Lately, international banking has seen a credit crunch related to high debt levels, real estate problems and job losses. With all of these economic troubles damaging banking's bottom line, lenders are reducing their risk. Banks have lowered their credit card approval rates accordingly.

The Wall Street Journal ran an article entitled, Credit Cards Play Hard To Get, by Jane J. Kim, on February 4, 2008; where Robert Hammer, CEO of R.K. Hammer (a bank consulting firm,) said that credit card approval rates have declined from 40% to 32%.

This decrease can be blamed both on banks reducing exposure to high-risk customers and the diminished financial health of consumers worldwide. Big card issuers are requiring higher credit scores for new card issuance due to higher credit-card delinquency rates. Wary lenders are sending out fewer offers through the mail. There is more intense scrutiny for all applicants, but consumers still find many options available.

Consumers can apply for Guaranteed Instant Approval Cards; by phone or the internet, offering approval in minutes. This fast, convenient process allows for comparison of different credit card features. It still takes time to receive physical cards by mail.

Experts disagree about the success rate for these sites; some say that good credit is required, others say that few customers are turned away - as sites adjust interest rates based on the credit score. Avoid e-mail schemes trying to lock you into a credit card with high interest rates and fees.

Your credit score is determined by your address, work and speed in paying bills. A high credit score and low debt will improve your credit card approval chances.

If you have a credit history, you might want to contact the credit card bureaus - (Experian, Trans Union and Equifax) - to receive your free annual credit report. If you've been denied any service, product or job due to a bad credit score, you have the right to request a free credit report within 60 days. If you dispute a bad credit report and win, you can raise your credit score. Also, applying for too many credit cards at any one time is seen by bankers as an expression of a worsening credit position. So be careful.

If you research your options carefully and make sure your credit rating is accurate you will optimize your chances of being approved for a credit card.