Life in the fast lane: instant approval credit cards

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Life in the fast lane: instant approval credit cards

By: Rebecca Gold

Today's modern lifestyle is one of instant gratification, instant results and, of course, instant credit. Carrying cash is regarded as old-fashioned; everyone's wallets are stuffed full of plastic. Credit cards are ideal because you can spend now and pay back later, when the cheques come rolling in. Over three million people in the UK have five or more credit cards. The only thing that used to slow down this instant lifestyle was the length of time it took to apply for your plastic. How things have changed
Every aspect of instant approval credit cards is hidden within the confines of cyberspace, so here's how it works. Instant approval credit cards cover cards that you can apply for online, over the telephone or in person and receive a decision there and then. Internet card use has quadrupled in the last five years and nowadays even credit card applications can be made online, making a decision even faster. Many card companies advertise a wait of only 60 seconds for a decision on your application, but some may be considerably longer.
As always you will be asked details such as your name, addresses for the last five years, current salary, work contact number and so on. Make sure that you have all of the details with you when you apply because these forms are on secured websites that time out for your safety. You don't want to have to start again because you have forgotten one piece of information. Once you have filled out the form you simply press submit and wait. Nowadays many instant decision credit card companies state that you will have your answer within 60 seconds, which is pretty quick. You are often emailed by the card company to confirm that you have been approved. One little tip for your own security; ensure that the url address (found at the top of your screen) starts with the letters 'https'. The additional letter 's' denotes a secure site - an important factor to consider when typing in your personal details.
A lot can happen in 60 seconds. The bank's computer checks the form and compares it with your credit report. Your credit report is held by one of the major credit referencing agencies and has details of your credit history. Your report also contains more mundane information such as your name and address. All of this information is compared to the information you have provided on your online application form.
If all goes well, and your credit rating is good, you should then receive your card in a matter of days. However, other companies may have further checks on some or all applications, depending on how strict their criteria are for acceptance. With the current economic climate, companies are becoming more cautious, even on instant decision cards. Some companies take a couple of days checking through applications and make more queries with the credit referencing agencies. Other companies may even spend another couple of weeks before giving you a final, definite decision.
You will now be hoping that another card will be added to the 145 million cards currently in use in this country and this may well be the case. The whole process is surprisingly simple and can be very quick. You simply find the card of your choice online, through a price comparison site, apply for the card and, if you have a strong credit rating and all goes well, you are accepted. The card will then be sent to you and here you will have to wait, no matter what the decision. Luckily, with instant approval credit cards, you may find you new card arrives in a matter of days, rather than weeks.

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About The Author
Rebecca Gold has many years experience in the financial sector, she now writes for various popular websites. Read more about the Instant approval credit card and the Credit card application here.

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