Life in the fast lane: instant approval credit cards
Instant decision credit cards really do exist and can be applied for and received in as little as a week. Instant decision means just that. When you apply for the card you will be give a decision there and then immediately. You can apply for this type of card over the phone or in person at a bank, but the most common way is through an online application. This is hardly surprising, considering that Internet card use has quadrupled in the last five years. So how do you go about find and applying for this type of card and how does it really work?
Firstly, you need to know that an instant decision card is the decision process used, and not the card itself. Instant decision can be applied to all card types; be they cashback cards, reward cards or 0% cards. It is not a card type in itself. This means that you will still have to follow the standard card application procedure up to a point. You will still need to analyse your own spending habits and requirements and match them to a card type. Once you have done this you can view all of the instant decision cards that match your criteria, for example cashback cards. Once you have found the card for you, simply visit the provider's website and fill out the online application form.
With an instant approval credit card you can apply for the card and be accepted in seconds. However, don't let that phrase fool you. Just because a card is advertised as an 'Instant Approval' card, does not necessarily mean that you will be approved. Perhaps a more accurate term would be an 'Instant Decision' card. Although you can get instant approval over the phone and in person at a branch, applying online can be even quicker. It's a simple process of visiting the card provider's website, filling out a form and hitting the 'apply' button. After a few moments you will find out whether you have been accepted for the card. Some companies are now offering 60 second instant approval, which is going to be pretty hard to beat.
So how does this work? Surely the companies have to do a credit check to make sure you're not a high risk customer? The card provider's computer system contacts one of the three main credit-referencing agencies, and checks your credit rating against the information you have provided. Your credit rating is basically a report detailing your repayment habits, your credit limits, and your personal details. It is a snapshot of your financial character. If you have a good credit rating and the information on your online form correlates then you have a very high chance of being accepted. Because the whole system is automated, it is a lot faster than the old fashioned way of banks having to read through forms manually and then apply for your credit details. The bank's computer system links directly with that of the credit referencing agency they have chosen to use.
But is it truly instantaneous? Well this is a tricky question. It will depend on a number of factors. If you have a strong credit rating, yes. If there is some doubt, then your application will be sent for further verification, which means that you may yet be declined or that the process will take even longer. Sometimes banks offer 'instant decision' credit cards. With this the bank gives you a potential yes or no and then goes on to do the usual checks.
You will now be hoping that another card will be added to the 145 million cards currently in use in this country and this may well be the case. The whole process is surprisingly simple and can be very quick. You simply find the card of your choice online, through a price comparison site, apply for the card and, if you have a strong credit rating and all goes well, you are accepted. The card will then be sent to you and here you will have to wait, no matter what the decision. Luckily, with instant approval credit cards, you may find you new card arrives in a matter of days, rather than weeks.
Firstly, you need to know that an instant decision card is the decision process used, and not the card itself. Instant decision can be applied to all card types; be they cashback cards, reward cards or 0% cards. It is not a card type in itself. This means that you will still have to follow the standard card application procedure up to a point. You will still need to analyse your own spending habits and requirements and match them to a card type. Once you have done this you can view all of the instant decision cards that match your criteria, for example cashback cards. Once you have found the card for you, simply visit the provider's website and fill out the online application form.
With an instant approval credit card you can apply for the card and be accepted in seconds. However, don't let that phrase fool you. Just because a card is advertised as an 'Instant Approval' card, does not necessarily mean that you will be approved. Perhaps a more accurate term would be an 'Instant Decision' card. Although you can get instant approval over the phone and in person at a branch, applying online can be even quicker. It's a simple process of visiting the card provider's website, filling out a form and hitting the 'apply' button. After a few moments you will find out whether you have been accepted for the card. Some companies are now offering 60 second instant approval, which is going to be pretty hard to beat.
So how does this work? Surely the companies have to do a credit check to make sure you're not a high risk customer? The card provider's computer system contacts one of the three main credit-referencing agencies, and checks your credit rating against the information you have provided. Your credit rating is basically a report detailing your repayment habits, your credit limits, and your personal details. It is a snapshot of your financial character. If you have a good credit rating and the information on your online form correlates then you have a very high chance of being accepted. Because the whole system is automated, it is a lot faster than the old fashioned way of banks having to read through forms manually and then apply for your credit details. The bank's computer system links directly with that of the credit referencing agency they have chosen to use.
But is it truly instantaneous? Well this is a tricky question. It will depend on a number of factors. If you have a strong credit rating, yes. If there is some doubt, then your application will be sent for further verification, which means that you may yet be declined or that the process will take even longer. Sometimes banks offer 'instant decision' credit cards. With this the bank gives you a potential yes or no and then goes on to do the usual checks.
You will now be hoping that another card will be added to the 145 million cards currently in use in this country and this may well be the case. The whole process is surprisingly simple and can be very quick. You simply find the card of your choice online, through a price comparison site, apply for the card and, if you have a strong credit rating and all goes well, you are accepted. The card will then be sent to you and here you will have to wait, no matter what the decision. Luckily, with instant approval credit cards, you may find you new card arrives in a matter of days, rather than weeks.
About the Author:
Rebecca Gold has many years experience in the financial sector, she now writes for various popular websites. Read more about the Instant approval credit card and the Credit card application here.
posted by Credit Counseling at
1:04 AM
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