» Instant Approval Credit Cards
Browsing an instant approval credit card? There are a number of card providers on the market, like Discover for example, who promote instant approval credit cards.
The use of the words “instant approval” can be a bit misleading, as the approval still depends on customers’ creditworthiness and the cards are not to be confused with prepaid credit cards that don’t require proof of income, a bank account or credit check. In reality, customers wishing to get the best deals on a credit card still need excellent credit rating.
Customers typically apply online, completing a financial questionnaire. The individual card provider’s system links back to several credit check companies and an initial approval is given for customers meeting the provider’s criteria. The actual APR offered may well depend on the customer supplying further financial information, which means the initial deal signed up for may not turn out to be as advantageous as it appeared on screen.
Instant Approval Credit Card Reviews
American Express promotes a Platinum card, which is a reward card offering bonus points on travel related expenditure. The American Express Premier Rewards Gold Card is also an instant approval credit card that offers rewards on all manner of every day purchases. The Blue Cash Everyday credit card from American Express offers even greater flexibility on purchases where customers can earn bonus points and cash back for the money they spend with the card. The Blue Cash Everyday card is also promoted as an instant approval credit card.
The selection process for instant approval credit cards may vary slightly between providers but in principle customers are approved with 30 seconds after they click the submit button that sends their online application to the provider.
It is important to read all the details pertaining to the credit card one chooses as fees and interest rate charges can vary considerably, as can the reward schemes like points or cash back being offered.
Ideally, the provider should allow potential customers to apply, then show what cards might be suitable from the range the provider has on offer and then allow the customer to either select or decline the offered card without alerting credit check companies to the application having been made in the case of declining the offer.
It is important to read the small print pertaining to the selection process, as some providers may pass on information about the initial application, even though a customer has declined the offer. Credit reports may then show that an application for credit was made, but won’t necessarily show that the customer decided against the offered card. Anyone else looking at the report might infer that the card provider rejected the customer, not the other way round.