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

Instant approval credit cards are the new buzz word in the banking world. All you have to do is submit an online application. If its your first time applying for a credit card, then getting an instantly approved card will be very attractive. But before you go out and start filling in an application, you need to understand a few things about instant approval cards.

Many people feel that instant approval credit cards are going to be approved without any waiting time. But this is very much far from the truth. You will most definitely not get your credit card on the same day that you file an application for it.

Then the next question that would pop up in your mind would be as to what an instant approval card really means. It only means that an applicant can expect his card to be approved much faster than a traditional application. And this is all that is there to it.

When you submit an online application, your credit history will immediately be screened by the bank. This is the reason why you can instantly get a response about whether or not you will be eligible for a credit card. Traditional banking systems employ a much slower pace at checking your credit record. This will involve sending a request to the credit bureaus and waiting for a week or two until the relevant information is furnished by them.

But getting approved will always depend on the credit card company's policy regarding credit history and financial credibility. Some times, even if you have a good credit score a lot of banks will expect you to open a banking account with them in order to operate you card.

On approval, your card will be delivered to your home within a week or even lesser. In this time, a few more background checks will be done to ensure that the applicant is financially credible. When you receive the card, you need to call the bank to get the card activated through their telephone verification system. Only on activation can you start using your card without any qualms.

There are instant approval card for bad credit also. But you need to take some time to verify the company's credibility because a lot of them will just mislead you about the rates and the pay back period. Try to check your record before application to avoid rejection. Because each rejection can adversely affect your credit rating and if you have a bad credit score, file an application with a company that offers specialized rates for applicants with bad credit scores.

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.