers banks have come up with instant approval credit cards.  

These instant approval credit cards are used for the same purpose as that of your normal credit card but the application and processing of this tool are what make it different from other credit cards. More and more banks are coming up with instant approval credit cards in the UAE after its skyrocketing popularity in the UAE. 

In this blog, we have listed all you need to know about instant approval credit cards. We have encompassed some of the most popular cards amongst users based on economics, customer-service, offers, and discounts. Before we go ahead let us first understand what are instant approval credit cards. 

What are Instant Approval Credit Cards?

Instant approval credit cards commonly known as guaranteed approval cards are financial tools offered by various financial institutions in the UAE that are issued instantly within a few minutes. In other words, in case of instant approval credit cards, the applicant gets a quick response from the provider.  

In the case of conventional credit cards, the provider takes a few days to review, process, and approve the credit card application. Contrary to this, when applying for instant approval cards one does not needs to wait for a few days as the approval decision is given to the applicant within a few minutes.  

Understanding How Instant Approval Credit Cards Work?

When you apply for an instant approval credit card, the process of reviewing and approval is fast-tracked by the provider to provide a quick response. In the first step, the provider runs a rapid credit check over the applicant based on the past-track record. The major criteria in determining the credit-worthiness of an applicant are their financial backgrounds, income, and past-record of repayments. 

Information Required by Providers 

The information required by credit card providers to review, process, and approve these credit cards are as follows:

Identity Proof 

In case the applicant is an Emirati they’ll have to submit their valid Emirati ID, however, if the applicant is an expat, they’ll have to submit a copy of their passport with valid Emirati ID. 

Personal Details

Name, residential address, work address, contact number, email address, etc. 

Income Certificate and Employment Details

The provider will need the income certificate of the applicant along with the details of the employer

Balance Transfer History

If the applicant has opted for the balance transfer, they will have to provide a detail of their balance transfer history with other banks.  

Best Instant Approval Credit Cards in the UAE

Here’s a quick rundown on some of the best instant approval credit cards in the UAE: 

Mashreq Bank Credit Card

Mashreq bank is one of the leading market-players when it comes to Islamic banking. In order to simplify the overall process, this financial institution has made the entire application, reviewing, and approval procedure online. All you need to do is login onto the portal and authenticating your contact number. In the next step, you will have to submit your personal details and scan your documents. Next, complete the application and get the approval, if your card is approved it will be delivered to your address in two days.  

HSBC Credit Card

HSBC is a global financial institution that renders services all across the globe. You can apply for HSBC instant approval credit card online and get the cad that comes with a plethora of benefits and offers such as cashback, discounts, and zero annual fees. Furthermore, you get amazing deals on lifestyle, clothing, dining, and movie tickets.  

Mashreq Solitaire Credit Card 

If you are a connoisseur then the Mashreq Solitaire Credit Card is the right choice for you. The reviewing, approval, and processing of Mashreq credit cards are quite simple which makes it quite popular amongst users in the UAE. The annual fee for this card is AED 175 and the interest rate is equivalent to 3.45% monthly. Users get numerous offers and discounts with the Mashreq solitaire credit card.  

In a Nutshell

With these instant approval credit cards, one can get the right card without waiting for days or weeks. While choosing your credit card, make sure you research properly and compare different cards before finalizing your choice.