The Pros and Cons of Fast Approval Cards
It's possible to obtain instant approval cards received in the mail if you have relatively good credit.
If you receive such an offer you need only go to the credit card provider's web site or make a phone call to the number provided.
If you are approved for an account you may be able to use the new account almost immediately online. However, most credit lenders who grant instant approval will make the account available for use only when a temporary account card is sent to you. That takes only 2-3 days for most new accounts.
Convenience of Instant Approval
There are times when you might need a new credit card account opened in a hurry. You might be planning a vacation and want a new card to track expenses.
You may see an item discounted or on sale for a short period of time and realize that buying it now with a credit card will save money in the long run.
When you apply for a standard credit decision it will take 2-3 weeks before you know if you are approved. With an application offering a 30 second decision, you will be able to use your new account the same week it is approved.
Qualifying for a Fast Approval Credit Card
You may be approved in 30 seconds for a new credit card but the application you placed is still processed as any credit application will be.
When you receive an offer for an instant approval credit card through the mail it means you have been pre-approved. The lender has a list of candidates provided by the credit ratings agencies that appear to have good credit standing.
Once you have requested the card you were offered, the lender will pull a full credit report. It will take approximately two weeks for your new credit card to arrive and you may find the credit limit is more than you were given at your initial approval or the limit may be the same.
The Pros and Cons
Instant approval isn't guaranteed even when you have received an offer from a lender by mail. Quick approval requires you to have a reasonably good credit rating with no bad credit, non-payment or bankruptcy in your credit file. Even bad marks from long ago can cause a lender to decline when you apply for instant approval.
You can damage your credit by applying for too many credit cards in a short period of time and instant approval accounts are no different. Each application you make for an instant approval cards gives that lender permission to view your credit report.
This is not a lasting mark against credit but will affect your credit short term. In the view of a lender, applying for several accounts may indicate you are in financial distress.
Benefits and Cautions
If you need credit quickly, fast approval cards can be the answer. Applications can be made at night or on weekends at your convenience.
If you are declined and feel there is nothing on your credit report that would cause a rejection, contact that credit lender by phone and it's possible you will be able to open an account. When you can apply for a new credit card and receive an instant answer there is a tendency to rush through the application process.
This is something you should avoid. Take the time to carefully look at the terms of the credit offer, the fees imposed on the account, the interest rate and read the small print before requesting an answer.
Don't let the speed of the processing push you into accepting an offer that is not best for you or a fast approval credit card with predatory terms by the lender.