It used to be that you would fill out an application, put it in the mail, and then you might wait up to a month to get a response from a credit card company. Imagine, in the computer age, waiting up to a month before word gets back to you as to whether or not you have been accepted! Now, though, it has changed, you can get an instant approval credit card online - in just a few seconds. But are instant approval credit cards worth it?
Are Online Applications Secure?
Many wonder if the Internet is secure -- that is, will their ID be stolen if they type in some of their personal information. The honest answer is that it is possible -- just like it is more probable that a letter could also be opened and your data stolen from that. The Internet, though, has some very secure Web sites - especially official sites of the credit card companies.
How Long Will It Take?
The Internet allows for information to be submitted in an instant -- as you know. Once received, your application will go through a process of being checked against your credit rating. The credit card issuing company will have their own preferred source, and from this they will either approve or disapprove of your instant approval credit card application -- and get the results back to you -- all within mere minutes. In some instances, the company will need to take a further look at your credit history in order to make a fuller determination.
If approved, there will be a little waiting period before you can actually use the card. Obviously, it will have to be mailed to you. That can take up to about 10 days.
What Should You Look For In A Card?
There are four basic things you need to consider in a card, before you fill out the application.
? The APR
This is the interest rate of the credit card. It usually is stated in two different ways, since it refers to two different rates. The first is the introductory rate - you want to look for a card that has 0% for this, and you want it to be for a year. After that, the card will go to a regular APR. You need to compare cards, and try to get the lowest APR possible.
? The Annual Fee
The best is to get a no annual fee card. Some instant approval credit cards have no annual fee, but only for the first year.
? The Benefits
The benefits that you need to look for should be geared to your particular situation. If you travel a lot, and fly, then you will want a card that gives you air miles. Other cards will give you cash back, or rebates of between 1 to 5%, particularly on purchases of groceries, medicines and gas (these are among the highest rewards). The rates that determine your benefits will vary, though, depending on the type of purchase, and the type of card. Some of your better cards, which require an excellent credit rating, may even give you 10 or 20,000 air miles just for signing up and making your first purchase!
? Balance Transfers
If you have more than one credit card, and you want to consolidate it all to a 0% APR to save some money, then be sure that it has this feature - not all cards will permit this. This could work great for you if you will seek to pay it all off within one year.
If you have other credit cards and feel you are paying too high of a rate of interest, then getting your instant approval credit cards online may be what you need to get a better rate. After all, it will only take a few minutes, and you could be on your way.
Instant approval is the method used by banks and credit card companies to take your application and instantly make a decision based on information they get from your online credit report. In many cases, instant approval means that the bank will give you a tentative approval based on your online credit information that will keep you occupied while they do more in depth research. While many people who apply for them think they will instantly be issued a card, this is not always the case. In fact, it can still take a few weeks for a consumer to receive an instant approval credit card, if they do happen to get approved for the card. It is also important to make sure you have good credit before applying for an instant approval credit card. Instant approval is typically obtained online, over the phone or in-store. If you request instant approval credit cards online, make sure you go through banks and credit card companies that offer the highest level of internet data encryption.
Instant approval gives banks a reasonable amount of time to decide if an applicant is a good candidate. The applications are just as secure as traditional applications that are sent through the mail. Instant approval is not always a kind of card in its own right; often it is a feature that is a part of other common cards, like store credit cards or rewards cards. The cards often appear to be offers that sound too good to be true, but many people are benefiting from them in their everyday lives. They are credit cards that are great for people who don't want to wait up to a month for their approval. Instant approval credit cards are also available for small businesses and students and instant approval credit cards are not secured credit cards.
Instant approval credit cards sometime need more data than can be gained instantly, by issuers, in order to decide if they will approve your application. Instant approval credit cards are the result of the internet economy as well as customer wants and needs. You will find instant credit card approvals advertisements are sweeping the internet, since the cards are becoming increasingly more popular among consumers. The entire process for an instant approval credit card is much speedier than applying through the postal mail or over the phone. The cards look the same as any other credit card.
Practically speaking, to hunt credit cards is as easy as a piece of cake, as all instant approval credit cards are carefully arranged side-by-side and selected for you to make the best credit card comparison. It should be noted that instant approval credit card applicants that have good to excellent credit history are the most likely to be approved. For individuals with very good credit, an online application for an instant approval credit card can result in getting a new credit card within one to two weeks after applying.
When considering which instant approval credit card to apply for, make sure to look at the various benefits offered. If you have good credit, search for guaranteed approval credit cards such as instant approval credit cards with low balance transfer rate and no annual fee card offers, and business credit cards. Now, many companies offer instant approval credit cards. There are a lot of credit card companies that present platinum credit cards, such as Visa, MasterCard and Discover, with instant approval credit card offers.
Getting an instant approval credit card can literally be as easy as typing a few keystrokes. So, beyond any shadow of doubt, everyone is free to apply online for a credit card and to live a life of leisure with instant approval credit cards like the lowest APR credit cards, no fee credit card and 0 balance transfer credit cards, if you are approved for a card. It stands to reason, if you have access to the internet, you have access to many options for instant approval credit cards. Since this is true, do not put it off any longer, check out the instant approval credit card and move upward to greater financial satisfaction.
Both Robert Alan & Angelknight 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.
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