Instant approval credit cards are easy and convenient to apply. The qualifications of getting one are easy to meet where the primary qualification is having a perfect credit score.
Instant approval credit cards are similar to other credit cards; the only difference is in the time taken for one to get approved. Normal credit cards application and approval take somewhere between one and four weeks. Instant credit cards, on the other hand, take as little as one day to get approved. However, for the process to be this quick, you have to have an impeccable credit score. With these cards, you experience convenience as they can be applied online. If you meet all the criteria for approval, you get instant approval notification and if otherwise you also get a notification for denial and an explanation as to why your application was denied.
Like any other loan application, it is always wise to understand the pros and cons of taking the credit cards beforehand so as to make an informed decision. You get to evaluate the options available and pick the best that suits your situation. Below are the pros and cons of taking the credit cards which get instant approval.
Pros of instant approval credit cards
1. With a good credit score, it is easy to get the credit card at the comfort of your home.
Most reputable credit card issuer companies will be present online. Therefore, all you have to do is sign up and apply for the card hence convenience. In addition, you get cards that offer 0% introductory APR, zero annual fee and so many other offers.
2. Application for instant cards offers instant status notification.
Unlike most credit cards, instant approval cards issuers offer their clients immediate response on whether the cards have been approved or not. You do not have to wait for mail for the next couple of days. In addition, if your request has been denied, you get an explanation as to why this happened. Some credit card issuers will also recommend alternative cards that will be approved.
3. You can start using the credit card immediately.
After filling an application form online and you receive the instant status notifying you that your request has been approved, some credit card issuers will offer a temporary credit card number before sending your credit card at a later day or time. With the temporary credit card number, you will be able to make online purchases immediately. This way, you do not have to derail any plans you already have underway that needed a credit card.
Cons of the instant credit cards
1. Possible delays in the application process.
Although most credit card companies will claim to provide instant notification on the approval of your card, in most cases, you find a company notifying you that there could be possible delays with the approval. The reason provided for these delays could be that they need a little bit more time to further review your application. These delays may beat the purpose of having instant approval promise.
2. The credit score checks conducted may lower your score.
Every credit card application requires a credit score check. The checks conducted go into record, therefore, every time a company request to see your credit score, a notion is made with the credit score reporting agency. Multiple instant credit checks have a direct negative impact on your credit score. This is because whether your loan application got approved upon credit report request or not, the check leaves a negative impact. Unless you are sure that you have an impeccable credit score and your credit card application will be approved, it is advisable to stay clear of all the loan applications that require a credit check. This is because, whether you get the loan or not, the credit check will leave a mark on your score. Make sure you minimize the number of credit check request and work on improving the credit score.
3. Not enough time to read the fine print.
Most online instant credit card application platforms offer a simplified application process. This alone is enticing enough to get you applying for the card even without reading the terms and conditions of the card for which you are applying. Other credit card issuers may not provide the terms upfront until you have applied. This might put your financial position at jeopardy because some of the cards come with very high interest rates as well as the annual fee. Before applying for any card, it is important to read the fine print.
Instant approval credit cards are easy to apply. However, in order for you to get the best out of them, make sure you understand the terms and conditions beforehand.