Instant Approval Credit Cards: Everything You Need To Know
Instant Approval Credit Cards is a financial process where a quick response is given to any request made for a credit card. However, the Approval process is sometimes swayed off due to some reasons.
If you want to know how to get your Instant Approval Credit Cards with ease as well the best and easiest type of credit cards to get approved for, then continue reading because this article holds the answer you seek.
What Is an Instant Approval Credit Card And How Does It Work?
When you apply to any credit card issuer, the immediate response from them asking you to wait that your request is being processed and may take a few days is the practical demonstration of Instant Credit Card Approval.
It is the initial response that builds your hope in regards to the final approval of the credit card you requested.
To be able to get Instant Approval, your credit score must be high and up to the credit score standard set by the card issuer. After the initial response from the credit card issuer, a series of financial tests will be done on your financial status.
If the result of their test doesn’t meet with their criteria, your request will be rejected.
Does Instant Approval mean Final Approval?
No. The Instant Approval is to save you the stress of having to check and return to the card issuer. Some Credit Card issuers prefer to go through the process of pre-approval credit card or issue Instant use Credit card.
What Is an Instant Use Credit Card?
Instant use credit cards are cards given to clients with high credit scores on request for Instant Approval Credit Card.
When you request for Instant Approval Credit Cards, the card issuer may issue instant use credit card having the credit card number so you can immediately start using it while they are still processing your request for Instant Approval Credit Cards.
Can I Still Get The Instant Use Credit Card?
Not all the credit card issuers issue instant use credit cards anymore because they discovered that after issuing it, the client immediately starts using it.
Before the card issuer finally approves or rejects the requests, they have already used up to their credit limit and at times, they are even denied final approval.
Difference Between Pre-Approval And Instant Approval
Pre-approval is a sequential process that starts directly from you filling the form and waiting for the final and last response whether approved or disapproved.
While Instant Approval is quite delusional as you leave with the hope of getting your credit card approved. After some days you may get rejected because you weren’t able to meet up with their requirements.
Eligibility Criteria For An Instant Approval Credit Card
Credit card issuers are different from each other including their criteria. The criteria they need will be found in the form you will fill for Instant Approval Credit Cards.
However, the following information is generally required.
- Your Full name
- Your Age (full date of birth)
- U.S citizenship Verification
- Dual citizenship Confirmation
- Residential details
- Marital status
- Academic qualifications
- Liquid Net worth
- Bank details
- Your mother’s name
- Your social security number
- Source of income
- Income value
In addition to the details, every credit card issuer will first access your credit score before proceeding to their other placed criteria.
Which Card Is The Best Instant Approval Credit
Almost all the types of Instant Approval Credit Cards are good and favorable to different people.
Below Is a list of all the available and good instant credit cards as well as the type of people it will be favorable to. One good point to note when choosing the best Instant Approval Credit Card for you is Approximate Percentage Rate.
Here are some to put into consideration:
1) Self Lender: This card is good for people with no credit score. The credit limit is very low.
2) Secured Visa® Open sky®: Just like the self-lender, this card requires no credit score and the credit limit is very low. The annual fee charge for every year to be paid for the Credit Card is $35
3) Green Dot premior® Visa®: This is for people with low credit scores. Credit limit is up to $5,000. $49 is the stipulated charge for the credit card at the end of the year.
4) Unity® Visa secured: This is for people with a high credit card. There’s no credit limit for this type of instant Approval Credit Card. This type of card attracts $39 to be paid at the end of each year
What You Should Do When Your Request For Instant Credit Card Is Rejected
The best thing to do in the case of rejection is to contact the credit card issuer and ask for the reason. Once they’ve told you the reason the best thing to do is to follow their laid down guidelines and make necessary corrections then request again.
There are a couple of reasons you can be rejected. Below is the list of possible reasons:
1) Error in submitted details: In the process of verifying your details, an error is spotted, the credit card issuer will believe you want to fraud them.
Hence the disapproval of your request on the ground of fraudulent practice
2) Underage: The approved age by all credit card issuers is 18 years and above. Any age below that is immediate disqualification
3) Excessive request on instant credit card: When the number of times you have requested for the card is much, your request will be rejected. This is on the ground that they suspect that you need the credit card for fraudulent purpose
4) Net Worth: Most credit card issuers place value on your net worth.
If your net worth is not up to their required net worth limit, your request will get rejected even though you meet other criteria.
Bottom line, Instant Approval Credit Card is a new and accepted development as it saves you the stress of having to wait for days to know if your request is accepted or denied.
Nevertheless, before you apply for the instant approval credit card, it is advisable you check your credit score and the criteria to avoid being disqualified after the instant approval.