Many applicants want or need to know if they have been approved for a credit card right away, the reasons for this vary. If applying for an instant approval credit card however it’s important to treat the application every bit as seriously as any other application for credit.
There are just as many types of instant approval credit cards and as there are any other credit cards and many differences between these cards. The different cards have different features and are often referred to as cards falling under the broad name of these features, no annual fee or balance transfer credit cards for example. Like all applications for credit the applicant should take some time to understand the differencesbetween the cards and consider how they will use the card in order to identify which card is most suitable for them.This is especially the case when applying for an instant approval credit card
Some cards are advertised on the internet as offering instant approval, or approval within 60 seconds or less. These credit card companies usually make use of a small amount of information that is supplied by the applicant, to decide instantly whether or not to provide that person a credit card. As a general rule an excellent credit rating with no defaults would be needed to successfully apply for an instant approval credit card.
It is no longer necessarily the case that instant approval credit cards charge a higher interest rate and higher annual fees to allow for the greater chance of default. ANZ bank for example offers the Low Rate Mastercard with a response in 60 seconds and its features are as competitive as the best in the low rate category.
Often with the instant approval process, the credit card number, expiry date, and other details are determined and made available immediately, enabling the card to be used immediately for internet shopping. However, if the applicant is refused based upon the information he or she provides, the refusal can count against their credit score.
Other cards worth considering for those looking for instant approval credit cards are secured credit cards, which are secured against an asset or deposit account, or store cards. Store cards are applied for and given out inside the store within a short amount of time, using very few credit checks and therefore carrying a high interest rate. These cards are often accompanied by an offer of a free item or a heavy discount on the first purchase.
