When you need money in a hurry and cannot wait for the normal approval process used with a regular credit card, an instant approval credit card may be just what you need. Once you have received approval, which can be very fast, a number is issued to you that can be used right away – and you do not even need to wait to receive the card.
What You Need to Know about “Instant Approval”
The very name “instant approval credit cards” (also called guaranteed approval cards) may be somewhat of a misnomer. Instant approval implies that once you get the card you will be able to use it instantly. But the truth is that only some companies will let you use it immediately.
What really happens is that you will usually get a quick check on your credit. This quick check (the more thorough one comes later) will usually be approved within just a couple of minutes. Before the credit card is issued, though, the credit card company will perform a more complete check on your credit.
Some companies will not offer an instant approval credit card unless you already have one with their company. This includes Bank of America and Capital One, but they may provide it on co-branded cards. Both Discover and Wells Fargo do not provide instant approval credit cards.
Good Credit Score Needed
If you do not have good or excellent credit, you might not want to even apply – especially if the advertisement says you need it. The card is usually only given to those with better credit scores. If your application is rejected, it can negatively affect your credit score.
Some companies, as long as they can verify your identity, will issue you a credit card number right away. You will not need to wait for the card, and you can use the number almost immediately. One company that does this is American Express. They offer instant approval on their consumer credit cards. The Blue Cash Everyday Card from American Express will also give you rewards for your purchases. The Chase Sapphire Preferred® Card also gives rewards and will give 60,000 bonus points after spending $4,000 in three months.
Instant Approval Secured Credit Cards
Another type of instant approval credit card does not require a credit check. This means that you do not need good credit. People with any type of credit can get one. This type of credit card does require a deposit of the amount you want for a credit limit. It usually starts around $200.
The advantage of a secured credit card with instant approval is that it will help you build your credit score because they usually report to all three of the major credit bureaus. This feature can enable you to build credit even if you do not have any. Before buying, be sure to understand what the annual fee and interest rates are as well as any other features of the card.
Some Companies Are Unknown
Several instant approval credit card companies may issue you a card if you have bad credit but will give you a high-interest rate – possibly as high as 35.99%. It may also have high annual fees, one-time fees, and penalty fees. Before applying for a card from a company you have never heard of, be sure to check first with the Better Business Bureau to better understand the company and avoid bad deals.
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The Indigo Platinum Mastercard is issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC, and serviced by Genesis FS Card Services, Inc.
Genesis FS Card Services at P.O. Box 4477, Beaverton, Oregon 97076.
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