An instant approval credit card offers approval in just a matter of minutes. There is no need to visit your local bank just to fill out and submit your credit card application. Instead, application is done online so it is very easy and convenient.
If you search the market, you will find several credit cards instant approval offers. How can you pick out the best one? Consider the following tips:
Check the issuer’s credit requirement. An instant approval credit card offer is not necessarily a guarantee that your application will get approved regardless of your credit rating. Some credit card companies do have strict credit requirement so if you have a low credit score or a history of bad credit, your application may be declined. Before signing up, be sure to check the credit card company’s criteria to avoid unnecessary rejection.
Check the rate of interest. Watch out for instant approval credit cards with extremely high interest rates. You might also come across credit card offers that seem great at first but upon closer look, you might discover unpleasant surprises. Understand how the rate is calculated and which APR applies to what particular transaction. Some cards do carry more than one APR so that the low rate advertised may only be applicable to balance transfers but not on new purchases or cash advances.
Evaluate rewards. How about instant approval reward credit cards? The rate of interest is more likely to be higher for reward credit cards so you should take time to compare. In addition, you should look for a credit card that offers a reward program that complements your lifestyle. See to it that you understand the rules on how you can earn points and claim rewards.
Check the fees. See to that you are aware of all the fees you will be paying to keep your account active. Some credit cards that offer introductory rates may try to get back by imposing high fees. The only way to be sure is to check the fine print.
Ensure that your payments will be reported. Will your instant approval credit card report your payments to the three major credit bureaus? This is an essential feature if you want to build good credit. If the issuer of the credit card does not report to a credit bureau, you will not be able to improve your credit history even if you regularly use the card.
Know what to expect. If your application gets approved, you will still need to wait for a few days before you receive the actual credit card via post mail. Typically, it will take at least 4 to 5 banking days before your instant approval credit card is sent. Afterwards, you will need to call up the credit card issuer’s customer service number or activation number to have your account activated. You would be asked to provide some information to confirm that you are the owner of the account. Once the account is activated, your instant approval card is ready to use for payments.