Instant Approval Credit Cards

For those who intend to get a credit card quickly, without spending too much time with the application process and with eligibility issues, the easiest way is to get an instant approval credit card. One may apply for such a card online and most of the times getting an approval takes only a few minutes. After being approved, one gets a confirmation e-mail which clearly states that one qualifies. Nevertheless, instant approval credit cards are usually for those with at least good credit, but most of the times an excellent credit rating is needed. You can use one of the credit repair programs to improve your credit rating.
There are some cards that use an annual charge instead of the annual percentage rate. However, the credit card choice should be based on the future usage of the card. For instance, if one intends to use the card for carrying balance, it is worth going with a card that has low fees. On the contrary, if one knows that he/she will make purchases with the card frequently, it is rather recommended to accept a somehow higher annual fee which comes together with an attractive bonus program, and thus rewards each purchase with bonus points.
Moreover, besides considering the usage of the card, it is essential to compare various offers. One should check the interest rates for instance, and based on this information, he/she can calculate the possible savings that can be achieved with a particular card. This analysis of the card-offers must be made before actually applying for an instant approval credit card. One can search and compare the commonest credit cards at one of the many reviews available online.
This card-type is very often referred to as an ‘online approval credit card’, but it is useful to know that one might apply even over the telephone. The application procedure is quite simple: the applicant has to fill in a simple form or answer the questions by phone. These questions refer to some personal information (telephone number, yearly income, social security card etc.), after which the crediting company will check one’s credit rating, and if everything is acceptable, they agree to the instant authorization.
After the approval, it takes maximum 7-14 days to actually get the credit card sent by mail. There may also be a sort of identity-validation process after one gets the credit card. However, this is still an easier procedure than the traditional application methods which usually last for 4-5 weeks. Getting the credit card approval immediately will considerably speed up the process and decreases the waiting-period. In addition to the speed, the instant approval method is more convenient.
It is useful to be aware of the fact that major retailers use this ‘instant credit card’ in order to provide incentives to customers. As retailers provide customers with discounts if they make purchases there with credit card, many clients are attracted by this offer. However people should be attentive to the following: if one has several ‘instant credit cards’, it may happen that this will influence one’s credit rating in a negative way. So it is recommended not to have such a card at each store one uses to make purchases at.
Next, for those who would like to apply for an instant credit card it is useful to know that a bad credit score influences one’s prospects in a negative way. This does not mean that such a person will be disapproved, because with the increase of competition more and more companies give opportunities even for those with a poor credit history. But these applicants need to be even more careful as there might be some hidden charges or very high interest rates in order to counterbalance the applicant’s riskiness. So reading the fine print is essential in this situation.
All in all, instant approval credit cards have shorter processing time and a very easy and convenient application procedure. Also, the introductory APR is very low or it may be even 0%, and this card-type also has low rates for balance-transfers. However, generally speaking they are offered only for those with a good credit score. Finally, it is recommended to check whether the credit-line is revealed immediately, as this information is made public only after one receives the card.