Applying for Instant Approval Credit Cards

It is not at all uncommon to see advertisements for instant approval credit cards in the mail, on television and even in an email inbox. With so many card issuers offering these credit cards it would seem as if acquiring one would not take a long time. However, there are some steps that need to be taken before applicant is actually approved and the card is sent to the card-holder.

Who Qualifies for Instant Approval?

Although the term “instant approval” may lead some to believe that it is impossible to be denied an instant approval credit card, this is unfortunately not the case. Like other credit cards, an applicant with a high credit score is much more likely to be accepted than someone with bad credit. Usually companies that offer instant approval cards will investigate the credit score and the amount of existing credit cards the applicant has before approving them for a pre-approval application.

Perhaps the most misleading aspect of instant approval credit cards is that it seems as if anyone will be approved instantly. While there is nothing wring with filling out an application for an instant approval card, it is good to keep in mind that people with higher credit scores are much more likely to be approved. It is also important to remember to look for cards that do not a charge hidden fees or a high interest rate.

Receiving the Card

In some cases the cardholder will receive the card shortly after being accepted. However most of the time there is a verification process that can take up to a few weeks to occur. This waiting period would usually consist of the card processing and extra security precautions such as identity validation, which takes place after the card is delivered. The identification verification generally consists of phone verification and the last four digits of the applicants social security number.

Completing the Application Process

Applying for an instant approval credit card is simple. After finding the right card the applicant simply needs to furnish information such as home address, home phone number, social security number, and income statistics among other information. These cards can often be applied for online in just a few minutes time. Before the applicant is taken to the actual application they will need to be approved by the pre-approval questionnaire. Even after being accepted the above procedures make instant approval credit cards far from instant.