Instant Online Approval Credit Cards – Why Instant Can Sometimes Take Time

Instant online approval credit cards can make applying for your card tremendously easy – but it’s important to make sure that you don’t confuse convenience and speed with good common sense and caution. Whilst there are many excellent credit card accounts available, with rates extremely competitive, it can sometimes be too tempting to fill in a form and receive your immediate approval without spending time checking out the many different offers available.

Credit card companies often rely on this online approval to hook customers straight away. With credit companies feeling the pinch at the moment it is important for them to try to attract as many good quality customers as possible.

By offering instant approval, they are often relying on the instinct people have of taking up a good offer as soon as it is made. This is what the internet is increasingly about – instant results, immediate confirmation, real time processing and verification. We want results, responses and confirmation and we want it now. However, is now always the best way to move forwards, particularly where your money is concerned?

The internet offers another major advantage as far as opening a credit card account or other financial service is concerned – the ability to shop around and compare. If you’re planning on opening a credit card account then make sure you compare several credit card companies. Make a note of the rates they offer, and not just the opening rates either, but the ones that will kick in after the account has been open for a while.

Don’t be lulled into opening an account based purely on introductory rates or concessions, but take the long view. Look at the charges and the costs over time. Be realistic – are you really likely to be able to pay off the entire balance each month? Don’t pretend you will if the reality is somewhat unlikely, because this can cause you to dismiss the interest rates as being largely academic.

Once you have compared a number of different credit card companies and checked their offers, the long-term rates and the benefits to you as a customer, then you will have a better idea of exactly who represents the best deal.

Once you are armed with this information then you will be able to take advantage of the instant online approval credit cards process, completing your forms online and then receiving the result immediately. This is automated by computer, with the system checking your credit details against those on file. This helps to flag up any points of concern. If your credit file is clean, then you may well be given instant approval, and be informed of your success. In most cases a letter in the standard post, or an email, will follow and the card should arrive a little while later.

Although most credit card companies that provide this facility aim to provide an immediate online approval, in some cases there may be entries made on the credit file which will need someone to take a closer look. Don’t be disheartened and assume that this means that you will be declined. Once someone takes a look at the application and reviews your credit file personally you may find that you are either offered the card as originally promoted, or offered a credit card at a slightly higher rate, reflecting any issues or concerns which the company may have based on your past credit history.

Assuming that anything other than instant approval means that your application has been declined can cause some people to immediately rush off and apply elsewhere. This is a mistake because by submitting multiple applications very shortly one after another, your credit file will record this series of searches and applications, and this will count against you. It may well be that the original cause of the delay in approving your application was relatively minor, and would have resulted in approval a day or so later. But by submitting several applications rapidly one after another, you could find that you are declined entirely.

Instant online approval can certainly represent a much more convenient solution that making postal applications and then waiting for a reply, but it can mean that you don’t get the best deal available to you.  Instant approval online still provides you with your statutory right to consider the agreement before signing the documents, since nothing is legally binding until you have provided that signature.

Instant online approval credit cards provide a wide range of rates and services, and vary from those more suited to people with adverse credit histories to those who have excellent credit files. The important aspect to bear in mind is that it is only the approval which is instant, and you still have the time to compare rates, compare fees, and make an informed decision that takes as much time as you feel it needs.

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For more information on instant online approval credit cards and more, go to My Credit where you can compare instant approval credit cards and other credit card offers and applications from major banks and issuers.
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