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After the economic crisis, a lot of cardholders have witnessed their savings wiped away. and their credit card debt swelling to magnanimous amounts. Falling back on payments or defaulting on loans could lead to massive drops in the credit score. The credit history receives a serious setback too. At this juncture, getting a new credit line proves to be very difficult. A lot of consumers are often faced with the question as to when to go for instant approval credit cards.

You need a credit card for many reasons. You need to build your credit history once more. A lot of us depend on online transactions to make savings through deals and promotional offers. We need a credit card for online shopping as well as online payments. Most importantly, we need credit cards to make important payments that sometime cannot wait until the end of the month when our income is due.

Instant approval credit cards are processed much faster than others. In case of instant approval credit cards, you provide all your information online which is far more secure than providing information to an unknown credit card sales agent. Some instant approval credit card companies do not check your credit history, which might suit you in cases where your credit score is very poor. That way you would get to know if you will receive a card very soon. So you don`t have to wait for a long time or keep applying to other credit card issuers. Applying for multiple credits brings down your credit score further.

Instant approval credit cards therefore make the whole process faster ensuring that you do get credit in the time of need. However there are a few caveats, and you should apply for an instant approval credit card only when you are sure you can handle the problems that might come along with it. Firstly there might be lot of hidden charges. Secondly the actual credit limit is sometimes quite low and the APR and additional fees will increase if you should exceed the credit limit. Lastly, the interest rates charged are higher than normal cards and hence you must be confident of making payments on time in order not to damage your credit score further.