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Instant Online Credit Approval

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It is so easy now with the use of the internet to apply for an instant credit card approval. Just about anyone that has good credit can get instant credit approval in just a matter of a few seconds. However, if you do not read the fine print from these credit card companies offering instant credit cards you may find that you are paying high annual fees, interest rates, balance transfers and many more fees according to which type of instant credit approval you receive.

The very first thing you should do before applying for instant credit approval is to learn and understand all the different fees that can be tacked on to your credit card.

Many credit card companies have annual fees that are applied after you apply for instant credit approval, sometimes they will waive the annual fee, however if you do not read the terms and conditions and all other information before you apply you may be stuck paying rather high annual fees.

Most credit card companies that offer instant credit approval have their interest rates posted on their website. However, these interest rates can change once the introductory special is over. Some of the companies offer what is called revolving lines of credit. This is normally 2% of the interest is imposed while the rest of the balance is repaid monthly. This can become quite a hefty amount yearly up to around 24% or more if you roll over payments.

The APR that you see all the time is an abbreviation for annual percentage rate. This rate can be fixed or variable. Fixed means that it does not change and variable means that it fluctuates.

Know what the grace period is for the company that you are applying for to receive instant credit approval. This so-called grace period decides the fees and the interest that is to be paid on the instant credit cards. This in essence means that when you purchase an item with your credit card you will not have to pay any type of interest if you pay off your balance in full before the grace period ends. If you do not pay until after the grace period, you will more than likely be paying higher interest rates and even late fees.

Some of the other fees that you may run into when you are searching for instant credit approval are fees on balance transfers, fees on cash advances, and more. Remember to always read all the terms and conditions including all fine print, stipulations, clauses and anything else on the website or application.

There are three types? major types of credit cards, which have instant credit approval, and they include house cards, travel and entertainment cards and bankcards. House cards are from companies such as JC Penny, Sears and other stores. Bankcards are those issued by banks or other lending companies and you will normally receive a MasterCard or Visa. In addition, travel and entertainment cards are ones such as Diners Club and American Express. You can, however, apply for travel and entertainment cards most of the time through banks and other lending companies.

Instant Online Credit Approval

Now this may be because of over a decade of baseball I've played (the decade where you learn how to play, not the decade of being able to do it as a job), but the comparison that arose in my mind, the first time I received an instant approval card, was that of a pitcher throwing the ball over the centerfield fence for you, without you ever lifting the bat from your shoulder.

Maybe that's a stretch, but you get the idea. It's nice. All the stress and strain and worrying that comes with the approval process normally is not present. Just a straightforward 'yes, absolutely, you can have some credit.'

I should mention, though, that there is usually a down side to a good thing, and instant approval credit cards are no exception. If your credit is not up to the issuer's tastes, you will be met with an equally quick 'no.' This can feel like being pegged by that same pitcher while you sit in the dugout putting on batting gloves or eating a sunflower seed.

I will say, though, having been through rejections and approvals of many degrees, that an instant 'nope' is better than a 'no way you're getting one of these' response that you waited weeks to hear, which is a fate one can encounter with other cards.

Now there is one mistake that ought to be avoided with instant approval credit cards. When you get your application approved, remember it is the credit aspect that is instant, not the physical card. It takes usually a business week or two for your card to actually arrive in the mail.

I discovered this the hard way. I received my instant approval online while I was shopping around the Internet for old rock and roll paraphernalia. My heart was nearly broken when I could not immediately purchase a frayed and slightly burnt guitar strap that once belonged to the rhythm guitar player for a band that opened for Credence Clearwater Revival. What? What? Don't look at me like that. You've probably purchased weirder things online than that, come on.

Anyway, that was how I learned that instant approval doesn't mean instant license to spend, which ought to be kept in mind for those of you about to get a card. Also, remember that instant approval does not mean a definite yes, it means an instant thumb-up or thumb-down. But you have to admit, the prospect of knowing in seconds what you normally wait days or weeks to find out is an attractive possibility. And while not all cards issuers will respond within a minute or two, most online applications are processed quickly. A electronic reply can be had in no more than a couple days. And that beats the postal reply method hands-down.

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About Author

Both Robert Alan & Derek Lenehan are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Robert Alan has sinced written about articles on various topics from Credit Cards, Business Credit Cards and Credit Cards. For more discussion about , Robert Alan recommends that you visit CreditCardAssist.com.. Robert Alan's top article generates over 110000 views. to your Favourites.

Derek Lenehan has sinced written about articles on various topics from Credit Cards, Bank of America and Student Credit Cards. Derek Lenehan is majoring in Magazine Journalism at Kent State University. He is also a lead writer for CompareCC.com where you can find a large selection of. Derek Lenehan's top article generates over 14800 views. to your Favourites.

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