Instant approval credit cards are those credit cards for which online application is needed. You get instant information as to whether your card has been approved or not. Only people with excellent credit can apply for these cards, although there may be exceptional circumstances. Though some people may have to wait longer even if they apply online.

While comparing instant approval cards you must use the APR (Annual Percentage Rate). When comparing instant approval credit cards one must ask: Is there any low or 0 APR as an introductory rate? If yes, how long does this introductory rate last? Some cards offers an introductory period of up to fifteen months while others will not. Also few of these cards have an annual fee that must be paid while others do not. One cannot do any comparison without looking at annual and other financial fees.

Then there is the difference between instant approval & just an instant decision credit card. These differences are important for comparison purposes. An instant approval credit card is one where your application gets successful and you will receive a credit card in three to seven working days. An instant decision credit card means that the bank gives you an ‘interim’ approval before they get your credit report from the relevant credit agencies to check out your report. Some people are eager to start using their credit cards once approval has been granted though not many card companies offer this. Before people actually receive credit cards many banks may offer issue of a temporary card number under their instant credit plan so that the applicant can make online purchases immediately as soon as the application is approved. But such approvals are rare because of fraud concerns. Credit cards also offers you free credit rewards’ programs. Hence while deciding on the card one must include examining which cards offer better incentives and how are these as compared to similar types of cards.

Getting instant approval for a credit card can now be done in less than 60 seconds. The Internet & Information technology has changed the way banks can research consumer information and decide about an applicant’s credit worthiness. Nearly every major financial institution that issues credit cards encourages you to use the Internet to fill out their web application with complete security. This guarantees instant submission and quick decision making. If your credit is good to excellent, you will be approved instantly. When you submit your application, banks verifies your identity and check with one or more of the three national credit bureaus namely Experian, Equifax, and Trans Union so as to ensure that your FICO score meets their application criteria.

In today’s fast moving world, getting instant approval for credit cards is really advantageous.