Today in this article we will talk about a very interesting topic, the best time to apply for credit card. We will tell you some such tips and tricks, by following which you can increase the chances of getting your credit approved.
While we keep informing you from time to time about which credit cards have good approval rates during certain periods, this article will be a general one that will actually guide you throughout the year on when to apply for credit cards for high approval chances While we keep informing you from time to time about which credit cards have good approval rates during certain periods, this article will be a general one that will actually guide you throughout the year on when to apply for credit cards for high approval chances?
First of all, let us know what does high approval rate mean?
What Does A Higher Approval Rate Mean?
A high approval rate means that when you apply for an ordinary day Axis Credit Card, HDFC Credit Card or a credit card from any bank, before approving that application, the lender investigates certain factors about you such as your CIBIL Score, your salary, age criteria, address etc. And apart from these, there are many other factors which the lenders inquire about and after that they decide whether to approve your credit card or not. But sometimes lenders are lax while approving your application and even if you fulfill all the parameters mentioned above, your credit card still gets approved.
Generally, if 100 people apply for a credit card and only 25 of them are getting their credit cards approved, then in the period I’m going to tell you about next, the chances are that this number of 25 can increase to 35 or sometimes even reach 50. So let’s now understand when to apply for credit card so that your approval rate increases significantly compared to before
Best Time To Apply For Credit Card?
Ending Of Financial Year:
In our country, the biggest term used related to the financial year is that now the financial year is about to end and the target has to be accomplished. So this is the biggest factor due to which the chances of getting your credit card approved increases many times more than before. As we all know that in our country a new financial year starts from 1st April and before that the period till 31st March, till this time all the banks, lenders and all the authorities have to fulfill their targets. When the blueprint for the entire year is prepared, everyone sets their own targets and those targets have to be completed by 31st March.
So this is an ending date, the period before this is January, February and March. In the last 3 months, the chances of getting your credit card approved are many times higher than all the other months. Therefore, if you apply for your credit card during these days, even if you do not fulfill all the parameters specified by the bank, you still get the credit card.
And now when we are posting this article, the end of the financial year is still going on. If you apply for your credit card between January and March, your chances of getting your credit card approved increase. Therefore, you can apply for Federal Scapia Credit Card, IDFC First Bank Credit Card and Indusind bank credit cards because their approval rate is still good.
Before Festivals:
Secondly, the best time to apply for credit cards is before festivals. Diwali is the biggest festival for all people in India, no matter which community they belong to. Happiness is celebrated all over India on the day of Diwali. And you all must know that there is a lot of shopping on this festival. And to cater to this, all the lenders provide various types of offers to the people in the market. So before this period, you start getting many offers like credit card approval, credit card limits increase, and credit card upgrade etc.
Therefore, if you apply for a credit card in the months of September, October and November, then the chances of getting your credit card approved increase many times more than before. This is also a best time to apply for credit card. And at this time, the co-branded credit cards like Flipkart Axis Bank Credit Card, Amazon Pay ICICI Credit Card get more approvals.
When A New Credit Card Is Launched:
The third factor when your chances of getting a credit card approved increase is when a new credit card is launched. Whenever a bank or lender launches a new credit card in the market, their target at that time is to make this credit card available to as many people as possible. This is because if the demand for that credit card increases later, they restrict it. The same issue was observed with the Axis Ace Credit Card and SBI Cashback Credit Card.
Apply SBI Credit Card before the exclusive offer ends
Therefore, whenever someone new comes into the credit card market, its approval rates are very high. Therefore, definitely take advantage of such times.
When A Credit Card Comes Back Into The Market:
When a bank discontinues a credit card or it is banned and after that when that credit card comes into the market again, then the approval rates of that credit card are very high. As happened with HDFC Bank. When HDFC Bank started its HDFC Credit Cards business again, they distributed credit cards to the people in a hurry because their credit card business was stalled for so long and the target had to be completed quickly.
The approval rate of Federal Scapia Credit Card was good earlier also. Cousin was not able to launch this credit card for some time due to some problems. Now they have again come back to accept credit card applications and now they themselves are sending invitations to the people to apply again. For the first time we were not able to give you this credit card.
Experience the benefits of HDFC Bank’s premier credit card
The only agenda is to fill the gap for which the applications were pending. Now the approval rate of credit cards will be even better. Apart from this, there are many other lifetime free credit cards which you can apply for with high approval rates.
The months that I told you are September, October, November and January, February, March, the credit card approval rate is good in these months, but it does not mean that the credit card approval rate is not good in the remaining 6 months.
Generally we keep telling you about which credit cards are getting good approval rates. If there is a 50% chance of getting your credit card approved in the remaining 6 months, then in these special months that I have told you, this ratio reaches 60% to 70%. Therefore, you should make a plan regarding your credit card enquiries. Hopefully, now you have come to know when is the best time to apply for credit card.
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