Instant Approval Credit Card – The Difference Between Instant Access and Instant Approval
The Internet is a remarkable thing. It presents us with information and allows us to do things that we never dreamed possible just a few short years ago. One of those things that the Internet has made possible is the instant approval credit card.
Using a website that allows the submission of an online application for credit is incredibly convenient. There are, however, some points of confusion that we must address when it comes to instant approval credit cards.
Basically, how the process works is exactly the same for any card that you apply for online. You submit your information which then goes to the bank, or whomever the card issuer is, and they enter your information into a database to check your credit history to see if you qualify.
Most applications take from a few days to a few weeks to be either approved or denied. Instant cards greatly speed up this process. Although it must be stated, the decision isn’t technically instant. It actually takes about 60 seconds for a decision to be rendered.
If the applicant is approved then they will be notified with a message right there on their computer screen. So does this mean that the new account holder can immediately access their new line of credit?
No, in fact it does not. There is a difference between instant approval and instant access. In order to use the new card they first must be physically created and mailed out to the cardholder. Then the cardholder must call the phone number on the card as instructed to verify that they have received it.
Then and only then will the cardholder be able to use their new credit card. That is disappointing for some people that would like to get their hands on an immediate line of credit, but that’s just the way it works.
While there are most definitely our instant approval credit cards, there are no such thing as instant access credit cards.
And just to clear up any further confusion or misinformation… prepaid and debit cards are not credit cards because the cardholder is not being granted credit, but rather accessing their own cash.
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