Instant approval credit cards should be better described as being instant decision as not everyone who applies will receive approval for this type of card. Read this article to learn more.
We all want things to happen with the minimum delay, and preferably instantly so it is no surprise that some credit card companies promise to give you an rapid decision about the success of your application when you apply online.
Note the distinction between instant decision and instant approval. Your circumstances might mean that the card company don’t like your personal finance profile and decline your application.
In that case you will get an instant decision, but it will not be instant approval.
There are now an number of instant decision credit cards available from some of the big credit card companies. These products cover a range of personal circumstances, as we will discuss now.
For Those With Poor Credit Histories
Whilst you won’t receive a decision straight away, we are mentioning the Vanquis Credit Card here because it is one of the very few credit cards for those with very bad credit histories.
So if this sounds like you, then this is a company that you should be talking to, even if you have to wait ten to fourteen days for a decision, as there are almost no other card companies that you can approach to help repair your credit score.
If your credit history is slightly better, even if you have CCJ’s, but not if you have been declared bankrupt in the last twelve months, then you can get a decision in 60 seconds when you apply for the Capital One Classic credit card.
Don’t forget that this is not an instant approval from Capital One – they may turn you down in 60 seconds too.
For those With Good Credit Histories
Those who have not had debt problems, and have good credit histories fall into the mainstream customers sought by most of the credit card companies.
You have a wider choice of instant approval cards, if this scenario applies to you.
One of our favourite credit cards at the time of writing is the Nationwide Credit Card for the simple reason that they offer one of the best interest rates on the market, although they demand very good credit histories and risk profiles in return.
Do they offer instant approvals or declines? Well actually they might, in principle anyway, particularly if you phone them as they do have instantaneous credit scoring systems that tell them whether you are a good prospect or not.
So if you need a quick decision about your credit card application, there are a few choices available to you, however most credit card companies will keep you waiting for at least a day or two before they give you their final decision.