The Truth About Instant Decision Credit Cards

Filed Under Credit Cards

In the credit card world there’s a subset of cards loosely known as instant decision credit cards. They work just like other credit cards but they have an accelerated application and approval process. This means you can potentially get one of these cards fast and that fits right in line with our rapid, fast-paced lifestyles.

The application for an easy to get credit card is designed to be streamlined and quicker to fill out. There’s less required information on these applications than on the typical credit card app. And so there’s less emphasis placed on earnings potential or income history. The focus of the application, and the one thing that will make or break your approval is your credit score. Instant decision credit cards make their decisions primarily from a person’s credit score.

There are other criteria, but none approach the credit score in importance. If an applicant has a poor credit score, he or she will most likely be rejected on the spot. In some cases a strong income can overcome the credit score but that happens infrequently.

Why do banks and lending institutions offer these types of credit cards? Well, they can charge higher interest rates and/or fees in exchange for the quick decisions. So there’s a profit potential with these products that make them very attractive.

This is not to say that these cards are necessarily bad. Also, it would be unfair to call some instant decision cards “predatory.” In the defense of the lenders, they’re providing a service that some people are willing to pay higher fees and interest for. If you as a consumer understand what you’re getting into, there’s nothing wrong with obtaining one of these cards.

Instant decision credit cards have become a very popular alternative for a lot of consumers. But because they come with a higher price tag you must be careful when using them. Running up a balance will cost you more in interest and fees than other cards so you must manage them properly. If you can do that, they can be a great deal.

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easy to get credit cards, instant decision credit cards

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