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Instant Approval Credit Cards - Are They Worth It?
What could be better than getting a credit card, in a hurry, and with a good amount of credit on it? Many credit card companies make such offers, and this article will show you what to look for when you shop for instant approval credit cards.
It used to be that you would fill out an application, put it in the mail, and then you might wait up to a month to get a response from a credit card company. Imagine, in the computer age, waiting up to a month before word gets back to you as to whether or not you have been accepted! Now, though, it has changed, you can get an instant approval credit card online - in just a few seconds. But are instant approval credit cards worth it?
Are Online Applications Secure?
Many wonder if the Internet is secure -- that is, will their ID be stolen if they type in some of their personal information. The honest answer is that it is possible -- just like it is more probable that a letter could also be opened and your data stolen from that. The Internet, though, has some very secure Web sites - especially official sites of the credit card companies.
How Long Will It Take?
The Internet allows for information to be submitted in an instant -- as you know. Once received, your application will go through a process of being checked against your credit rating. The credit card issuing company will have their own preferred source, and from this they will either approve or disapprove of your instant approval credit card application -- and get the results back to you -- all within mere minutes. In some instances, the company will need to take a further look at your credit history in order to make a fuller determination.
If approved, there will be a little waiting period before you can actually use the card. Obviously, it will have to be mailed to you. That can take up to about 10 days.
What Should You Look For In A Card?
There are four basic things you need to consider in a card, before you fill out the application.
· The APR
This is the interest rate of the credit card. It usually is stated in two different ways, since it refers to two different rates. The first is the introductory rate - you want to look for a card that has 0% for this, and you want it to be for a year. After that, the card will go to a regular APR. You need to compare cards, and try to get the lowest APR possible.
· The Annual Fee
The best is to get a no annual fee card. Some instant approval credit cards have no annual fee, but only for the first year.
· The Benefits
The benefits that you need to look for should be geared to your particular situation. If you travel a lot, and fly, then you will want a card that gives you air miles. Other cards will give you cash back, or rebates of between 1 to 5%, particularly on purchases of groceries, medicines and gas (these are among the highest rewards). The rates that determine your benefits will vary, though, depending on the type of purchase, and the type of card. Some of your better cards, which require an excellent credit rating, may even give you 10 or 20,000 air miles just for signing up and making your first purchase!
· Balance Transfers
If you have more than one credit card, and you want to consolidate it all to a 0% APR to save some money, then be sure that it has this feature - not all cards will permit this. This could work great for you if you will seek to pay it all off within one year.
If you have other credit cards and feel you are paying too high of a rate of interest, then getting your instant approval credit cards online may be what you need to get a better rate. After all, it will only take a few minutes, and you could be on your way.
About the Author: For more on instant approval credit cards, Robert Alan recommends that you visit CreditCardAssist.com