 |
|
|
|
|
|
Guide to Instant Approval Credit Cards
An instant
credit card approval is one of the most-advertised phrases you will encounter
when searching for a new credit card. For this very reason, many consumers
expect to have access to their cards immediately after they have been approved
by the credit card issuer or banks.
Verifying Your Instant
Approval Credit Card
In a few cases, this can be true. Most of
the time, however, consumers will have to wait at least several weeks before
their credit cards are even mailed out after approval prior to making any
purchases with the "instant" card. In addition to waiting for the initial
processing of the card, most credit card issuers implement an identity
validation procedure once the credit card is delivered to your home. This
process is used mainly to protect both the credit card company and the consumer
from possible identity theft.
The activation process of your instant
credit card approval involves verification of your home phone number listed in
the application form and confirmation of the last four digits of your social
security number.
Qualifying for Instant Approval
In general, the term "instant credit" is used by major retailer outlets
as an incentive for getting customers to shop at their store. In addition to
giving the consumer a card for the store, the consumer may also get a 10 percent
discount when making his or her first card purchase. Having several "instant
use" credit cards, however, could have an adverse impact on your personal credit
score. So be careful about the number of cards you apply for.
Contrary
to popular belief, not everyone who applies for a credit card will be approved
with instant approval credit
cards. Consumers who are more likely to get their credit application
accepted promptly are mainly those with a very good credit history or high FICO scores and those without records of late
payments on any kind of bill. In addition, credit card issuers will assess
whether the consumer has at least one major credit card and is worthy of a
"pre-approval" application via telephone or mail.
Although there's no
harm in filling out an application for an instant card approval, remember that
having a low credit score or poor
credit history will reduce your chances of getting approved. This does not
necessarily mean you will not qualify for this type of card, but for all those
applying for instant approval cards, particularly those with poor credit,
remember to research possible hidden fees and high interest rates before signing
any new card application contract.
Pros and Cons
One of the pros of instant approval credit cards is the fact that they
can cut down the processing time when it comes to receiving your credit card.
The duration of waiting for your credit card can be reduced from the average 5
weeks down to 2 weeks. As previously mentioned, instant approval cards usually
target people with good credit histories. Consequently, they are often
associated with low introductory
APRs and low rates on balance transfers. On the other hand, depending on
your credit history, most companies do not disclose your line of credit
immediately. You will only receive this information once you get hold of the
card. In addition, there is still a waiting period before receiving the card.
Application Process
The process of applying for
an instant approval credit card is easy. After you have researched the most
appropriate card for your situation, you should expect to be asked for your
social security number and yearly household income, and some credit card
companies will require still more personal information.
If you applied
for an instant credit card online, your "pre-approval" evaluation usually takes just a few minutes.
When you have been approved for your credit card application, never assume that
you can use the card immediately. It will take at least a few days, if not
weeks, before you can actually use it.
|
| |
|
 |
 |
 |
|
Looking for more information on instant approval credit cards? We've provided more articles, tips, advice and resources on instant approval credit card offers below: - Defend Your Consumer Rights - Being able to protect and defend your credit is financially critical. Without these consumer credit rights and the ability to defend them, a bad credit rating, whether it's accurate or inaccurate, can adversely effect your ability to apply for a loan, credit card, or even to rent or buy a house.
- Avoiding Trouble With Your Plastic - While credit cards are a great convenience because they allow you to make a transaction without cash, they can cause financial trouble if left unchecked. Some common mistakes credit card users make with their plastic include overspending, making late payments, and failing to read the fine print.
- The Trouble With An Instant Decision - People who are lookin for a credit card that can be approved instantly may come
across the phrase "instant decision" while searching for cards online. In
actuality, the process can require a much more detailed and time-consuming
credit check, potentially delaying your actual ability to use your new line of
credit...
|
|
|
 |
|
 |
|
|
|
|
Security Note: All card applications linked to from CreditCardAssist.com utilize Secure SSL Technology.