Are instant decision credit cards a reality?
Instant decision credit cards really do exist and can be applied for and received in as little as a week. Instant decision means just that. When you apply for the card you will be give a decision there and then immediately. You can apply for this type of card over the phone or in person at a bank, but the most common way is through an online application. This is hardly surprising, considering that Internet card use has quadrupled in the last five years. So how do you go about find and applying for this type of card and how does it really work?
Firstly, you need to know that an instant decision card is the decision process used, and not the card itself. Instant decision can be applied to all card types; be they cashback cards, reward cards or 0% cards. It is not a card type in itself. This means that you will still have to follow the standard card application procedure up to a point. You will still need to analyse your own spending habits and requirements and match them to a card type. Once you have done this you can view all of the instant decision cards that match your criteria, for example cashback cards. Once you have found the card for you, simply visit the provider's website and fill out the online application form.
With an instant approval credit card you can apply for the card and be accepted in seconds. However, don't let that phrase fool you. Just because a card is advertised as an 'Instant Approval' card, does not necessarily mean that you will be approved. Perhaps a more accurate term would be an 'Instant Decision' card. Although you can get instant approval over the phone and in person at a branch, applying online can be even quicker. It's a simple process of visiting the card provider's website, filling out a form and hitting the 'apply' button. After a few moments you will find out whether you have been accepted for the card. Some companies are now offering 60 second instant approval, which is going to be pretty hard to beat.
In the past, this took a long time because your potential card issuer would contact one of the three credit referencing agencies that hold copies of this information in writing, by phone, or later by email. Nowadays, banks have greater access to this data directly. This means that when you apply for an instant approval credit card, the card provider contacts the credit reference agency electronically and immediately scans your report, generating a decision automatically according to specified criteria.
But is it truly instantaneous? Well this is a tricky question. It will depend on a number of factors. If you have a strong credit rating, yes. If there is some doubt, then your application will be sent for further verification, which means that you may yet be declined or that the process will take even longer. Sometimes banks offer 'instant decision' credit cards. With this the bank gives you a potential yes or no and then goes on to do the usual checks.
Instant approval credit cards can be applied for in moments and you can have your initial decision within seconds. In the fast moving, electronic age, these are the ideal types of cards to have alongside our other instant gratification technology. With the advent of faster Internet connections and home banking facilities, all steps in the credit card application process can be performed from a computer well away from queues and lengthy form filling. Simply look up the card you want on a price comparison site, fill out an online form and that's it, your card could be with you in days.
Firstly, you need to know that an instant decision card is the decision process used, and not the card itself. Instant decision can be applied to all card types; be they cashback cards, reward cards or 0% cards. It is not a card type in itself. This means that you will still have to follow the standard card application procedure up to a point. You will still need to analyse your own spending habits and requirements and match them to a card type. Once you have done this you can view all of the instant decision cards that match your criteria, for example cashback cards. Once you have found the card for you, simply visit the provider's website and fill out the online application form.
With an instant approval credit card you can apply for the card and be accepted in seconds. However, don't let that phrase fool you. Just because a card is advertised as an 'Instant Approval' card, does not necessarily mean that you will be approved. Perhaps a more accurate term would be an 'Instant Decision' card. Although you can get instant approval over the phone and in person at a branch, applying online can be even quicker. It's a simple process of visiting the card provider's website, filling out a form and hitting the 'apply' button. After a few moments you will find out whether you have been accepted for the card. Some companies are now offering 60 second instant approval, which is going to be pretty hard to beat.
In the past, this took a long time because your potential card issuer would contact one of the three credit referencing agencies that hold copies of this information in writing, by phone, or later by email. Nowadays, banks have greater access to this data directly. This means that when you apply for an instant approval credit card, the card provider contacts the credit reference agency electronically and immediately scans your report, generating a decision automatically according to specified criteria.
But is it truly instantaneous? Well this is a tricky question. It will depend on a number of factors. If you have a strong credit rating, yes. If there is some doubt, then your application will be sent for further verification, which means that you may yet be declined or that the process will take even longer. Sometimes banks offer 'instant decision' credit cards. With this the bank gives you a potential yes or no and then goes on to do the usual checks.
Instant approval credit cards can be applied for in moments and you can have your initial decision within seconds. In the fast moving, electronic age, these are the ideal types of cards to have alongside our other instant gratification technology. With the advent of faster Internet connections and home banking facilities, all steps in the credit card application process can be performed from a computer well away from queues and lengthy form filling. Simply look up the card you want on a price comparison site, fill out an online form and that's it, your card could be with you in days.
About the Author:
Rebecca Gold has many years experience in the financial sector, she now writes for various popular websites. Read more about the Instant approval credit card and the Credit card application here.
posted by Debt Consolidation Loan at
1:34 AM
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