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Everyone in this day and age is used to instant gratification. Want to watch a movie? Get one through pay-per-view or one of the many online outlets of instant movies. Hungry? Order from your favorite restaurant by telephone or online. The world of finance is not immune to the instant gratification syndrome. You can go online and find many “instant approval” credit card and loan approval offers. Just fill in the forms with your personal information, hit “submit” and within minutes, you can be approved for credit. In some cases, more time will be needed to process your application and you will be notified later whether or not you have been approved. Sounds simple, right?
Getting approved for a credit card does not mean that you can begin using it right away. You will have to wait for the actual piece of plastic to arrive in your mailbox. In most cases, this takes between five and seven business days. Once you have the card in your hands, you will need to call a number to authorize that you have received it. Then you are free to swipe it as you wish.
Just how do companies instantly know if you can handle a credit card? In most situations, companies run a quick check on your credit. They usually have access to your FICO score. FICO stands for Fair Isaac & Company, the corporation that develops credit scores for consumers. The numbers range from 300 to 850. The higher your score is, the more likely you are to get approved for a credit card.
When the credit card company receives your score and approves the application, it then does a more thorough check. It reviews your credit and makes a final decision based on that. While the instant approval is not a 100% guarantee, in most cases the answer you first receive is the correct one.
Be careful not to go overboard because you could damage your credit by having too many credit inquiries on your credit file and your debt to income ratio could become overextended.
Some great cards to consider applying for that offer instant approval include:
- The Platinum Credit Card from American Express offers the highest level of top-tier benefits to cardholders – the prestige associated with card membership is like no other program available. The rewards program is like no other and the annual fee of $450.00 seems minimal when compared to the rewards to which cardholders have access.
- The Chase PerfectCard allows the cardholder to earn six percent rebates on fuel purchases for the first sixty days. After sixty days, this rate reduces to three percent on all fuel purchases. For all other purchases that are not related to fuel, the cardholder is given a one percent rebate. When a certain level is reached, these rebates are than applied to the card balance. Finally, a card that allows the cardholder to earn the rewards in an uncomplicated and simple manner!
- The WorldPerks Visa has an excellent frequent flyer program for anyone that loves to travel and save money while booking trips and flights. Earning Northwest Airlines WorldPerks valuable miles with every single purchase that is made is one of the best reasons for consumers to carry this card. Direct purchases made from Northwest Airlines earn double miles without a cap on how many miles that can be earned.
- For customers looking for a credit card that offers a real thank-you as a reward, this is the card. Those looking to gain the most from a rewards card would benefit from Citi PremierPass Card. This great card allows the cardholder to get double the points on the purchase of airline tickets, a great introductory bonus, and many perks like insurance coverage, travel insurance and lost luggage coverage while traveling. All of these benefits combined with optional payment insurance make this card a winner.
- The Capital One No Hassle Points Rewards Card is a great card for those who love to shop and is available to consumers of three different credit levels: excellent, average and limited history. It gives consumers the ability to carry a balance without high rates. Points can be redeemed for merchandise, gift cards or cash.