Instant Approval Credit Cards
September 15, 2009
When you apply for the credit card, the most annoying thing is waiting to get it in hands. The time gap between sending your papers to the actual receipt of the card is normally six weeks. You can reduce some of this delay by applying the card online.
If you search on the Internet, you will find almost all major card issuers are prepared to accept your application on-line. Once you submit your details, they will process your application within a very short time (of about sixty seconds) and will let you know whether you are approved or not instantly.
The question here is – Is it a real approval? Can you get the card that quickly? Well, you can certainly save a lot of time in the initial paperwork. However, credit card companies cannot take instant decisions. Once you apply on-line, they will quickly check most of the details submitted by you to find out whether your application fulfills basic criteria. They will also access your credit report to find out whether there are any adverse remarks in it. Remember, if there is a small mistake in your application, it may result in denial of your request.
However the approval given on-line is always a conditional approval. It means the card issuer will still make a detailed analysis of your credit report before the final approval. As this analysis will be done manually, it will take some time. They may also cross verify some of your details. Then there is a process of actually printing the card with your name on it and sending it to you by mail. They do not have any technology so far to send you the card on-line! It will take its normal time.
Another important thing while applying for an instant approval credit card is – the terms on which the card is issued. All such on-line offers will be kept standard or subdued without any lucrative rewards or attractive rates of interest. So in a hurry to get the credit card, you may compromise many benefits which you would have been otherwise eligible for. The fine print in the terms and conditions, including high annual fees may not be favorable to you.
One more dangerous thing about such credit cards is – you give the card issuer an authority to access your credit report. If for any reason your application is not approved, there will be a negative entry on your credit report and your credit score will also be hurt.
You should not apply for such instant approval credit cards in a hurry, just to save time. You may get by mail some special offers which will be much better. If by saving just a few days you are required to accept something unwanted, it is not really worth the hassle.
Credit cards have become a part of life. It’s a great feeling to have them in your wallet. It gives you a feeling of financial power. Usually it takes a very long time to get it since you apply. There is a quick option now – you can submit your details on-line and get your application approved instantly. But is it so attractive? Chintamani Abhyankar offers straightforward advice.
Written by admin· Filed Under Credit Card, finance , Tags:, Credit Cards
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