Learn More About Instant Approval Credit Cards
It’s not always easy to plan ahead. Something can happen that causes you to need an emergency car or home repair. Unfortunately, you may not be in a financial position to take care of these expenses. In these situations, you may be motivated to apply for an instant approval credit card. With an instant approval credit card, you apply for the card online and receive a decision within a couple of minutes.
What is the Instant Approval Process?
When applying for an instant approval card online, the card issuer will run a preliminary credit check. In most situations, the higher your credit rating, the greater your chance is of being approved.
Typically, if approved, the approval is conditioned upon the issuing company performing a more detailed credit check. Receiving an instant approval does not guarantee you will get the card. Creditors will look into the following personal details:
Proof of Identity: You will have to prove your identity using your Social Security number.
Personal Information: You will have to submit your full name and contact details.
Income and Employment: You will need to provide proof of employment and will also need to provide proof of income. So, be prepared to include details of your employer.
What Should You Know Before Applying for an Instant Approval Card
To receive an instant approval card, you need to have good or excellent credit. There are instant approval student credit cards for college students that do have an established credit history. The approval process may be different from one issuer to the next. Many people believe they will receive the card instantly, but that’s not the case. You will generally receive the new credit card and its terms in about 5 to 7 days. In some situations, you may get a credit card number the same day as there are some credit card companies that issue a virtual number once approved.
When Should You Apply for an Instant Approval Credit Card
Instant approval cards are great for people who need to access credit quickly. Ideally, you should make a purchase and pay it off when the next credit card statement arrives. If paying off the credit card bill would not be possible, then try to find a credit card with a lower interest rate.
The Benefits of Instant Approval Cards
Like most credit cards, if used wisely, they can really come in handy when you’re in a tough financial situation. This is particularly true if you get a card that allows you to get a cash advance without having to pay expensive fees. These cards can also help you improve your credit score. Of course, this depends on whether you make your payments on time. These cards also offer benefits that are commonly seen with most credit cards, like airline miles, rebates, and cash back and shopping rewards.
If used properly, an instant approval credit card can really help you out when you are in a financial bind. What makes these cards ideal is the instant decision you can receive. Whether you are approved, or not, you will know the decision in a couple of minutes. As with all credit cards, it’s important that you use your card responsibly.