There are some important facts that must be understood when looking for an instant approval credit card. We have noticed that there are has been some confusion as to what they are and how they work that we need to address. We will start by answering two questions.
1) How exactly does the process work?
2) What are the requirements to qualify?
The process of getting an instant approval credit card begins when an applicant applies online for an offer that is eligible for instant approval. The prospective cardholder fills out the application and submits it just as they would with any credit card.
The personal and financial information entered is then sent through the issuer’s database to see if in fact the person that applied meets their standards. The main thing that is looked at is, obviously, the person’s credit rating.
The use of the words “instant approval” are actually a bit misleading. It usually takes around 60 seconds for the person to be notified by the bank or financial institution that issues the card whether or not they have been approved. So it’s not quite instant… but pretty darn close.
That is understandable of course. It takes some time to query the credit bureaus and get the necessary information about the individual’s credit history in order to make a decision of acceptance or denial.
That leads us to the second point. What are the qualifications for instant approval? Well, they’re basically the same as they are for any unsecured card. If the credit rating meets the requirements of the issuer then the application will be approved.
As a general rule, having a credit score of 720 or above is considered to be excellent. Some will make the case that 750 or above is the threshold. By the way, credit scores run in the range from 350-850. The higher the score, the stronger the credit history.
The bottom line is that if you have an excellent credit rating then you should have no problem getting approval. As stated above, it takes about 60 seconds for the computers to crunch the data.
The individual is then notified with a message that they were either approved or denied. If they have been approved then the card will be mailed out to them as soon as it has been created.
They cannot begin using the account until they have received the card and called the number provided to verify that they have received it. It is at that time that the card will be activated. That makes it official and the cardholder can then use their new credit card as they wish.
As you can see, there is a difference between instant approval and instant access.
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