Instant Credit Cards

Many banks and issuers, including Visa, MasterCard, Discover, and American Express are now offering instant credit cards in ads that claim to provide instant credit approval. However, the speed of the services you receive with this kind of card do not vary much from that of any other card you may be offered. The truth of the matter is that these lenders use the word "instant" very indiscriminately in their ads.

Instant credit cards are commonly found on the internet. Applications for these cards are completed online and submitted for review. The main concern of the lender is that you are able to repay the line of credit if it is issued. Therefore, before they approve or deny your credit application, they consult with the credit bureaus to see your credit history. With today's technology, this process can be done very quickly. It may only take between 1 and 3 minutes before you get a response. However, it is not instant. Plus, you will still have to wait awhile before you are able to use an instant credit card. There are a few pre-paid credit cards that offer instant cash credit cards, however this is just allowing you to build credit while using your own money and not a line of credit.

If you are approved for an instant credit card, the card must first be made, mailed, received, and activated, before you can use it. It may take several days or even weeks before your line of credit is accessible. Therefore, calling the card "instant" is somewhat misleading.

Instant credit cards are advertised in a way that appeals to people who may have an urgent need for credit and think they will have immediate access to a new card. For this reason, you should be especially cautious of these ads, as they may aim to take advantage of consumers who are in a vulnerable state. However for the most part, these offers are the same as any other credit offer you may encounter. Before submitting an application, make sure you have shopped around and read the fine print.