Exploring The Instant Credit Card Concept from ICICI
ICICI, India’s largest private sector bank by consolidated assets, has always been at the vanguard of the Indian banking revolution and its latest launch of instant credit cards yet again reaffirms it. Ever since the Central Government announced its decision to go all out in its push for a digital economy, banks have been competing to win a larger share of the pie.
A lot of investment has gone into education the masses about the benefits of a credit card. Simultaneously, they have considerably reduced the bottlenecks in securing a credit card. But all said and done, let’s face it, securing a credit card is indeed a tedious endeavour and it makes sense. Banks cannot afford to issue credit cards to just about anyone. There has to be checks and balances in place. But it shouldn’t prove to be a deterrent to individuals who otherwise ticks all the right boxes. It is specifically this category that ICIC bank is trying to target with their new instant credit card plan.
How does it work?
The concept is quite simple. This offer is only available for savings account holders and that too not for everyone. Offering pre approved credit cards to savings account holders has its benefits. For one, they have all the details they ever want just a click away- the cash inflow, outflow, spending patterns, repayment ability, credit worthiness and so on. It is only a matter of identifying the savings account holders who possess all the required qualifications to own a credit card. And this is precisely what ICICI has done. They are offering pre approved instant credit cards to a few lakhs of select savings account holders.
The customers need not submit even a single document to avail this instant credit card which has a credit limit of Rs. 4 lakhs. The credit card is instantly issued and they can even start shopping without having to wait for the physical delivery of the card. How cool is that?!
How to avail the instant credit card offer from ICICI?
Let’s see how customers can avail this fantastic opportunity. For now, it is available only on the internet banking platform, but one can expect it soon on iMobile, the Bank’s mobile banking application.
- The customer needs to log in to ICICI’s internet banking platform. For qualified customers, the application will show a list of preapproved credit cards with individual credit limits. They are free to choose from a wide array of cards including the Bank’s gemstone collection of Coral, Rubyx & Sapphiro; Ferrari Signature & Platinum cards and Unifare cards for metro transit services.
- Once they have chosen the desired card, they should confirm the pre-populated personal information page, go through the mobile OTP verification process and click on ‘Generate card’ button.
- On completion of this, the credit card number is instantly displayed on the screen along with other details.
- As a security measure, the customer is required to log out and log in again to the internet banking platform
- The complete credit card details are displayed on screen
- That’s it! The customer can start online shopping with his new credit card! There are various platforms like Samsung Pay that allows the customer to make the payment without the physical card.
The physical card will be delivered to the registered address in a few working days. Alternately, there is another option wherein an ICICI customer can avail an instant Platinum credit card against a fixed deposit. If you don’t already have one, start one immediately!
With the above two instant credit card programs, ICICI has truly begun a credit card revolution which surely will be taken up by its competitors. With the festive season just around the corner and almost all the e-commerce giants lining up with fantastic options, these instant credit cards will surely give the customers a shot at the incredible deals on offer.
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