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Credit Card Applications » News » Other » Increasing number of Americans applying for instant approval credit cards

Increasing number of Americans applying for instant approval credit cards

October 05, 2010 | Updated on October 05, 2010
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The content is accurate at the time of publication and is subject to change.

Owing to their bad credit report, an increasing number of Americans are now opting for instant approval credit cards. 20% of the people applying for these cards are very well aware that the annual percentage rate they will be charged on these cards are going to be much higher than that for regular credit cards for which a credit check is mandatory.

An increasing number of credit card lenders are now offering instant approval cards to people who prefer applying for credit cards on the internet. These cards are the tools that can help consumers re-establish their credit history and improve their credit score.

An important fact to note at this point is that not all the instant approval credit cards actually get instant approval. For people who have a very bad credit history, the process of getting access to the credit limit offered by the lending company may take at least a week to ten days.

In case of some lenders, you get instant access to your credit line the minute the approval is granted. However, this access is partial and will remain so until the credit card is delivered to the consumer. On delivery, the bank or the financial institution issuing the credit cards lifts the limits and provides complete access to the credit limit offered on the card.

In order to lure a lot more customers to apply for their instant approval credit cards, there are a few banks and other financial institutions that are offering many rewards and cash back programs on their cards. However, these cards come at a big price. You may either have to shell out a huge amount as annual fees or the APR and other fees on the card may be too high for the common man. Choosing such cards with care and caution is recommended since the chances of falling prey to credit card debts are high in case of reward credit cards.

Just like in the case of the regular credit cards, the transactions made using instant approval cards are reported to the credit bureau. The bureaus use this information to make changes to your credit history. Using the instant approval credit cards wisely is the key here since this is the easiest way to rework on bad credit history and fix the flaws. Making payments on time and staying within the prescribed limits are very important to re-establish a good credit score.

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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