Q: What does instant approval credit cards mean for applicants?
A: Instant approval refers to the process by which credit card companies take your application information and instantly make a credit decision using your information to pull a credit report online.
Q: How does this differ from Instant Decision?
A: Instant decision is a term that allows the banks to defer the approval/decline decision until they can do some back-end work if an application credit decision requires more scrutiny (i.e. they either don't have the ability or don't want a final, real time decision in some cases).
Q: I've also heard of the term "Instant Credit". Is this the same as instant approval?
A: Instant Credit involves not only instant approval but also provides the applicant with a temporary credit card number that provides the ability to make an online purchase immediately. This capability was initially developed about five years ago but most banks have stopped the practice due to losses from fraudulent uses of instant credit. Instant approval gives the banks a few days to verify the applicant information in order to make a better credit decision.
Q: Are instant approval applications as secure as filling out a paper application and sending it through the mail?
A: Yes. Our site offers links to only secure applications through the major banks and credit card companies that employ the latest internet security data encryption. If anything they are probably more secure than sending information through the mail.
Q: How long does it take to get a credit card once my application has received instant approval?
A: This varies by issuer but the typical time required is around 5 – 7 business days. The specific issuer will be able to provide more specific information through their customer service unit.