It is easy to get enticed by credit card advertisements offering instant approval online. However, some people may be tricked into applying for these credit cards, expecting to get approved even though they have bad credit or without credit history.
However, it is important to understand that not everyone can qualify for instant approval credit cards. If you have no credit or bad credit, some Issuers may still reject your application. As a result, you may have inflicted more damage to your credit without being aware of it.
So what really are instant approval credit cards? What does the name really imply? And why must consumers be very careful when thinking about getting one of these credit cards?
This article will answer these questions and hopefully learning about these facts can help you with your credit card search.
What does “instant approval” mean?
While the name may sound promising, “instant approval” actually translates more appropriately as “conditional approval” or “pre-approval”. When a potential cardholder submits his/her application online, the issuer will run a quick check on the applicant’s credit history and sends an instant response after a few minutes or seconds.
This mode of application is of course quicker than the traditional way. Nevertheless, the cardholder must not expect to get the credit card on the same day. After approval, the delivery of the credit card may take 4 to 7 banking days before it reaches the recipient. Afterwards, the cardholder will be required to verify his/her account through telephone before the credit card can be activated.
Why Be Careful
Applying for an instant approval calls is a serious matter. It is important to carefully examine your options before attempting to send an application to any Issuer. Consider the credit card Issuer’s qualifications. Will your credit rating be sufficient to get an approval? Or will your low score cause your application to be declined?
If you suffer from a bad credit or if you have yet to build credit history, you should search for a list of secured credit cards that offer online instant approval. Keep in mind that secured credit cards do require the submission of cash deposit in your account which can range from $200 to $500, depending on the credit limit you need.
Last but not the least, when filling out your credit card application over the Internet, make sure that you are using official website of the credit card company. Check the data encryption security of the website. See to it that the website address begins with https:// and that there is locked key pad icon at the bottom right corner of your browser.
