Applying for a new credit card can cause some anxiety especially if you have no way of knowing whether you’ve been approved or not. No problem, that’s exactly what an instant approval credit card is made for. It is set up provide you some feedback about your card application status after you apply.
Besides informing you right away of your application status, instant approval credit cards normally provide extra benefits. Before rushing headlong to fill out your application, you have to know about the important benefits and features of the card. Here are the three essential features to look for when you sign up for an instant approval credit card.
APR and interest rate
As you fill out a credit card application form, you will find that it provides a 0% annual percentage rate (APR) in its introductory period. During this period, you’re not required to pay interest, whatsoever. However, regular interest charges will be in place eventually. Know what the regular APR is as this will guide you on your purchases and card usage.
Does it offer rewards or incentives?
Most instant approval credit cards offer incentives and rewards. You may earn cash back as a reward for using your card, or earn travel points in frequent flyer programs. If you find a card that offer appealing rewards, then read the fine print first. This will give you some understanding of the terms and conditions of the program.
Be aware of other charges
On certain occasions, an instant approval credit card could charge a number of fees. You are required to pay an annual fee for the use of the card. You may also be charged with late fees if you miss your payments or if you go over your allowed credit limit. This is why you have to read and thoroughly understand the fine print since this will give you a clear idea of any extra charges you may run into once you apply.
After choosing the card you want, the next step is filling out an online application. Be prepared to furnish some basic personal and financial information about yourself, particularly your current employment and salary status, Social Security number, and your housing condition.
After submitting the application, you will know within less than a minute if you have been approved for the card or not. You will be informed through email, so you have to check your account right after applying to know the result of your application. Credit card companies will verify your FICO credit score, a rating system used by credit reporting agencies to assess your credit standing. If you’ve got a good score, then you’ll be approved immediately.
If you happen to have a low credit score, you still have a chance to get a card for you. There are some cards specifically made for persons with low credit ratings. If you think you have a low credit score or had some credit troubles previously, then choose this card that is designed for your credit condition.
An instant approval credit card will give you much-needed information concerning your application’s status without delay. Once you get your approval, you will receive your credit card through the mail and you can start using it as soon as it reaches you.
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