Instant Approval Credit Cards - The Advantages Of Applying
Online
Getting instant approval for a credit card - and sometimes
getting immediate access to use it - can now be done in less
than 60 seconds. No muss, no fuss like the old days when getting
a credit card took a month or more. If you weren't aware of how
instant your approval could be, now is the time to find out.
Internet Technology and Security - Behind the Scenes of Instant
Approval
How did the instant approval credit card come about? The answer
is that the Internet has completely changed the way card-issuing
banks can research consumer information and make a decision
about an applicant's credit worthiness. Nearly every major
financial institution that issues credit cards - including
Chase, CitiBank, American Express, HSBC, and others - now allows
you to use the Internet to fill out their application online
with complete security, submit it with the click of a button,
and then count the seconds while they make their decision. And
in most cases, if your credit is good to excellent, you will be
approved instantly and a credit card will be on its way to you
within days.
Behind the scenes, instant approval credit cards use the speed
of the Internet and the sophisticated communication networks
created for the banking industry. When you submit your
application, banks can now easily verify your identity and check
with one or more of the three national credit bureaus -
Experian, Equifax, and Trans Union - to ensure that your FICO
score meets their application criteria. (Your FICO score is a
mathematical calculation performed by each of the credit bureaus
that rates your credit history on a scale of 0 to 800.) The
Benefits of Instant Approval
If you're wondering why you might want to take advantage of this
instant approval service to get your next credit card, there are
several good reasons:
1. Many banks periodically offer special promotions on their
credit cards, such as 0% APR on purchases and/or balance
transfers for a specified period of time or bonus travel miles
on airlines. These are offers you may not hear about if you
don't browse the Internet looking for instant approval credit
cards. 2. There can be a value in knowing quickly if you will be
approved for a credit card if you find yourself needing
additional credit for your business or personal needs. Using
paper applications and the US mail will usually take 4 to 6
weeks before you know if you are approved. 3. You can sometimes
get immediate access to a portion of the credit line for which a
bank approves you. For example, some banks will offer you $300
to $500 that you can tap into immediately using a code they give
you. 4. Applying for a credit card using a secure Internet site
can actually be safer than filling out a paper application with
your personal information and mailing it. Secure Internet sites
use 128-bit encryption which is considered unbreakable in the
computer security field. (You can tell when you are at a secure
Internet site because your web browser contains a small icon
that looks like a lock down at the bottom of the page.) A
Sensible Advantage
So the next time you are pondering your credit card needs and
feel that you can benefit from a new credit card, consider
looking into an instant approval card. In today's fast-paced
world, you may agree that this new form of getting a credit card
makes a great deal of sense for consumers.
Copyright 2005 Ed Vegliante.