At the rate of how mailboxes are bombarded with credit card offers, it’s probably amazing for anyone not to have considered these cards at least once. Nonetheless, credit card companies now make it even easier for consumers to apply for a credit card through instant approval card applications. There are a few things you should know before actually making a card application online or through the phone.
1. You need a good credit history
In order for quick approval, it is essential for a potential user to possess a good credit history. This means that the user pays his bills on time and does not have any financial hiccups in his credit report. The credit report is obtainable from a credit bureau, which will be contacted by the card company at the time of the application. If all goes well, the credit card will be approved within minutes.
2. Interest rates correspond with the health of your credit report
If your credit history is not something you are proud of, there is a slight possibility that your application will not be instantly approved. You don’t have to worry if this occurs though, as these companies may make allowances for you due to high competition in the credit business. Most of the time, they will just charge you higher interest rates as you are at greater risk. Also, due to the extra qualification process, the arrival of your card may be delayed.
3. You need to wait a few days for the card to arrive
A common misconception with these cards is that the applicant will instantaneously receive the card upon approval. No matter how fast your Internet connection is, the card is delivered in an envelope, not in bytes. Thus, it is not a very good idea to have an urgent transaction depend on these card applications.
4. You need to do your research
Do not let the convenience of getting a quickly approved credit card cloud your judgment on your selection of a credit card. It is not worth making higher payments in exchange for a shorter wait for a credit card.
5. You need to find a secure connection to submit your personal information.
As with all forms of online transactions, you should never use a public computer to submit your personal information. With the recent spate of identity thefts, it is wiser to be safe than sorry, especially when it comes to credit cards.