Instant Credit Cards

Several credit card issuers are now offering instant approval on line – although they do warn that in some cases, instant approval is not possible. And, “instant” means something different to different credit card providers. Some advertise approval within 60 seconds, while for others, “instant” means “same day.”

Some permit immediate access to the credit line they approve, while others will require you to wait until your card arrives in the mail.

These offers are generally limited to consumers with good to excellent credit, and come in several configurations.

• Some are pre-paid cards.
• Some are “regular” credit cards that allow you to carry a balance.
• Some, like the American Express Premiere Rewards Gold Card have no pre-set spending limit and the balance is due in full each month.

A brief perusal of the credit cards available for instant approval did show a slightly higher than average interest rate on cards that allow consumers to carry a balance.

In addition to the instant approval cards available on line, you may be offered instant approval on cards offered at the check-out counter at major retailers. These are often available for use in purchasing the same day – and may offer discounts on other purchases in the same store on that day.