You have heard about an instant approval credit card many times but just how instant can it be? We live in a fast-paced society where people could not afford to waste even a minute of their precious times. We frown on long waiting periods when we can apply for a credit card in an instant. However, there is more to an instant approval credit card that you should know before you decide to get one.
It is possible to get an instant approval credit card in just a matter of a few seconds. You can apply online through the secure websites of banks and other credit card companies. They use a software program that could process your application before you finish counting to ten. They determine your qualification based on the information you sent them.
An instant credit card is not secured and not everyone’s application can be approved. Credit card companies will still check your financial capabilities and credit score before they grant your request for a new card. If they find out you have been amiss with your debt payments for the past year, you can be disapproved immediately. Approval is not based on personal discretion. They follow a set of guidelines to determine if you are qualified or not.
Most people approved of instant credit cards are those having no problems with their financial credibility. But even if your credit score is a little questionable, it is possible to be granted a credit card although it will take longer than usual. If you are not instantly approved in your online application, you could either be outright denied or you will be put on hold pending further credit investigation on you. In the case of the latter, you will receive notification that your application is still being reviewed. In most cases, you will receive final word from them in a matter of two weeks at the most. This period is still quicker as compared to non-instant approval applications.
Now, after being instantly approved, the next question to ask is how soon you can use it. Unfortunately, you cannot use it as soon as it was approved. You will have to wait a few days for the actual credit card to be delivered to you before you can start on credit spending. It will take a couple of weeks to get it depending on your location. The delivery period is still relatively faster compared to other card applications that will take months.
An instant approval credit card looks just like any card. No one will know the difference. It may also come with rewards or cash rebates.