Instant approval credit cards often advertise that you can get approved for a credit card in 60 seconds or less. These guaranteed approval cards let the applicant know immediately after signup whether or not he or she has been approved for the credit card. Typically consumers who apply for instant approval cards should have good to excellent credit in order to be approved.
Even instant approval credit cards can offer credit card rewards programs like free hotel stays and cash back. This makes them even more enticing. Store charge cards often offer instant approval, even as you are ringing up your purchases and getting ready to pay with your trusty existing credit card. The department store’s cashier is usually more than willing to make the call and gain your instant approval and instant credit line with the store.
A few things consumers should know about instant approval credit cards:
* Occasionally additional processing may be required by the card issuer. You still get an âinstantâ response, but it may not be a clear-cut approval or rejection.
* Although it is an instant approval card, funds typically do not become available for use until one or two weeks following activation. This is a key difference for instant approval versus instant spending.
* The instant approval credit card should arrive at your address in roughly five to seven business days.
* Part of the lure of instant approval store charge cards is how these cards tend to offer customers 10 to 15 percent off their total purchases that day, often inspiring them to ring up even higher bills.
Remember to avoid placing lots of credit applications at once, as it can hurt your credit score if many inquiries are pulled too close together. Also be sure to review the fine print of the instant approval cards before you make your decision.