Instant Decision Credit Cards
It is possible to obtain a credit card within minutes by applying online. But take the time to ensure that the interest rates are reasonable and that your credit profile is too.
More from Types of Credit Cards
7 January 2009
Instant Decision Credit Cards
Many credit card providers will provide an instant decision if you apply online on their website.”
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Instant decision credit cards do what they say on the tin. They offer a decision within minutes when you apply online.
This can be handy if you want a decision quickly in order to make a special purchase or simply don’t want the hassle of filling in a form.
How can you get an instant decision?
Many credit card providers will provide an instant decision if you apply online on their website.
You will have to give all your details and, as always, it relies on you filling in the form correctly. All the usual information is asked for, such as age, address, employment details and bank details.
Once you have submitted the details, in most cases the decision will come back to you within minutes.
Where is the information going?
Your details are sent direct to the financial services provider to whom you have applied. Your application is looked at immediately and a decision is made.
How is the decision made?
As with all credit card applications the provider checks your credit rating. In this case the process is speeded up and the provider can look at your details straight away.
What happens if I have a poor credit history?
It is likely that you would be turned down for a credit card whether you applied for either it in the regular way or online for an instant decision.
There are ways to rectify this. Start by getting hold of your credit report and see why it is poor. Take steps to repair this and slowly you will see an improvement in your credit rating and therefore in the credit card provider’s confidence in you as a user.
Before you apply
Take a moment to shop the market and look at the cards offering an instant decision. It is possible that some of these don’t offer quite as good rates of interest as their counterparts.
It is worth considering:
Is the APR as good on an instant decision card and can you wait for a longer decision to apply for a card with a better rate of interest?
Does the card come with any extra benefits such as cashback, rewards or travel points and could you use these?
Does the card offer a period of 0% on balance transfers or purchases?
Is an annual fee attached to the particular credit card?
Eliminate the paper trail
The advantages of applying online are that you don’t have to juggle with numerous forms, the post or wait long periods for it to be processed. There are times when an instant decision can be very helpful, such as if you need the convenience of a card to make a large purchase or to use it for travel.
Just make sure that you have informed yourself of the best online deals on the market and use your card wisely. That instant decision is not one that you would want to regret.
See also How to improve your credit rating.
