Just How Instant is Instant Approval for Credit Cards?

Society thrives on instant, convenience, and did I say instant? We have become adapted to a fast paced way of life. No one wants to wait for anything any more and in many cases, consumers get what they want – no wait. Of course the drawbacks to that impatience are many, but for the purpose of this article, we’ll say that “instant” is the best thing since sliced bread.

As technology advances, it makes it much easier for people to do things than even just a few years ago. Case in point, when it comes to credit cards, you no longer have to wait a month or more to fill out, send, get approved, and get your new credit card back to you in the mail. Now, it is as simple as logging in, filling in the blanks and sending the information instantaneously again. In less than 60 seconds, you will know whether or not your application has been approved.

How Is That Possible?

Since most major financial institutions now use online applications, it is relatively easy for a bank to check your identity and your credit score in no time at all. As long as your FICO score meets the requirements set by the lender, the credit card company can reply to you in minutes and let you know you have been approved. Granted instant approval will only happen for those with excellent credit ratings but it can be just as beneficial to the non-qualified applicants to know their applications have been rejected.

Why It Is a Good Idea

Allowing you the convenience of online applications, credit card companies are also providing you with other benefits you may not get elsewhere.

Better Offers

Using the online applications and taking advantage of the research capabilities may afford you a better deal than you can find in your mailbox.

The More You Know

Finding out your approval status fast can make it easier to make important financial decisions. If you use the traditional paper application, you might have to wait a month or more to find out you were not approved and then starting the process all over again will take even more time. This is not going to work if you are in need of credit for personal use or for business reasons.

Additional Security

Many people have concerns about the safety of their applications but it has been shown that online applications are even safer than the traditional paper ones. When you mail in your credit card applications, you still run the risk of that information being stolen and used fraudulently. Using the secure online applications, the information that leaves your house is encrypted, meaning that no one else can read the data.

Instant Access

In addition to instant approval, you may find that some lenders will also give you instant access to a portion of your credit line. A lending institution may offer immediate access to your account online, using a password. This can be very beneficial to those who need the money.

Whether or not time is a factor for you when it comes to credit cards, you definitely have an advantage when browsing credit card promotions online and applying once you find the card that works for you. Having time on your side can help you keep better track of your finances and when planning for the future. With the advanced technology of today, it is now safer than ever to conduct your business online and take advantage of the offers and deals you can easily find through an online search.

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This entry was posted on Friday, December 19th, 2008 at 6:36 am and is filed under New Card Offers, Tips & Advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.