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Category: Articles » Finance » Personal Finance » Article » Article Code

Getting Credit In A Hurry With Instant Approval Credit Cards

With the convenience of the Internet and our instant-oriented society, it is no surprise that financial matters can also be just about as instantaneous, too. The same can be said about instant approval credit cards, which appear only to take a few minutes to obtain. But before you apply to the first card you see, you might want to think about some of the pitfalls and important points here to help you get the best card for your situation and avoid unexpected problems. Choice Of Card Many types of credit cards now come with instant approval. You will ... read more

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Choice Of Card

Many types of credit cards now come with instant approval. You will have to look at the various types to properly select which one will be the best for you. Here are several instant approval card types from which to choose:

•Mileage Cards

This kind can be of great benefit to you if you travel a lot. They primarily reward you with air miles or rebates on gasoline. Other benefits might include free nights in hotels, discounts on car rentals, and discounts toward the purchase of a new car. These cards will often come with a large air miles starter package when you make your first purchase - possibly as much as 25,000 air miles. So if you are looking to make any kind of trip real soon, you might still have time to apply and receive your instant approval credit card before the trip and have the air miles applied.

•Balance Transfer Cards

If you are carrying a current balance on other high interest credit cards, then here is another reason why you may want to apply for an instant approval credit card with a balance transfer offer. Typically, many balance transfer cards allow you to transfer a card balance from another card and get 0% interest on it, but only temporarily. This can save possibly hundreds of dollars in a year's time. Be careful to note, though, the time length of this particular benefit tends to be short-lived -- anywhere from 3 months to 15 months. After that, you'll be paying a much higher rate of interest on the balance.

•Cash Rebates Cards

This type of card is really handy if you use a credit card to make most of your regular purchases. They allow you to get either points or rebates anywhere from 1% to 6%. The higher levels of rebates are for your purchases of groceries, gas, and medicines. Other items may receive anywhere from a 1% to a 3% rebate. If you never had a reason to use a credit card for all of your purchase activities before, here is a good one. Watch out, though, for annual fees -- the better card offers do not have them! With the right card, significant savings could be coming your way in the way of an instant approval credit card.

Other Things To Look For

Each of the instant credit cards have other features that you need to compare. For instance, the regular interest rate – once the special introductory offer runs out, will kick in. This rate can vary anywhere from about a low of around 7.9% all the way up to about 18% and beyond. So be sure to know when the higher interest rate will be applied. This really will not be a concern, however, if you pay down the monthly balance each month. Typically, most introductory offers will last anywhere between three months to fifteen months.

Instant Application

After choosing which card best suits your personal needs and gives you the most advantage, your application can be received over the Internet and evaluated in just a few seconds. You then will quickly receive a response as to whether or not you have been pre-approved for your instant credit card. If there is a problem, further information will be needed by the card issuing company. This means that they will either have to call you, or mail you a request for more information, which can take additional seven to ten days. But either way, you will not be able to make any purchases until you actually receive the card, which could take another several weeks.

Instant approval credit cards are primarily for those who have either good credit or excellent credit. Other types of cards can be offered to those whose credit may need a little help, such as secure credit cards, which are issued to help rebuild a person rebuild their credit history.

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