Instant approval credit cards are usually applied for online. Normally a response as to whether or not your application was successful is received minutes later via email. Generally, only persons with excellent credit can apply for these cards, although a few card issuers allow those with bad credit to do so. A few persons will sometimes still have to await an answer when they apply for an instant approval credit card, however. As with any other credit cards, when comparing instant approval cards the APR (Annual Percentage Rate) must be used. Questions that must be asked when comparing instant approval credit cards are: Is there are low or 0 APR as an introductory rate? If yes, how long does this introductory rate last? Some cards will have an introductory period of up to fifteen months, others will not. Some of these cards have an annual fee that must be paid unlike others do not. No credit card comparison can be done without looking at annual and other financial fees. Is the credit card really an instant approval one or just an instant decision credit card? These terms despite sounding similar, have two different meanings and understanding these differences is important for comparison purposes. An instant approval credit card means that your application was successful and you will receive a credit card in three to seven working days. An instant decision means that the bank gives you an interim approval while they get your credit report from the relevant credit agencies. Some consumers expect to be able to start using their cards once approval has been granted, but unfortunately not many credit card issuers offer this facility. Most instant approval credit card holders will need to wait until they receive an actual card to start utilizing the card. A few banks however will offer issue a temporary card number under their instant credit plan. This allows the applicant to make online purchases immediately after their online application has been approved. Only a few banks still offer this facility because of fraud concerns. Most credit cards today come with free credit rewards programs so any decision must include examining which cards offer incentives and how these stack up against similar types of cards. |
