Credit cards have served us so well over the past two decades or so. Whenever you need some money to spend without carrying cash around, you just go to your bank or any other financing facility, submit an application, and wait to be approved. If you’re approved (which is usually the case as long as you have a good credit history), you’d be informed within 24 hours to three days, though some people have had to wait up to a whole week just to learn whether or not their application was approved.
This is where the problem lies. Not everyone can wait a whole week or several days to know whether they have been approved. Sometimes you may want to find out if you’ve been approved before heading out on a trip. Or, you may want to find out the approval status so that you can focus on other things.
So, what happens then? What if you don’t want to wait? What if you want to learn about your approval status right away? That’s where instant approval credit cards come in. Here is what you need to know about the cards.
What are Instant Approval Credit Cards?
An instant approval credit card is a type of credit card where the approval phase is processed much faster compared to traditional credit cards. Card providers realized that consumers need fast results and responded by making it possible to get a credit card application approved or declined in the shortest time possible. It means that today you don’t have to wait for days or weeks to know whether your application was approved; a confirmation is provided instantly!
How Instant is Instant?
Well, this depends on the credit card company you’re working with. However, a majority of these companies advertise that you can expect a confirmation within 60 seconds of submitting the application. So, you go online, fill in the application, submit, and wait. Within one minute, a message will be sent to your email inbox informing you whether or not your application was accepted.
It is important to understand, though, that the faster processing of the card doesn’t translate to getting the card instantly. You still have to wait at least a few days (usually three) for the plastic to be processed and shipped to your mailbox. Once the card arrives in your mailbox, you call a number provided by the card company to authorize that you have received it. Then, you can begin using the card as you wish.
The great news is that most instant approval cards come with plenty of offers including buy now pay later offers and flight and holiday discounts.
Who Can Apply?
Instant credit cards are still credit cards. To qualify for one, you need favorable credit scores. In fact, initially, these instant cards were only reserved for consumers with good and excellent credit scores. Thanks to increased competition today, you can get approved even if you have an average credit score. But, you could also be rejected. So, it’s important to work on your credit standing before applying for the cards.
A Word of Caution
Always read the fine print before you accept an instant credit card. You want to choose the card with lowest charges and most benefits.