Instant Approval Credit Cards: Are They Really Worth It?
Instant approval credit cards for bad credit no deposit are an excellent way to get approved for a card application, even before you apply. As many credit cards offer the opportunity of getting approved instantly, instant approval isn’t very rare. So, you should definitely not choose just one card above the other simply because one advertises instant approval. There’s a fair chance that the card which does not advertise this feature can instantly approve you too. Here’s why.
There are a number of different reasons why instant approval credit cards may instantly approve your application. For example, these offers may be able to approve your application quicker because they gather your personal details in bulk. This information includes your full name, address, contact details and your most recent bank statement. This enables the credit card company to instantly assess whether you’re a suitable customer for their offers.
If you apply for instant approval credit cards, they may actually offer you instant cash back. The majority of cash back schemes operate in much the same way as the traditional scheme, providing you with cash back when you make purchases online. However, there’s one key difference. With traditional cash back schemes, you have to register to receive the cash back reward. Not so with instant approval credit cards.
In order to get instant approval credit cards, you will have to prove to the issuer that you are an eligible customer. This usually requires that you meet a number of criteria including an acceptable income level. The eligibility criteria can vary between issuers. So, it’s important to read the terms and conditions carefully. In particular, check to see whether or not the cash back bonus is transferable between different credit card accounts.
Even after you meet the eligibility criteria, you’ll likely find that instant approval credit cards tend to have high application fees. There are many reasons why issuers charge fees for these programs. However, the most common reason is because the credit card companies want to ensure that only approved applicants receive the cash back bonus.
Many people wrongly assume that instant approval credit cards will automatically result in improved credit scores. However, this is not necessarily true. Most issuers review your existing credit scores before approving your application. So, if you have poor credit scores, you should still be able to get instant approval credit cards. As long as you still show the ability to make responsible and timely payments, your credit scores will only improve as time goes by.