No Waiting On Approval: Instant Credit CardsSeptember 30, 2009 - 1:41 am
Many credit card companies have created online platforms, so that consumers can apply for their instant credit cards and receive word of credit card approval right away. Shopping online for credit has become very popular. It can save you time, and it is more convenient. However, there are some things that you should be aware of.
Some lenders might promise you an instant approval credit card, but don’t always believe what you read. It’s true, however, that if you meet the basic criteria and know yourself to have a good credit score, you will probably get approved instantly. Keep in mind, that if you are approved this is only a conditional approval. The bank can still review your credit report, and verify or deny the information on your application. If they find something negative or inaccurate on your application, the credit card company still has the option of turning down your request for credit. An instant approval is really just a confirmation that your application meets their basic criteria. But, if everything looks good on their end, then you have nothing to worry about. However, if you do not have a great credit score or fit what they are looking for, they can deny you a credit card just as fast. If they reject your application, it will be noted on your credit report. After being denied, do not make the mistake of applying to every other credit card company you find. Your report will show that you have applied to many banks, and your credit score will drop. This can make it harder for you to obtain a loan or credit card approval in the future.
Even before applying, make sure to look at all the details of the card, including the interest rate and any fees associated with late payment. Most instant credit cards don’t offer an attractive interest rate, which can lead to money troubles down the road for the cardholder. If you have the time, search around online and compare cards. It is likely that you will be able to find a credit card that offers a low interest rate, and even some rewards, that you might rather take the time to apply for.
Overall, the standards for getting an approved for an instant credit card are very low. But, as stated before, the companies get cardholder with high interest rates and fines. It cannot be stressed enough that if you are considering one of these sorts of cards, understand all the fine print. As long as you know what you’re getting into, an instant credit card may be a good temporary financial solution.