What Are Instant Credit Cards

Category: Finance, Credit.

Tempted to grab those instant credit cards at the checkout counters of your favourite stores to get those cool discounts? Some companies offering instant card approval may not be packing as much punch as they seem to promise and saving a few bucks today with some of these offers may end up costing you quite a few more than you bargained for.

Before you sign on the dotted line, you may want to read the fine print. But with so many options out there, there are still quite a few instant credit card approval offers that might still make sense for you. While many credit card companies take time to process your application before the card arrives at your doorstep with instant credit cards, you can qualify for the card almost immediately. What Are Instant Credit Cards? You can find them at retail checkout counters, department stores as well as online. Downside Of Instant Card Approvals.

And we should not forget about the never ending stream of offers received via regular mail from credit card companies pitching hard for their latest offering. Setting aside the immediacy of an instant credit card approval, there are significant pitfalls of instant card approvals to be aware of. The instant approval process is a filter that merely qualifies card applicants for the application process. A common misconception regarding instant card approvals is the notion that you will gain instant access to credit. But you still have to fill out a card application and go through the approval process like anyone else. Instant credit cards can also carry higher much interest rates than traditional card offerings in the marketplace.

With an instant approval, you qualify for the application process but not necessarily the card itself. In such cases, the card will end up costing you more money in interest than you gained in benefits. And similar to traditional credit cards, the people most likely to get instant credit card approval are those with good credit histories. Unlike traditional card offers that currently exist, some instant credit cards will not offer an introductory interest- free period at all. Instant credit cards will require an inquiry about your credit history from at least one of the major credit bureaus so make sure not to attempt to gain approval for multiple instant card approvals at once as too many credit inquiries at the same time can adversely affect your credit rating. But that is no reason to throw the baby out with the bathwater. If you thought instant approvals were to good to be true, you may have been right.

Spend some time researching various instant credit cards and compare them side by side. And while these type of benefits are not necessarily typical with instant credit cards, and with a, they are available little bit of effort, you can locate some very attractive offers. You can find a solid instant card approval offer with very competitive rates of interest, balance transfer features, attractive rewards programs and more.

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