Instant approval credit cards online are becoming increasingly popular among consumers. In a fast-paced society, the speed of a card approval is sought after by many individuals. But, it is important to understand as much as you can about this type of card before you choose to apply for one.
Instant approval credit cards are those that can be approved within a matter of seconds. To qualify for one, online applications are completed on a secure website. Using the information gained from the application, the card issuer can determine instantly if you qualify.
Instant approval cards are not secured credit cards. Therefore, they still need to look at your credit history in order to determine whether or not you qualify. If you have a poor credit history, you may be turned down. Whether or not you receive approval depends on the guidelines followed by the card issuer as well as your personal credit history.
Instant approval credit cards sometimes need more information than what can be gained instantly in order to decide if they will approve your application. In this case, they will send you a notification letting you know that your application is being reviewed further. You will generally know whether or not you have been approved for the credit within a week or two, which is still much faster than non-instant approval credit cards.
You can’t start spending immediately with an instant approval though. Although you can tell within seconds whether or not you have been approved, you will have to wait to physically receive the card before you can start using it. Usually, your card will arrive within a couple of weeks, which is still much faster than the traditional card application process which typically takes six to eight weeks.
Instant approval cards look the same as any other credit card. Some instant approval credit cards do assess a processing fee for the convenience of receiving faster turnaround. If this concerns you, shop around for cards that does not assess these fees. There are plenty of options available. Furthermore, you might want to reconsider applying for this type of product if you don’t have a legitimate need to get the card right away. If you can wait to receive it, it’s usually better to apply for a traditional card in order to avoid paying unnecessary fees.
No two cards are the same. Therefore, they do not always include benefits such as travel insurance, purchase protection, and extended warranty coverage.
There type of cards can also offer special cash back and rewards programs to cardholders as well. If you are interested in participating in one of these programs, browse through the many offers available in order to find one that best suits your lifestyle and needs.
Instant Approval Credit Cards – Frequently Asked Questions
01-12-2009 by adminPre-approved Unsecured Credit Cards
13-11-2009 by admin
If you’re like everyone else, you’ve received a letter in the mail saying you’re ‘pre-approved for a credit card’ from the specified company. If you choose to open the sent envelope, the numbers of how much money you’ll be granted are large, but the rules and what you’re actually getting are small enough to miss. What does this mean to you?
An unsecured card is essentially for someone with good credit, who the credit card company trusts enough to pay off their debt on a monthly basis. Unsecured credit cards are held by a majority of people, and tend to be the most desired option. It allows for the user to make purchases and pay it back in monthly increments set by the credit card company.
Secured credit cards, on the other hand, are for those with unsteady, erratic and unsatisfactory credit, who have a history of late or not forthcoming payments. With a secured card, the credit card company requires the amount desired to be deposited before the card is issued. Upon receiving the deposit, your credit line is established for that amount. The deposit acts as a safety net, and if payments are not made, the company will take payment from your original deposit.
Unsecured cards do not require a deposit, and the consumer is allowed more freedom with spending and repayment. If the payments are on time, the limit allowed will be increased if desired. If, however, payments are not paid on time, credit card companies will continue to add additional late charges, as well as a certain amount of interest that also must be repaid. The interest varies, but can be as low as single digits and as high as 20% on your outstanding debt.
Pre-approved is another term used to lure in new credit card customers. Credit cards must always be applied for, and involved with this is a listing of the applicant’s occupation, income, other debt and similar factors. Once the application is submitted, the credit card supplier will examine the numbers and decide if you will be able and likely to repay your credit card purchases.
Pre-approved means the credit card company has obtained your credit score from a credit bureau such as Equifax and Transunion and already is aware of your good credit. You do still have to go through an application process, and the credit line advertised is not necessarily what you will get, but there is a better chance of being approved in this method than simply applying blindly for a credit card, in general.
Instant Credit Card – Tips For Getting Instant Approval
25-08-2009 by admin
If you are searching for an instant credit card you should know that there are several instant approval offers on the market including secured and unsecured cards. In this article we are going to offer you tips on how to get approved when submitting an instant approval application.
First and foremost let us discuss the differences between secured and unsecured credit cards. Secured cards are for people that pledge collateral in the form of cash. These cards are for consumers that have a less than stellar credit history but would still like to have the convenience that a card offers them.
A great advantage of secured cards is that the vast majority of them report to the three major credit bureaus. This allows the cardholder to repair and rebuild their credit record. They can be an invaluable asset for those wishing to reestablish their credit rating.
Unsecured cards, on the other hand, are the ones that we are all pretty much familiar with. These are the cards branded through Visa, MasterCard, American Express and Discover. They do not require collateral and are issued based primarily on how strong the applicant’s credit history is.
When you apply for an instant credit card your credit history will be checked through the credit bureaus. Based on your credit score you’ll be categorized as to how much of a credit risk you are. If you have a credit score of 750 or above you are considered to have excellent credit and will receive the most favorable interest rates.
If your credit score is lower than 750 but still falls within the range of 650 or above you will still qualify for a substantial number of offers. It all basically depends upon the issuer and the standards that they have set for their perspective cardholders.
Important Tip
Before you apply for an instant credit card, or any other type for that matter, it is advised that you first check your credit record. By doing this you will be able to discover if there are any errors or an accurate information on your credit report that may be keeping you from having a higher score.
It is definitely worth the time to do and besides, you are allowed by law one free credit report each and every year so you may as well take advantage of it. It can actually make a substantial difference in the APR you get from the bank and could end up saving you a substantial amount of money on interest payments.
The top quality comparison websites will have a category dedicated specifically to instant approval credit cards. This will make it easy to compare the features and benefits of each including interest rates, fees, grace periods and rewards programs. Take advantage of this by comparing offers from the leading issuers.
Secured Credit Cards Help with Bad Credit
25-05-2009 by admin
If you’re reading this article right now, there’s a good chance you have bad credit. Does bad credit make you a bad person? Absolutely not. As the years go on this earth, the debt continues to go on as well. In fact, over thirty to forty percent of all Americans have some sort of debt that doesn’t include their mortgage. So, the question is, “What do you do when you have awful credit and no where to turn?” The answer is quite simple, apply for a secured credit card.
A secured credit card is a great way to re-establish your credit. Instead of applying for a bad credit credit card and have a low success rate of being approved, you should turn your head to a secured credit card where your chances of getting approved are almost one hundred percent. With such a high approval rate, this is why many people turn to a secured credit card when they are looking to re-establish their credit.
If you’re not familiar on how a secured credit card works, I’ll guide you through the process. Keep in mind that this type of card is very different than a regular credit card. When you apply for a secured credit card, chances are they you’ll be approved. This is because you’ll have to supply the credit card companies with a deposit The reason you’ll have to supply the companies with a deposit is because if you don’t pay off your bills, they will have something to fall back on.
Depending on what credit card you apply for, most credit cards only make you supply them with anywhere from three hundred to five hundred dollars to start. Usually, whatever you supply the credit card company with, this is going to be your credit limit. So, if you try to spend more than what you deposited, you’re going to find that you’re going to get denied for the purchase.
When you’re looking to apply for a secured credit card, make sure that the card you’re looking at reports to all of the three major credit bureaus. Most of the time, the credit cards will. If not, this will defeat the purpose of applying for a card to establish your credit all over again. Yes, a secured card will help build your credit because you’re technically still “borrowing” money from the company to prove that you can pay it off. Like I mentioned above though, if you can’t pay it off, the company will take away from your deposit. You’ll want to avoid this though because like in the past with your credit, you’ll want to avoid it because it will affect your credit.
If you’re looking to re-establish your credit and you have had no luck applying for credit cards, make sure you tend to avoid the bad credit credit cards and go the secured credit card route. If you learn your lesson from your credit past, you should make a change in your spending and you’ll be able to get the better cards and have better credit in no time.