A Beginner's Guide To Instant Decision Credit Cards
What are 'instant decision credit cards'?
It's a card you apply for online, where the provider gives you a decision about whether you have been accepted for the card very quickly, usually within 60 seconds.
Credit providers make these decisions using an automated check, which is why it is so quick. If you meet the requirements exactly you can be accepted instantly, but if your credit rating is very bad then it is highly likely that you will be rejected.
However, many people won't fit neatly into either of these categories, in which case your application will have to undergo further checks and will take a little longer.
Am I eligible for an instant decision credit card?
Normally you will need a very good credit rating to be approved. You may still be approved if your rating is not 100% clean, but it's unlikely that this decision will be instant, as your application will have to be reviewed further.
Additionally, you will be required to have fully functioning bank account, be over 18 years old and be registered on the electoral roll.
What are the benefits of an instant decision credit card?
It does what it says on the tin. You get a very quick decision on whether you can get credit from that provider or not, and your card arrives soon afterwards.
They can be good if you need to pay for something urgently up front, such as travel expenses. They're also suited to people who don't have time to spend a long time filling in forms and responding to follow up calls and emails from the credit company.
Additionally, you get all the benefits that normally come with a credit card, such as protection if your card gets stolen or cloned and cover on any purchases between 100 and 30,000 pounds.
What are the cons of an instant decision credit card?
Credit providers know that when you apply for an instant decision credit card, your priority is the speed at which you can get it, rather than making sure you have the best possible deal. As a result, the deals offered with instant decision credit cards typically have higher rates and fewer benefits than their slower decision counterparts.
How do I know which is the best provider?
In the past, comparing credit cards meant hours of research and drawing up tables, but thanks to comparisons sites this is no longer the case. Online searches will highlight exactly what each provider is offering in terms of APR, interest and additional benefits (such as cashback and points schemes on certain purchases), making it easy for you to find the best card for you.
However, as with any credit card application, it's important to check the small print to ensure you're not signing up for something which will leave you in financial trouble or with a poor credit rating later down the line.
by: David P Walker
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