The options for instant approval credit cards vary tremendously depending on your credit rating. If you are set on obtaining a credit card then you will want to look for the credit card offers for individuals in your credit rating range. It would be pointless to apply for a credit card for those with bad credit if you have excellent credit. So, make sure you compare the instant approval credit cards that are available and find the one with the best terms and interest rate possible that you believe you would qualify for.
Choosing an Instant Approval Credit Card
As already said, comparing your options of instant approval credit cards is crucial for you to find the best card for you. It is absolutely essential that you compare the interest rate and credit card terms if you want to obtain the best credit card that you can qualify for. Also, finding the right card could mean higher credit card limits, less additional fees, and a better bonus package or rewards program. So, it is definitely in your best interest that you spend some time to compare your options and choose the right instant approval credit card for you.
How an Instant Approval Credit Card Works
An instant approval credit card is applied for online. There is a form that you will fill out with your personal and financial information. When the form is completed it will be processed and you will immediately receive a result on whether you were approved or not. Many instant approval credit card applications are not really instant though and results could take a few minutes or hours to receive.
Benefits of Instant Approval Credit Cards
There are many benefits to applying for an instant approval credit card. The instant approval feature is great as it provides immediate or very quick results on whether you are approved or not. This is very beneficial for a number of reasons. For one, it prevents you from wasting many weeks applying for one card before trying to qualify for a different one. Secondly, if you already know the card you want and know you should qualify easily then it speeds up the process tremendously.
An instant approval credit card application is very useful for those that already know which card they want to get. If you are looking to obtain a secured credit card to build your credit history then the instant approval option will be very beneficial. There is less need to evaluate your application so the decision can be made through their computer instantly or through a quick evaluation within a very short amount of time.
Downfalls of Instant Approval Credit Cards
The major downfall of instant approval credit cards is that most of them are low quality. The interest rate for these cards is typically very high and most of them are tailored to those with poor credit. The instant approval cards that are available for those with a better credit rating are also lower quality on average to most other options of credit cards. There is definitely a good chance that you can find a better credit card if you look at options that do not have instant approval if your credit score is decent.
Should You Apply for an Instant Approval Credit Card?
If you would like to obtain a secured credit card to build your credit history then there is no issue with going the route of an instant approval application. If you are specifically interested in a card that is available with instant approval then it is not an issue either. However, it is highly recommended that you look into the credit cards that are available so you can compare the credit card interest rates and terms that are available to find the best deal possible.
Ultimately, you do not want to just pick the first credit card you see so narrowing your choices of credit cards to apply for based on approval time is not recommended. To close, instant approval credit cards are great for certain purposes but you should definitely know what your other options are before applying for one.