You want instant credit card approval. It makes sense. We live in a world of “I want it now”, and even “I expect it now”. Instant gratification, even when it comes to our credit cards. The good news is that modern technology does allow you to get your credit card pretty fast… maybe not “now”, but fast. In fact, let’s answer some of your pressing questions now.
The term “instant approval” usually means that a person or computer runs a credit check on you and then determines if they will give you a credit card or not based on your credit score. This is a very impersonal process where your information is passed through a system, compared against specific criteria, and a decision is made about whether you will be extended credit or not.
Many banks will offer you instant approval online. That means that within minutes of applying for your card you will usually either be denied or be accepted. If you are accepted what happens next will vary. In some cases, particularly with store cards, you might be given your account number and allowed to use that number to make purchases online or in the store immediately. But with a universal card, like a Visa or MasterCard, you will usually have to wait 7-10 business days for your new credit card to arrive by mail. Some companies will send your card priority mail for free. They may even have overnight or express delivery, but usually there is a fee for this.
Not necessarily. “Pre-approved” and “pre-qualified” mean that a computer looked at your basic information and saw that you may qualify for a credit card, and thus an offer was extended to you. But when you actually apply for the card a thorough application will be requested and all your information will be evaluated. There is not always an instant credit card approval; this generally takes about the same time as applying for a credit card out of the blue.
Instant credit card approvalisn’t always so instant. Especially if you need a credit card for bad credit score. Often, when you apply for a credit card by phone, in a store or online you will receive an answer immediately. But sometimes, if you have borderline credit (neither super good nor super bad), it may take the company a little longer to evaluate your application. This probably means that they have a live person double checking some of your information. They may even call you to ask some questions or clarify some things. Then, you will receive a letter by mail telling you if you have been accepted or not.
Speed is important, but so is choosing the right card for you – you want instant credit cards. So, despite your hurry, try to properly research and apply for the right card. Using a website that allows you to compare different credit cards can go a long way towards helping you choose the right card.
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