The Allure of Instant Approval Credit Cards

The idea of acquiring something I need or want "instantly" can certainly light my eyes up. That's one reason why instant approval credit cards can be so enticing. Remember though, that different creditors have different definitions for the term "instant approval." Some companies actually give an instant credit decision, while others might get back to you in several hours; still others may issue approval rather quickly, but will not allow immediate access to the credit line. When seeking instant approval, have an idea of how soon you need to make use of your new credit, because you may not get it right away.
People who are in a rush to get approved for a credit line are often tempted to fill out two or three credit card applications at once. Although it may seem like a good idea to try a few different ones in hopes of getting credit sooner, multiple "inquiries" are big red flags to card issuers, and can ruin your chances of getting a card, much less instant approval. Applying for a lot of credit cards can make you look desperate and can even signal fraudulent intentions.
So, how do you know how "instant" an instant approval credit card will be?
If you get approved instantly, be prepared to wait at least a few days to access your credit. Most banks don't give instant credit anymore because of an increase in fraud tied to those services. The extra time lets credit analysts scrutinize the credit card applications more thoroughly. In such a competitive market, creditors need to bring on as many new accounts as possible; but more importantly, they need to minimize risk.
How do you know if you'll even qualify for instant approval?
If you have good to excellent credit, your history and score will portray you as a client with little or no risk. You should receive a fairly generous line of credit, and immediate access to it. The issuer, if they are smart, should pull out all the stops to keep your business. They should throw in low interest rates and rewards from the start of your relationship to ensure that you stick with them. They view you as a good, stable business opportunity.
If you have fair to poor credit, your history and score will establish you as a possible risk to creditors. This won't necessarily rule you out from getting one of the instant approval credit cards, but it might mean you have to pay higher interest rates or annual fees. Read the terms and conditions before filling out any credit card applications--you don't want to rack up inquiries, and you definitely don't want to rack up rejections.
If you have average credit, consider taking the longer course to pursue a card via conventional means. You might have noticed a pattern: instant approval credit cards tend to be geared towards the people on both extremes of the card-holder spectrum--the great credit and the bad credit. As someone with "average credit," you will be denied the perks enjoyed by the folks with good credit, and it wouldn't be worth it to get the plan designed for the people with poor credit, as the fees are quite high.

Written by Kacy Suther. Get an instant approval credit card and other credit card offers for low interest credit cards. Credit card applications available online at credit-card-depot.com .