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A Closer Look at Instant Approval Credit Cards

By: david

The normal process of filling out credit card applications and waiting for approval and access to a credit line can sometimes take 4-6 weeks. Depending on the urgency with which you're anticipating your newfound credit, you might be inclined to go after one of those instant approval credit cards. Keep in mind that the process varies from creditor to creditor, so you could be in for a surprise upon learning what "instant approval" really entails. While some cards really do provide an instant decision, others take a little bit longer, and most of them won't give you immediate access to your credit, even if you are instantly approved. When applying for one of the many instant approval credit cards, think about how and when you need to make use of your credit--because you may not get to use it for a while.

Lots of people make the mistake of filling out multiple credit card applications--a big "no no." Applying for more than one credit card does not look good to card issuers, and you'll likely be rejected. Look carefully at as many offers as you like, read the fine print, find the one that works for you and then apply. If you're seeking instant approval, here is a glimpse at the time frame you could be looking at:

Understand that you'll probably have to wait a least 4-7 days to access your credit, even though you are "instantly approved." Major creditors are shying away from dispensing instant credit because it lead to too many cases of fraud and delinquency. So why does it take so long to grant access? Creditors take this time to scrutinize certain credit card applications a little closer when the verdict of approval comes into question. This is one example of how credit companies can place contingencies on instant approval at their whim.

So, how do you know if you'll get approved for one of the "instant approval" credit cards? If you have good credit, you will present a minimal risk to card issuers. You'll get approved, and perhaps even get a generous amount of credit to which you have instant access. The credit card company, if they know what's good for them, will view you as a business opportunity and will do what it takes to make you happy. You could be privy to some low rates and nice rewards programs, at least for a while.

You are seen as a risk to creditors if you have poor credit. That's the way it is, no matter how good your intentions. Bad credit doesn't immediately exclude you from qualifying for one of the many instant approval credit cards. You might have to pay a price, though--you could be subject to higher interest, annual fees, etc. until you can establish yourself as an accountable card-holder.

If you fall in the middle of good and bad credit, you'd probably do best to obtain a credit card through traditional means. People with average credit aren't likely to receive a payment schedule and plan that suits them under instant approval; the best they'll probably get will be the same one the people with poor credit get. Why? Because your credit isn't good enough for low interest rates and rewards, and there isn't a plan designed specifically for those in the middle of the road. It takes longer, but you'll get a more customized plan if you pursue a card "the long way."

About the author

Written by Kacy Suther. Get an instant approval credit card and other credit card offers for low interest credit cards. Credit card applications available online at credit-card-depot.com .

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