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Instant Approval Credit Cards

Instant Approval Credit Cards: Not as pleasing as they seem
Have you ever received the telephone only to be answered by a telemarketer saying "You've won an instant approval credit card?" Well, you’re not the only one. There are plenty of people who have received similar calls. Somehow, we’ve all become so apprehensive on being approved for a credit card application – that when we do get approved, it makes us skeptical. The very idea of being instantly approved in a credit card application helps raise our self confidence. It also makes us feel wanted and important.

Instant approval: what does it mean?
For many people, an instant approval means not having to go through stringent approval processes. There are credit card companies who process your credit card application in minutes. However, it still takes time to receive the actual card. Gone are the days when approval would take days. Typically you would receive an offer in your mail saying you’ve been pre-approved. Then you’d send back the application in the mail. This would again take a couple of days to reach the credit card company. Finally, it would take a few additional days to even receive the card.

How to go about it?
Usually applying online is the best option as it is not only faster, it also provides an opportunity to shop for the best deals around. Once you apply online it takes just a few minutes to know if you’ve been approved or not. It’s that simple! However, in some cases, it may take more time to determine if you’ve been approved or not. For example, if you happen to have a poor credit score. This can take even up to 10 days sometimes. However, people with good to excellent credit scores will typically receive an update on their approval within a few seconds. Usually as soon as you apply for an instant approval credit card the company will cross check with the 3 major credit bureaus for your credit rating.

Usage on the card
Even the fact that you’ve been instantly approved for a card, doesn’t imply you can immediately start using the card. Even after the card arrives after about a week since your instant approval, you will need to double verify your identity. This is an added measure introduced by credit card companies to tackle increasing credit card thefts. Therefore as part of the security measure, you will need to:

Call up the bank from the same telephone listed in the application
Verify the last 4 digits of your Social Security Number

After this verification process, if the details match, only then do you have the go-ahead to use the card.

Nothing great in it
Although there is plenty of hype surrounding instant approval credit cards, there’s not much to it. It’s just like any other card, except that the application process is very quick. The cards all offer similar sets of features – such as a 0% APR for 6 to 12 months etc.

What about people with bad credit?
Even people with not such a good credit rating can be eligible for instant approval. Having bad credit can make credit card applications seem frustrating. Usually the instant approval cards for bad credit people come in two varieties – secured and unsecured. In the case of secured cards, you will need to make a down payment, which is balanced out by a lower interest rate. However in the case of an unsecured credit card, you do not need to make any deposit. However interest rates as well as late payment fees are higher than other cards. Therefore, no matter whether you’re going for an instant approval credit card – just make sure you understand the terms and conditions.

YOUR INSTANT APPROVAL CREDIT CARD MAY BE A MOUSE CLICK AWAY!

CREDIT CARD TYPES

Choosing the credit card that's best for your needs and situation starts with knowing what options are available to you. The following list details the most common credit cards available:

	Balance transfer credit cards - Balance transfers are a way of transferring outstanding balances from existing credit cards to another card that offers a lower interest rate. For example, if you your have a high annual percentage rate (APR) credit card with a significant outstanding balance, you can transfer the balance to another card with a lower rate or even one offer zero interest. Typically these cards offer low balance transfer rates for a specified period of time allowing you to save hundreds (or even thousands) of dollars in monthly interest charges.
	Low-interest credit cards - These cards offer a low introductory annual percentage rate (APR) for a promotional period, after which they can change to a higher rate or a fixed-rate. If you plan on making a large purchase, it's a good idea to pick up a low-interest credit card to take advantage of the savings on interest during the introductory period.
	Cash rebate credit cards - Cash rebate cards accumulate "points" for1 every purchase you make using the card. Most cash reward cards award a point based off 1% of the purchase total, excluding interest and finance charges. For example, if you make a purchase for $1,000 the credit card will award you with 10 points (or, $10.00). These cards are great for loyal customers who make payments on-time every month.
	Reward credit cards - Reward credit cards are similar to cash rebate credit cards, but differ in that they offer various forms of "rewards" for the purchases you make. For example, you can accumulate rewards for frequent-flyer-miles, free magazine subscriptions, and even hotel and travel discounts. Ideal for those who enjoy getting something for free from their credit cards.
	Travel credit cards - Travel credit cards are ideal for the frequent flyer who travels the globe on a frequent basis. These cards accumulate significant reward points every time you make a travel-related purchase. You can gain discounted airline tickets, rent cards for free, and even get discounted hotel rates!
	Pre-paid credit cards - Pre-paid credit cards are ideal for those who are on a tight budget and don't want to fall prey to the financial pitfalls associated with standard credit cards. They work similar to gift certificates or debit cards. You deposit money into the card and then use the card to make purchases as you would a typical credit card.
	Secured credit cards - Secured credit cards are ideal for people with poor or no credit. They work on a collateral system, where you put up something of value against the debt on the card.