What Are Main Instant Decision Card Features?
There is a large number of credit cards you can apply for online really quickly. However, in most cases, you will get the answer to your approval status in weeks. At the same time, when you finish the application process, there’s nothing you can do about it. If the lender has a policy of performing hard credit checks, there’s no way to stop it. That might reduce your chances of getting some other card, and you will have to spend a lot of time waiting for the answer. Instant decision credit cards work in a different way.
Getting an Answer Quickly. For some people, time is essential. They don’t have the luxury of waiting for a week to get an answer regarding their approval status. Instant decision credit card lenders will often give you an answer in a matter of minutes. In some cases, you will only have to wait for a minute to know where you stand. We live in a fast-paced world, and you need to find out what your financial options are quick, which is why instant decision cards are becoming more popular.
Soft Credit Inquiry. Soft credit inquiries are always used with instant decision cards. They require a little time to process, and that’s why instant decision card providers use them. Soft inquiries don’t have an effect on your credit score. Simply put, they don’t appear in your credit report. Your score won’t drop, and even if you are rejected, you’ll be able to apply for some other card without any consequences.
Three Potential Answers. When applying for an instant decision card, there are three potential answers you can get: Accepted, Declined or Referred. When you are accepted, you can finish the application and receive your card. When declined, it means that you don’t fit the credit criteria set by the lender. The third scenario is to get referred; in which case you will have to give a bit more information. It means that you are close to getting approved.
What Are Instant Decision Card Advantages?
Some of the most important benefits instant decision cards can have are:
- Getting a Card Number Instantly. In many cases, lenders who offer instant decision cards also give you a card number immediately after being approved. It means that you can start using the benefits of that card straight away. You will only have to wait a day or two for the card to arrive.
- Emergency Account. If you are in a hurry to get a new credit account for payment or something else, an instant decision card can be very beneficial. They can get you out of a tough situation and give you time to set your finances in order without being penalized.
- Using New Card Features Right Away. Instant decision credit cards come in many different forms and can be used for various reasons. Some of them carry valuable features that are good to have right away. For example, if you are looking to consolidate your debt quickly, these cards allow you to do so.
What Are Instant Decision Offer Disadvantages?
Like with all types of cards, there are downsides. Here are some things you should be aware of:
- Locking Yourself Into Debt. Just because these cards are easy to get and they don’t have a hard inquiry doesn’t mean you should jump straight into getting one. The simplicity of the process sometimes makes people feel like they are getting a candy bar and not a mere credit card.
- Not Thinking About The Card Features. Instant decision cards are so valuable that people often don’t even think about the card itself. Just because you can get a card right away doesn’t mean it’s good.
Should You Use Instant Decision Cards?
Absolutely. No matter if you have an excellent, good, or bad credit score, you should apply for instant decision credit cards whenever possible. It’s basically an application benefit that has no downsides. The fact that you get an instant answer doesn’t impact the features of the card itself.
Bottom Line
Instant decision cards are great for people who want to reap the benefits of a certain card right away. They are also risk-free as applying for them doesn’t affect your credit score. Still, not all of them have low requirements or great features. If you need a new card to make purchases or want to improve your score, they can be a good choice. The important thing is not to be blinded by the quick approval process and think about if you actually need to card.