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Credit card approval process could be quite long. For some reputed lenders the approval process goes through multiple stages like initial income check, credit history check and background checks. If it is the customers` first credit card and he or she has to wait for the entire approval process for a month, before applying for another card, it could be frustrating. This could be more prominently explained in a situation like an approaching holiday season, festival or vacation, where a credit card proves handy. In such scenarios, the customer cannot wait for a long period to get the credit card. More importantly, applying for multiple credit cards is not advisable because you are applying for credit from many card companies and it could be seen as desperate for credit. It will hurt your credit history because if your application is rejected, future credit card companies will take note of it.
Instant approval credit cards solve all these problems in a way. The instant approval credit cards are called so, not because one gets the credit card immediately, but because the process is much faster than normal. Moreover, credit card customers can apply for these cards online submitting the necessary documents, which is far safer in terms of preventing identity theft than handing over your important documents to an agent. As soon as you apply for the credit card online, a credit history check is performed after which the customer will be told whether the credit history is good enough to qualify for the credit card or not. This reduces the anxiety related to the credit check process and almost immediately indicates to the applicant whether he or she can expect the credit card in the near future or whether they should move on and apply elsewhere.
One of the features of an instant approval credit card is its slightly higher interest rate compared to normal credit cards. However, a lot of instant approval credit cards these days justify the higher rate by doing away with the credit check, which provides a good opportunity for customers with no credit history or a bad credit rating to obtain a credit card and build their credit history going forward. Therefore an instant approval credit card is an option when someone has a bad or no credit history and needs credit desperately.