With the right credit information you can now apply for and use credit cards faster and more easily than ever before!
Our instant society craves instant results.
We want to drive up to the window, place our order, plunk down some cash, and go off with our burger, fries, and shake. This fast food mentality has spread throughout our society for better or for worse.
The credit card industry is well aware of this fact!
Recognition must be given to the industry for coming up with a large variety of ways for people to get credit and use credit cards. You have airline miles cards, rewards cards, prepaid debit cards, student credit cards, bad-credit credit cards, and so much more.
Credit card companies turn over millions of dollars due to their ability to devise new types of cards, accounts and schemes in order to maximize their customer database - and therefore their profits.
One newer card not getting enough attention is the instant approval credit card.
These cards are unique due to their online application process. Usually within 60 seconds a credit decision has been made - you are either approved or disapproved for the card.
No more long waits to see if you can get a new card!
You'll get the credit card provider's decision almost instantly.
Instant approval credit cards – now that is quick!
An incredible amount of business today is done online. Despite the potential security risks, individuals and businesses rely more and more on this medium due to it’s ease and small amount of outlay.
Applying for your credit card online means that you don’t even have to leave your living room, let alone apply in the bank’s opening hours.
Simply open the bank’s webpage, fill in a short form and you will have your answer in less than a minute.
Sounds easy, right?!
There are, however, some things you must be aware of before applying for you instant approval credit card, to help clear up what could be some unmet expectations.
With an instant approval credit card you will get a positive or negative decision quickly but it doesn't necessarily mean you will get the card if approved.
You'll receive a conditional approval, but that is based on the credit card provider pulling your three credit reports and then making a determination on your card and interest rate.
Usually, you'll receive your card in the mail within one or two week's time.
So, why even go through the instant approval process if you aren't likely to have access to a line of credit right away?
Well, mostly for convenience.
You see, you won't have to fill out a lengthy application as everything is done right online.
Still, they will need to verify your credit. You can ensure an approval for a credit card if you pull your credit reports yourself and examine them closely. Also, find out what your credit score is: the higher the number the better the chance you will be approved for that brand new credit card.
To get free copies of your credit reports visit AnnualCreditReport.com and order all three reports today. To obtain your credit scores you can order them through the same site for a nominal fee.
What other issues are there?
The other main reason that your card will not be dispatched immediately is that the company must ensure that you are who you say you are. Often you will be asked to forward a copy of your I.D. such as your license or your passport, to verify that you are making a legitimate application.
Identity theft is a major problem in the modern age, and it is in the credit card company’s best interest to ensure that everything is above board with your application. This could potentially save them a lot of trouble in the future.
It should also give you peace of mind to know that the credit card company is making an effort to protect your identity.
You should also be careful that you are not “getting in over your head”. Ask yourself some questions:
- What is your reason for applying for a credit card?
- What will be the limit on the card?
- Can you afford the repayments?
- Will this be your primary card, or will you be holding onto it for emergencies?
It is important that you protect your credit rating by only applying for what you can afford. Don’t make the mistake of ordering a new card in order to pay off an overdue account. You will only dig yourself further into debt.
“Instant” credit cards, in theory, are an exciting prospect. We would all like to think that we can apply today and have our new credit card within the hour!
However, you should remain mindful of the catches that come along with the scheme. As we have discussed, the approval is rarely as instant as claimed, with further information required in most cases.
Yet it is still an ingenious idea on behalf of the credit card companies to keep up with the modern world’s obsession with instant gratification.