What It Means to Get Credit Card Offers for Instant Approval

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From the moment aspiring card holders complete credit card applications, wait for approval, and finally receive access to a line of credit--4-6 weeks can go by. People who are anxious to get new credit tend to go for one of those instant approval credit cards. Just bear in mind that you could be in for a surprise upon learning what "instant approval" means to a particular creditor. While some companies actually provide an instant decision, others can take longer (albeit, not quite 4-6 weeks), and most issuers won't give you instant access to your credit, even if you do get instant approval.

Know that you might have to wait a least four to seven days to get access to your credit, even if you're instantly approved. These days major creditors aren't really dispensing instant credit because it leads to an increase in delinquent accounts. And besides, creditors take the extra time to further scrutinize credit card applications when a verdict of approval becomes questionable. This is one example of how card issuers can put contingencies on instant approval whenever they like.

Too many people are making the mistake of submitting two or more credit card applications. Applying for more than one credit card does not look good to creditors, and you'll likely be rejected--not to mention, it can reflect poorly on your credit history to have too many "inquiries", especially if they've resulted in rejection. Look carefully at the credit card offers that appeal to you, read all the fine print, then apply for the one that works for you.

What are the criteria for getting approved for one of the many instant approval credit cards? For one thing, poor credit is viewed as a risk to creditors, but it doesn't necessarily rule you out from qualifying for one of instant approval credit cards. If you are approved, however, prepare to pay a price with higher interest rates, fees, and probably no rewards. It will likely remain this way until you can prove yourself a responsible card-holder by building up a good payment history.

An applicant with good credit will present very little risk to credit card companies. You'll get approved, and perhaps even get a generous amount of credit--maybe even instant access to it. If the creditor is wise, they will look at you as a potential long-term, loyal customer and do what it takes to make you happy from the start. You'll likely be subject to very low interest rates and some pretty good bonuses.

People with "average" credit would probably do best to pursue a credit card via the traditional process. This is due to the fact that your credit isn't quite good enough for rewards and low interest rates, and people with average credit aren't likely to receive a reasonable interest rate under instant approval; they'll be subject to the same high rates and fees the people with bad credit pay. It might be inconvenient to procure a card the long way, but you'll get lower interest rates and a plan that's tailored to your financial needs.

About the Author

Written by Kacy Suther. Get an instant approval credit card and other credit card offers for low interest credit cards. Credit card applications available online at credit-card-depot.com .

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