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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » What is an instant approval credit card?

What is an instant approval credit card?

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It’s 2011, we like everything in an instant, and the credit card market it is no different. Consumers who are looking to get access to credit quickly can apply for an instant approval credit card online. These cards are called instant approval credit cards because they are generally targeted towards consumers with excellent credit scores, and these consumers are usually instantly approved for the majority of credit cards.

Having a good or excellent credit can take you very far these days, as those with the highest credit scores have access to the best low interest credit cards, mortgages and auto loans. These consumers with good and excellent credit have built up a good relationship with previous credit card issuers, and can be trusted with larger amounts of credit, as opposed to bad credit consumers, who are more of a risk.

While instant approval isn’t guaranteed per say, these cards will give you an instant response after filling out the online application. Whether you are accepted or rejected is dependent on your credit score. Many credit card issuers brag about how their websites can give you a response in under 60 seconds. The application asks basic information such as name, address, social security number, previous employers, previous addresses, former aliases, etc. There is no real reason that a credit seeker would need credit card approval in less than 60 seconds, unless it was in the case of an emergency.

If approved the credit card will be mailed to you usually within seven to 10 days.

Traditional credit card applications let you know via standard mail if you have been approved or denied for the credit card, but the application and bank verification process can take up to a month complete.

A number of prepaid credit cards are also classified as instant approval credit cards. These credit cards are instant approval, because if you have the money you are automatically qualified. Prepaid credit cards may require start-up fees, other annual fees or a minimum deposit. Prepaid credit cards can claim that they offer instant approval because they don’t require credit checks or use your credit score to determine your spending limit.

If your credit card is instantly approved or not, you should do your best to take care of it by paying off your balances on time and not exceeding 30 percent of your credit limit.

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