Credit Card Instant Approval
Posted February 2nd, 2009 Credit card instant approval is an attractive idea, especially when you’re anxious to start building a good credit history. But is it really instant? Well, no, but compared to applying for a card at a bank or by mail it’s nearly instantaneous!
When you apply for a credit card online you can wait anywhere from a couple of hours to more than a day for approval. This is because your information must be checked, your references investigated and your address and employment information verified. Credit card issuers try to make the process as fast as possible but it’s necessary to protect themselves against fraud as well as verify that you are a good credit risk.
Two terms are generally used when talking about the approval process, one of which is “instant approval”. The company you applied to makes a quick review of your credit report using the internet and gives you their decision on whether or not they’ll extend credit to you. This takes a matter of an hour or so and is called instant because of the very brief time period in which it occurs.
The other method, “instant decision”, refers to the practice a bank or other company issuing credit cards employs. They will tell you almost immediately if they plan to approve you and then do a background check into your information and credit history. The initial decision is, in fact, instant but the final say is delayed until more facts are gathered.
You may still find a few isolated instances of “instant credit”, too. You receive instant approval and are provided with a temporary credit card number so that you can transact business over the telephone or internet but most issuers have forsaken this practice because of being burned by fraud.
You may be wondering if these “instant approval” applications are safe and secure and whether sending an application through the mail would be safer. You can be sure that your information is safe by looking for a lock icon on your browser bar before you start typing your information. If you click on it and it shows some security information, it is a secure site and your information is safe. All your sensitive facts are encrypted, unable to be read by anyone except the owners of that site, not even by a computer decryption program! If you mail an application, there are many stops along the way where a determined and resourceful thief can steal that envelope and your information. Applying online with a secure site is much safer than using the mail system.
Credit card instant approval can come in handy if you need a card within five to seven business days. That is usually how long it takes from the moment you complete your online application until you open your mailbox and find your card! This is quite an improvement to the way it used to be, taking weeks to get a card. Just be sure that your mailbox is secure so that your card is safe, or use your work address to receive it.
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Comparison of Top 10 Credit Card Offers
| Credit Card | Card Details | Interest Rate | Cash Advance Rate | Balance Transfer Rate | Annual fee | Interest free days | ||
|---|---|---|---|---|---|---|---|---|
 Halifax All in One Credit Card |
The Halifax All in One credit card offers a great introductory rate, and is perfect for saving you money now as well as in the future. | 15.9% APR | 27.95% p.a. (variable) | 0% for 9 months | No Annual Fee | 59 Days interest free |
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 Virgin Credit Card |
As well as a great rate, the Virgin Credit Card comes with:
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16.6% APR (variable) | 27.9% p.a. (variable) | 0% for 16 Months (2.98% fee on balance transfers) | No Annual Fee | 50 days on card purchases |
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 Capital One Classic Visa |
This card is designed for people with bad credit ratings, this is why the rate is quite high. |
Typical 34.9% APR variable | 34.9% APR | 34.9% APR | No Annual Fee | 56 days for purchases. 0 days for balance transfers and cash. |
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As well as earning Flying Club miles which you can spend on brilliant rewards like flights, upgrades, car hire and more, a Virgin Atlantic Credit Card gives you up to 46 days interest free on card purchases. |
17.9% APR typical rate | 20.9% p.a. (variable) | 0% for 6 months (2% handling fee) | No Annual Fee | Up to 46 days on card purchases only. |
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The Virgin Prepaid MasterCard from Virgin Money is a prepaid Mastercard that you can add funds to, and use these funds for normal purchases. |
N/A | N/A | N/A | N/A | N/A |
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5% cashback on purchases in your first three months (up to £4,000 of spend). Thereafter, earn 0.5% on the first £3,500, 1% on £3,501 to £10,000, and 1.5% after £10,001. |
18.9% p.a. | 27.9% p.a. | 18.9% p.a | No Annual Fee | 56 days for purchases. 0 days for balance transfers and cash. |
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Vanquis Visa Card is designed for people with no credit history or who have previously had bad debt. Representative 39.9% APR (variable) |
Representative 39.9% APR (variable) | 39.9% | N/A | No Annual Fee | Up to 56 days on card purchases only |
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The award winning prepaid card with no credit check or bank account needed. | Funds in your Account will not earn interest | Prepaid only - N/A | Prepaid only - N/A | £59.40 p.a. (£4.95/month) | Prepaid only - N/A |
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