How does the concept of instant approval credit cards... - Limited/Bad/Fair Credit Questions


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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » How does the concept of instant approval credit cards work?

How does the concept of instant approval credit cards work?

Answered on | Updated on November 28th, 2010
The content is accurate at the time of publication and is subject to change.

One of the best things while applying for an online credit card is the time taken as the well as the opportunity to choose between the best card offers and make a comparative study and take an informed decision based on that information. Applying online for an instant approval card is a wise decision as one does not have to wait for weeks in order to get a response from the card companies.

The word “instant” needs not necessarily mean instantaneous in the case of credit cards, but a mere marketing tool to sell their products. Card companies promise fast processing but the whole process might take a few days as the issuers will have to verify the credit worthiness of the individual as a measure to prevent fraud.

Here are a few questions listed below that one could use as a reference:

• What is the meaning of instant approval credit cards?

Instant approval merely refers to the time taken in processing the application (which includes the reviewing the credit report) and based on this the decision would be taken.

• What is instant decision?

When an application requires more scrutiny there is some time taken to make the decision whether to decline or approve the application. This time taken allows banks to do some work within their limits.

• How is instant approval different from instant credit?

With instant credit an applicant can make purchases instantly and this instant approval usually means issuance of a temporary card number, however, most banks have withdrawn this facility due to fraudulent practices. The banks gain a few days’ time in order to verify the application in case of instant approval. This helps banks make better decisions.

• Are online instant approval credit card applications as safe as sending a written application to the banks?

Banks have the latest data encryption which is safe and secure as well as legitimate. These websites are only linked to secure applications by these major banks. Applying online is a wise choice as the time taken is much less.

• What is the time taken to get the credit card after the instant approval?

The time taken to get the credit card after the application gets the instant approval might vary between issuing companies but the whole process might take anywhere between 5 to 7 working days. However, customers could follow up on the latest status of their application with the customer service departments and gather information.

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.
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