Instant decision credit card
Credit cards have become very popular over past few years and people like to carry these cards instead of cash. Apart from providing ease of use, credit cards also provide purchasing and cash limit, which can be utilized for fulfilling requirements. Getting credit cards has also become very easy, thanks to increasing competition among different credit card issuers. A person can apply online for the credit card, get instant approval and credit card reaches him in next few days. Such credit cards are called as instant decision credit cards. These are also called as instant approval credit cards. Almost all the credit card companies allow a person to get instant decision credit card. However, for getting most beneficial credit card, it is required that a person makes comparison among different issuers on basis of interest rates and benefits.
Instant decision credit cards have proved to be a success due to internet gaining more and more popularity. Now it has become possible to apply for the card while sitting at home or office and receiving the same through mail. Essential documents are also brought to the person at his home through mail or service representatives. Online application that is used for applying instant decision credit cards is generally easy and short. It hardly takes few minutes for a person to complete the same and apply through internet. As soon as application is submitted, approval to the specific card is provided in no time, sometimes in as less as 60 seconds. However, there are certain terms and conditions that have to be read between the lines.
It has been seen that if a person has good or excellent credit, there is absolutely no problem in receiving the credit card. In case, a person is suffering from bad credit, he may be or may not be provided the card. Instant decision is generally given in-principle. With credit card companies loosing good amounts due to non-repayment of amount by the credit card holders, getting instant decision credit card has become bit difficult for the people suffering from bad credit. Before providing credit card, after instant approval has been given, credit card companies review the information provided in the application and make necessary verifications. No doubt, creditscore of a person as provided by the credit bureaus is the most important consideration. People with good credit are able to receive the card within 5-7 days of making the application.
Another benefit attached with instant approval credit card apart from quick approval is that these cards are provided along with different types of tools, features and other rewards that a person can easily use to his advantage. GM, Citi, Discover, etc are some of popular names that issue instant decision credit cards.
Comparing instant decision credit cards
As said above also, comparing instant decision credit cards is very important. This can be done online in an easy and quick manner. There are many web sites that allow a person to make comparison among instant decision credit cards side by side and also allow him to apply for the chosen one. Let us discuss some important factors that must be taken care of while choosing any instant decision credit card. Firs is the APR or annual percentage rate. There is a good difference between APR and interest rate. APR comprises interest rate as well as other fee and charges associated with the usage of credit card. Thus, a person should not take any decision in haste on the basis of interest rate only. Second factor is various types of benefits offered.
In present times, credit card companies are providing lots of benefits to the credit card users and these include rewards, cash back offers, points and other schemes. A person should decide about the benefits on basis of usage. That is, what are the benefits that he can really enjoy through credit card use Third factor is interest fee period. All purchases made through credit card carry an interest free period, that is, period in which no interest is applied and payment can be made. Similarly, balance transfers can also be done absolutely free through free initial period. If a person is getting instant decision credit card for the purpose of balance transfer, interest free period is the most important factor that he should see for. Last but not the least, annual fee. Most of credit card companies are offering instant decision credit card without any annual fee requirements. Some of these offer this facility up to introductory offer period only, after which it becomes payable. All these aspects should be taken into consideration.
Let us discuss some of instant decision credit cards available in United Kingdom to understand more. Capital One is one of leading provider of instant decision credit cards. Capital One Bank Low Rate Balance Transfer Card is one such card. It offers balance transfer at 5.5% up to 1st January, 2011. Interest free purchase period is up to 1st May 2009 and typical APR attached is 15.9%. Similarly, Capital One Bank Fixed Rate Card is another instant decision credit card. It offers balance transfer at 8.5% up to 1st Aug, 2012. Purchases can be made at 8.5% up to 1st Aug, 2012 and typical APR attached with this card is 8.5%.
Virgin is also one of leading providers of instant decision credit cards. A person can get Virgin Money Credit Card, which allows him to make balance transfers at 0% for a period of 16 months. Similarly, purchases can be made at 0% for a period of 6 months. Typical APR attached with this card is 16.6%.
Another instant decision credit card available is Barclaycard Platinum with Balance Transfer. A person can make balance transfers at 0% for first 14 months and can make purchases at 0% for first 3 months. Regular APR attached with this credit card is 14.9%.
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