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.

In the past, this took a long time because your potential card issuer would contact one of the three credit referencing agencies that hold copies of this information in writing, by phone, or later by email. Nowadays, banks have greater access to this data directly. This means that when you apply for an instant approval credit card, the card provider contacts the credit reference agency electronically and immediately scans your report, generating a decision automatically according to specified criteria.

What happens next depends on the company you are dealing with. In some cases the decision really is as almost instantaneous. However, there is still a two-day period during which time the paperwork is double checked. Once everything is in order, the card is sent out to you through the post. Other companies do more extensive checks that can take longer. Even at this point you can still be declined after the initial potential 'yes'. Banks simply aren't going to take the risk if they later find something that doesn't meet their criteria on that the automated system may have missed.

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.

About the Author:

Rebecca Gold writes financial based articles for financially related websites. Read more about the Instant approval credit card and the Credit card application here.