What should you find out before applying for instant... - Limited/Bad/Fair Credit Questions


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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » What should you find out before applying for instant approval credit cards?

What should you find out before applying for instant approval credit cards?

Answered on | Updated on November 1st, 2010
The content is accurate at the time of publication and is subject to change.

During these times, when people are finding it tough to apply for and obtain the right credit card for their needs, most of them are falling prey to companies that assure them of instant approval credit cards. In an attempt to lure unwitting customers into their trap, most of the companies that offer these types of cards make an effort to conceal the truth behind those cards. Unfortunately, many consumers take the bait and fall prey to these cards without understanding the truth behind them. In order to ensure you are not taking a wrong decision, there are a few things that you need to check before you opt for instant approval cards.

First and foremost, find out what the term “instant” means to the financial institution that is offering you these cards. While some of these companies process the card application and hand over the card to the customer in about 2 days, there are a few other companies that take weeks to accomplish this task. Also, most lenders offering these cards advertise saying there is no credit history check done when you apply for these cards, which is not completely true. There are some lenders who do check your credit history before handing these cards over to you.

Another factor that you have to check before applying and obtaining these cards is the interest rate associated on these cards. Most often than not, the rate of interest offered on these cards is very high as compared to those offered by other regular cards. Also, the promotion offers on these cards, if any, are for a very short span of time. So, it is important to find out the APR that will come into play once the promotional period expires. The late fees and penalties applicable on this card are also higher in comparison to other cards. Hence, don’t forget to check these details with the lenders before applying for them.

The terms and conditions associated with the instant approval credit cards can be tricky. It is important to look through the fine print and understand what you are getting into before you sign on the dotted line. Innumerable people who have made a choice without second thoughts have ended up regretting much later when debts on these cards got out of hand. The simplest way to keep yourself away from falling prey to this problem is by thoroughly checking all the details of the instant approval cards before opting for them.

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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