Instant Approval Credit Cards - Just How Fast Are They?

Posted by Nick Niesen on October 29th, 2010

In a multi tasking, hurry-up society, the thought of getting something instantly is very appealing, but are instant approval credit cards really "instant?"

Actually, instant approval means just that, you may be instantly approved  but it doesn't mean that a card will instantly and magically appear in your hand, or that you can even use your newly approved credit line yet. The actual approval process will take from just a few seconds to a few minutes. One advantage of instant approval credit cards is knowing almost instantly whether you have been approved for credit. One exception in the instant approval process is if they need to further verify information that you have submitted and then the process will be delayed for just a few days. The primary advantage you will find is that an instant approval credit card is the fastest way of obtaining credit to date.

Simple and Convenient Application Process

Although some instant approval credit card offers are sent by mail for you to phone-in for approval, you may not have an offer when you are ready to apply. A simpler, quicker and more efficient way would be to utilize your computer to apply for an online instant approval credit card. You need to answer a few simple questions which include your name, where you live and work, what your income is, social security number and income. The application is simple and the processing is very quick . . . why some would even say almost "instant!"

Many instant approval credit cards allow free online account management, statements, payments, and a record of recent charges that haven't been billed yet.

Credit Status

Your credit status may impact whether you are eligible for an instant approval credit card. You usually need a good or excellent rating in order to qualify for this type of card. Some banks are now broadening whom they will extend credit to, so go ahead and try if your credit is less than stellar  you might just be pleasantly surprised.

Expedited Processing

You will still need to wait for processing and your physical card in the mail before you can start using your new instant approval credit card. However, the card should arrive by mail in just a few days. The expedited processing time compared to a traditional credit card is a matter of days for processing, compared to weeks with the slower traditional cards still available.

Annual and Hidden Fees

Don't be too hasty to apply for your card without checking first. You will need to research the options for the various instant approval credit cards online to find the best card for your needs. Many cards will have annual or hidden fees that will impact the cost of your card, while others have no fees at all. It is very important to investigate any fees, possible rewards and interest rates.

Rewards and Benefit Options

Being in a hurry might cost you some very important rewards or other card options. Some instant credit cards will give you bonus airline miles as a reward, cash back options, and/or balance transfer privileges. It is a very competitive market in the banking world today, so don't be in rush and lose out on options that might be an asset to your finances.

Conclusion

Online instant approval credit cards are the speediest and simplest form of credit approval to date. Although you get can get approved instantly, you must still wait for expedited processing and mailing of a physical credit card before you can use your new credit line. In such a hectic and hurry-up world, it is indeed wonderful to find a quick, easy process that will give you future convenience in managing your budget quickly and efficiently. It might not be entirely "instant" other than the approval process, but getting an instant approval credit card online is truly time saving.