Instant Approval Credit Cards: The Advantage of Applying Online

By: Ed Vegliante

Getting instant approval for a credit card - and sometimes getting immediate access to use it - can now be done in less than 60 seconds. No muss, no fuss like the old days when getting approved took a month or more. If you weren't aware of how instant your approval could be, now is the time to find out.

Internet Technology and Security - Behind the Scenes of Instant Approval

How did the instant approval credit card come about? The answer is that the Internet has completely changed the way issuing banks can research consumer information and make a decision about an applicant's credit worthiness. Nearly every major financial institution that issues credit cards - including Chase, CitiBank, American Express, HSBC, and others - now allows you to use the Internet to fill out their application online with complete security, submit it with the click of a button, and then count the seconds while they make their decision. And in most cases, if your credit is good to excellent, you will be approved instantly and a card will be on its way to you within days.

Behind the scenes, instant approval credit cards use the speed of the Internet and the sophisticated communication networks created for the banking industry. When you submit your application, banks can now easily verify your identity and check with one or more of the three national bureaus - Experian, Equifax, and Trans Union - to ensure that your FICO score meets their application criteria. (Your FICO score is a mathematical calculation performed by each of the bureaus that rates your credit history on a scale of 0 to 800.)

The Benefits of Instant Approval

If you're wondering why you might want to take advantage of this instant approval service to get your next credit card, there are several good reasons:

1. Many banks periodically offer special promotions, such as 0% APR on purchases and/or balance transfers for a specified period of time or bonus travel miles on airlines. These are offers you may not hear about if you don't browse the Internet looking for instant approval cards.

2. There can be a value in knowing quickly if you will be approved if you find yourself needing additional credit for your business or personal needs. Using paper applications and the US mail will usually take 4 to 6 weeks before you know if you are approved.

3. You can sometimes get immediate access to a portion of the credit line for which a bank approves you. For example, some banks will offer you $300 to $500 that you can tap into immediately using a code they give you.

4. Applying for a credit card using a secure Internet site can actually be safer than filling out a paper application with your personal information and mailing it. Secure Internet sites use 128-bit encryption which is considered unbreakable in the computer security field. (You can tell when you are at a secure Internet site because your web browser contains a small icon that looks like a lock down at the bottom of the page.)

A Sensible Advantage

So the next time you are pondering your credit card needs and feel that you can benefit from a new card, consider looking into getting instant approval. In today's fast-paced world, you may agree that this new form of getting a credit card makes a great deal of sense for consumers.

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