Critical Things You Should Know about Instant Approval Credit Cards

Critical Things You Should Know about Instant Approval Credit Cards 
Are you in a great hurry to avail a new credit card and do not want to wait for an entire application process to end, which may take a couple of weeks?
Thankfully, instant approval credit cards exist to serve your purpose and it might just be ‘the thing’ you are looking for desperately.
Critical Things You Should Know about Instant Approval Credit Cards

What is an Instant Approval Credit Card?
Simply speaking, an Instant Approval Credit Card is a card that is agreed upon or approved when you submit your credit card application. You can go for credit card applies online, through the secure application website of a credit card issuer.
Instant approval credit cards exist in two forms.
  1. Regular Credit Cards- Most of the credit cards falls into this category as these cards almost always offer you an instant approval facility if you have good creditworthiness. Also, you stand a good chance of having your credit card approved right away if you meet the income and credit requirements of a credit card issuer. Any card would end up in the ‘instant approval’ category for you if you happen to have a good pedigree.
  2. Guaranteed approval” credit cards- Such credit cards are designed especially for people with no or bad credit but are in urgent need of credit. These cards offer “guaranteed approvals” because they do not check your credit profile while making their approval decisions. Therefore, bad credit or limited credit cannot really create an obstacle in having your credit card approved.
What are the benefits of the regular instant approval credit cards?
As mentioned earlier, these cards are of great help if you are in an urgent need of credit. Most websites will be ready to offer you cards even on weekends and holidays if you meet their qualification criteria (income, credit score etc). The credit card apply process for such cards are quick and easy enough and you can opt for credit card apply online, from the comfort of your home.
Another benefit offered by these credit cards is that they provide you with the opportunity to avail low-interest loans. In general, credit card issuers offer cards to individuals with excellent or good credit score only. Because of this fact, most lenders will be eager to offer low-interest loans, if you are one of the holders of these instant approval credit cards.
Should you go for a “Guaranteed approval” credit card?
You must have noticed we have put the words ‘Guaranteed Approval” under brackets. This is for the simple reason that the ‘approval’ is not fully guaranteed. Your credit card application may still be denied for the below-mentioned reasons-
  • It’s not possible to verify your address or identity
  • You are below the prescribed minimum age limit
  • You do not have a bank account
  • You do not meet a few other requirements set by your credit card issuer
Experts, in general, advice people to stay away from the Guaranteed Approval credit cards, though these can be availed really quickly. This is for the simple reasons that they tend to be costlier and often come with extra fees. Therefore, it is highly imperative that you should read the mentioned conditions carefully before applying to any credit card issuer. It takes a bit of time to go through all the details, but we would advise you to be thorough about the fees/costs involved.  It’s important not to ignore critical points in the rush of applying. You need to compare among many such offers available and choose the best to suit your needs.
Most of these cards do not offer good benefits or rewards and the quality of customer service also happens to be very poor. In most cards in this category, the payment processing systems and the websites are not up-to-date and people often complain about inadequacy with their payment systems, website interfaces, online account checking etc. Offers from these credit cards may look very attractive in the first place, but they do not report to any of the major credit bureaus. This may invite some headaches for you while using their services later on.
Therefore, if you are struggling with your credit profile, we would recommend you to go for options such as credit cards for bad credit, credit cards for fair credit or secured credit cards.

These cards help you build and strengthen your credit over a period of time so that you eventually qualify for the best available reward cards.
  Some more points to ponder over..
These days, with the advent of technology, you do not need to be apprehensive about applying online for instant approval credit cards. Banking and financial institutions use the latest encryption methods so that the personal data you enter while credit card apply online, stays protected against data theft and intrusion.  
Also, do not panic when your application is not approved by a lender when you make your very first attempt to apply for a credit card. It may so happen that the lender/card issuer needs additional information from you and may approve your application once you submit those. Upon rejection of your application, do ask for a clarification from your lender and check your credit report for any reporting errors. If you spot any error, take adequate steps to get those corrected as soon as possible.
At times, it may be tempting for you to apply for another   
instant approval credit card as and when one of your credit card applications gets rejected. We would advise you against this as it will make a telling blow to your credit rating. Applying for multiple credit cards in quick succession raises enough suspicions in the minds of the lenders and your profile may be deemed as a risky one.
The Bottom Line
In spite of our best intentions, we fail, at times, to keep our savings aside to meet any unexpected and sudden expenses. Instant approval credit cards can be a fantastic option, if you want to access credit right away. At Afinoz, we have a great repository of instant approval credit cards at low interest rates and with balance transfer offers.
For more details, you can contact us at +1 (925) 317-8255 or at support.usa@afinoz.com.

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