The content is accurate at the time of publication and is subject to change.

Despite being cautious while spending money and buying things after much thought, there are times when we are faced with a dire need for money. Though there are loans such as the fast cash loans or payday loans that can be available, most people prefer signing up for instant credit card deals. While some people are successful in getting their credit cards in a short span of time, there are a few others who do not get it even after days. This is the reason why some people feel instant approval cards are a myth while some others feel it is a reality. How is it is that some people get their credit cards instantly while some people don’t get it after weeks? Let us take a quick look into this.

Instant approval credit cards are cards that get approved within just a few hours. While some banks issue the cards on the same day, there are a few that hold it off till the next working day. Whenever you hear the term “instant approval”, do not assume that these cards will be given away instantly without any preliminary checks. Banks and credit unions do check the credit history and repayment ability of the person before approving these cards. There are very few banks that get the applications forms approved in a day. Most often than not, it takes at least a week for these instant approval cards to get approved.

A number of banks offer instant approval cards only to applicants who have either excellent or good credit scores. This to ensure they minimize the risk of not getting their money back. Though certain financial institutes do offer instant approval cards for people with bad credit history, the cost of obtaining such credit cards is very high.

It is relatively easier to get instant approval cards from online banks as compared to regular banks. However, the risks associated are relatively high and the interest rates and other charges may also be on the higher side. Though these banks may give their approval sooner than their brick and mortar counterparts, it will take time in getting the card through mail.

When people are in dire financial situations, they end up trying for instant approval credit cards from many sources. Unfortunately, this will have a negative impact on your credit history and prevent you from getting money when you actually need it.

Instant approval cards are a reality, but most often, only for people with an impeccable financial record.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.