Credit Cards: Answers to the Approval Process

by : Devin Gilliland

Instant Approval, what does this mean?

This is where companies have already looked at your credit history before they have offered you a credit card. This means that you are in a position to accept their offer without having to go through the process.

Does this alter from an Instant Feedback Decision?

The fundamental difference between this and instant approval is that with instant approval they have already enquired about your credit history. With an instant decision this means they will get a decision out to you quickly.

How does instant credit relate to Instant Approval?

Instant credit means that you are able to go away and start making purchases straight away because the credit card has provided you with temporary account details. This is no longer a popular choice and the main reason for this is that it puts banks and companies in a position where by they are vulnerable to credit card theft.

Are instant approvals safe?

Instant Approvals are safe because if you are visiting the website of a company that you have heard of, and the data being sent is encrypted then the risks are similar or less to using a postal service, however it is worthy of note that they are fundamentally different. To check if data is encrypted look in the address bar, and should this read https:// rather than http:// then your data will get to the intended recipient.

After instant approval, how long will it take to get my credit card?

On average this will be around one week or even less in some cases. We recommend that you visit the concerned website for more specific information from the provider that you have chosen to work with.

How should I use my credit card?

You should use your credit card as you deem appropriate, however we recommend that you follow a few basic ground rules. Firstly, never use your credit card for a purchase if you are not able to envisage where the money is going to come from to it. If for example, you are not able to increase your income or decrease your expenditure then you should probably consider alternative means of financing a purchase.

Should I use my credit card online?

Shopping with a credit card is probably the safest way to shop online. The reason for this is that when you shop with a debit card your bank will not cover any losses that you incur as a result of fraud or a lack of integrity on the part of the merchant. This is why you should always ensure that should you intend to complete a large scale online purchase or offline purchase for that matter, use a credit card rather than a debit card.