Are instant decision credit cards a reality?
Modern lifestyles mean that people have become used to the 'Now' factor in their lives. Long working days and crowded, busy lives mean that credit card customers don't have the luxury of being able to spend hours filling out application forms, only to have to wait days or even weeks for a decision. Customers demand online forms, instant decisions and for the card to be with them in a matter of a few days. This is why 'instant approval' was introduced. With 145 million credit cards and debit cards in circulation in the UK, instant approval for future cards can be seen as a good thing, adding to our modern lifestyle.
With instant approval credit cards you can get another credit card, fast. Instant approval is, as its name suggests, a specification relating to the application of the card and the guidelines set by the card company, not the card type itself. Cashback cards, reward cards and other types of credit cards can all come with the benefit of instant approval, if you can find the right card provider. Once you have found the type of card that you want, simply find a company that offers instant approval. But what exactly is 'instant approval'?
As always you will be asked details such as your name, addresses for the last five years, current salary, work contact number and so on. Make sure that you have all of the details with you when you apply because these forms are on secured websites that time out for your safety. You don't want to have to start again because you have forgotten one piece of information. Once you have filled out the form you simply press submit and wait. Nowadays many instant decision credit card companies state that you will have your answer within 60 seconds, which is pretty quick. You are often emailed by the card company to confirm that you have been approved. One little tip for your own security; ensure that the url address (found at the top of your screen) starts with the letters 'https'. The additional letter 's' denotes a secure site - an important factor to consider when typing in your personal details.
In the past, this took a long time because your potential card issuer would contact one of the three credit referencing agencies that hold copies of this information in writing, by phone, or later by email. Nowadays, banks have greater access to this data directly. This means that when you apply for an instant approval credit card, the card provider contacts the credit reference agency electronically and immediately scans your report, generating a decision automatically according to specified criteria.
But is it truly instantaneous? Well this is a tricky question. It will depend on a number of factors. If you have a strong credit rating, yes. If there is some doubt, then your application will be sent for further verification, which means that you may yet be declined or that the process will take even longer. Sometimes banks offer 'instant decision' credit cards. With this the bank gives you a potential yes or no and then goes on to do the usual checks.
Instant approval credit cards can be applied for in moments and you can have your initial decision within seconds. In the fast moving, electronic age, these are the ideal types of cards to have alongside our other instant gratification technology. With the advent of faster Internet connections and home banking facilities, all steps in the credit card application process can be performed from a computer well away from queues and lengthy form filling. Simply look up the card you want on a price comparison site, fill out an online form and that's it, your card could be with you in days.
With instant approval credit cards you can get another credit card, fast. Instant approval is, as its name suggests, a specification relating to the application of the card and the guidelines set by the card company, not the card type itself. Cashback cards, reward cards and other types of credit cards can all come with the benefit of instant approval, if you can find the right card provider. Once you have found the type of card that you want, simply find a company that offers instant approval. But what exactly is 'instant approval'?
As always you will be asked details such as your name, addresses for the last five years, current salary, work contact number and so on. Make sure that you have all of the details with you when you apply because these forms are on secured websites that time out for your safety. You don't want to have to start again because you have forgotten one piece of information. Once you have filled out the form you simply press submit and wait. Nowadays many instant decision credit card companies state that you will have your answer within 60 seconds, which is pretty quick. You are often emailed by the card company to confirm that you have been approved. One little tip for your own security; ensure that the url address (found at the top of your screen) starts with the letters 'https'. The additional letter 's' denotes a secure site - an important factor to consider when typing in your personal details.
In the past, this took a long time because your potential card issuer would contact one of the three credit referencing agencies that hold copies of this information in writing, by phone, or later by email. Nowadays, banks have greater access to this data directly. This means that when you apply for an instant approval credit card, the card provider contacts the credit reference agency electronically and immediately scans your report, generating a decision automatically according to specified criteria.
But is it truly instantaneous? Well this is a tricky question. It will depend on a number of factors. If you have a strong credit rating, yes. If there is some doubt, then your application will be sent for further verification, which means that you may yet be declined or that the process will take even longer. Sometimes banks offer 'instant decision' credit cards. With this the bank gives you a potential yes or no and then goes on to do the usual checks.
Instant approval credit cards can be applied for in moments and you can have your initial decision within seconds. In the fast moving, electronic age, these are the ideal types of cards to have alongside our other instant gratification technology. With the advent of faster Internet connections and home banking facilities, all steps in the credit card application process can be performed from a computer well away from queues and lengthy form filling. Simply look up the card you want on a price comparison site, fill out an online form and that's it, your card could be with you in days.
About the Author:
Rebecca Gold writes financial based articles for financially related websites. Read more about the Instant approval credit card and the Credit card application here.
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