Instant Credit Card Approval

“Instant credit card approval” is a phrase that often pops up when you search for a new credit card. But what does it mean? It means that while you often will get your application approved within minutes, you will not have a card to go shopping with immediately. However, knowing one way or another about your application can not only give you peace of mind, it can cut down on the waiting process for your card as well.

Who Qualifies for Instant Credit Card Approval?

Not everyone will have a credit card application approved immediately. Persons who will most likely get their application accepted quickly include those with the following qualities:

• Good credit history
• Currently have at least one major credit card
• High FICO score
• No missed or late payments on bills
• Have been “pre-approved” by the credit card company already (usually by a mail or telephone offer)

While there is no harm in filling out an application for instant credit card approval, be aware that if you have a poor credit history or low score, it may not happen. This does not mean you will not eventually qualify for a credit card.

For those who know they have poor credit, research any instant credit card approval offers carefully. Hidden fees and high interest rates often lurk behind these offers. Persons wanting to rebuild their credit may want to look into a secured credit card before applying for instant approval.

What are Advantages and Disadvantages of Instant Approval?

Instant credit card approval has several advantages.

As mentioned above, cutting down on time for processing and receiving the card are the biggest advantages. The waiting period is reduced from an average turnaround of five weeks down to one or two weeks. Because instant approval is frequently geared towards those with good credit histories, introductory offers are enticing. A very low introductory APR may be offered or low rates for balance transfers. The card usually has a good interest rate after the introductory period as well.

Of course, there are a few disadvantages as well. Depending on your history, you may be instantly approved but not know how much your line of credit is until you receive your card. And there is still a waiting period before you receive the card. With all offers, make sure you read the fine print, as well as the terms and conditions of using the card. Late and missed payment fees or higher interest rates may await you after the introductory period. Make sure you understand what you are agreeing to before using the card. Finally, make sure you are on a secure Web site, usually signified by a shield with an informational link somewhere on the home page.

How Do I Apply for an Instant Credit Card?

Applying for instant credit card approval is easy. Because of the abundance of offers available, research different offers thoroughly to make sure you get the card that best meets your need. Credit card comparison Web sites are a good place to do this. Or, check out the company or issuing bank Web site.

To apply for the card, have the following information at hand:

• Name
• Address
• Phone number
• Social Security Number
• Yearly salary

Some instant credit card offers will also require the name and number of a current credit card in your name. Additional information may also be required in order to do a thorough check on your history.
[tag]credit-card[/tag]