More than 7 million South Africans use credit cards because they come with several benefits. A credit card is convenient, especially when things get tough, and you can also use it to purchase different household appliances. When used properly, a credit card is dependable since it offers the following benefits:
- Provides customer protection against fraud.
- Offers warranty on goods bought on credit.
- Eliminates the need for carrying cash.
- Helps build a positive credit report.
If you want to apply for a credit card, you will get it within a few working days. This guide explains the steps you can take to check your credit card application status.
How Do I Check My Credit Card Application Status?
Applying for a credit card is a straightforward process in South Africa. Different financial institutions, particularly banks offer credit cards. For one to be eligible for a credit card, they need to meet the following requirements:
- Be above 18 years.
- Have a valid work permit, South African passport, or ID.
- Good credit score.
- Earn at least R5000 per month before tax.
Once you have submitted your application for a credit card, checking its status is simple. Some banks allow clients to call the customer support team to check the status of their cards. However, most financial institutions have an online portal accessed via the bank’s website that can be used to track a credit card.
To check your credit card online using the bank’s website, you should follow the steps below:
- Visit the institution’s website
- Navigate to “Track Application”
- Click on “Application Status,” and you will be asked to enter your application number, form number, date of birth, and PAN Card number.
- Click enter on the status bar.
- The site will display your credit card status.
When your credit card is ready for collection and activation, your bank will send an email or SMS notification. Alternatively, you can visit your bank after about three working days to check the status of your credit card application status.
How Long Does It Take To Know if a Credit Card Application Is Approved?
The process of applying for a credit card mainly involves the submission of paperwork and signing a contract, which can take 2 or 3 working days. The processing period takes between 5 and 7 days when all details have been verified. Depending on the financial institution you are dealing with, you can expect to get your credit card within five working days. If it is late, you can get it after seven working days. You just need to be patient, especially once your documentation has been processed. Your card will come within a few days.
How Do You Know When You’re Approved for a Credit Card?
Once your credit card application has been approved, you will get an email or SMS notification informing you that the card is ready for collection. Other banks will mail the card to your address, which you provide when you submit your application.
Depending on the type of card, your bank can include shipping, especially when you apply for premium cards such as the American Express Gold Card. Others can send it for free, but you will still get it within 10 working days. Other banks will give you a virtual account number if you want to make a big purchase. This type of card can be used immediately after submission of your application.
Do Credit Card Applications Usually Get Approved Right Away Online?
If you apply for a credit card online, it can be approved instantly, especially when you provide appropriate details. Once you qualify for the credit card, your bank will offer you a virtual card that you can use instantly. With a virtual card, you only need your credit card details to shop online, and this does not require a physical card. A virtual card can be used anywhere as long as you have access to the internet.
Will My Credit Score Go Down if My Credit Card Application Is Rejected?
If your credit card application is rejected, your credit score will not be affected. The decision does not affect your credit health. However, the only moment your credit score can be affected is when you apply for a credit card. The issuer will conduct a hard inquiry to assess your creditworthiness, which leads to a drop in your credit score. The issuer’s decision to reject your application has no bearing on your credit score. Submitting several credit card applications can lead to the rejection of your application and a decline of your credit score.
Although a credit card is convenient, the process of applying for one can be a daunting experience, especially when you choose premium cards for major perks and international travel. These cards are highly valuable, and your application can be declined if it fails to meet all the requirements. Understanding the application process will give you peace of mind. These tips can help you get started in your journey to apply for a credit card of your choice.
