Credit card usage is at an all time high today with the average family or individual carrying at least six credit cards and over $ 8,000 in credit card debt. In spite of this or because because of it, credit card companies are competitive like crazy to get your business. They're offering low interest rates, no annual fees, 0% intro APR balance transfers, cash back and many other features sure to entice you into applying. Another popular thing you may see a lot, particularly on the internet is instant approval credit cards. These cards offer you approval within seconds or minutes. The question is: are they instant?
I've known a few people that have applied for what they believed to be instant approval credit cards only to find out that they would hear in the mail within 30 days if they were approved or denied. Many of these offers are made by companies offering credit cards with excellent interest rates and features that are usually offered only with the best credit cards. After you apply, you may then have to send them a copy of your W-2s or recent pay stubs so they can verify your income. By this point, you're probably wondering, "What's so instant about this?" The reason for these requirements is because of the low interest rate you're going to be charged if and when you are approved for one of these speedy cards they're offering.
If you're in a hurry to have a credit card, you'll need to read all the fine print in the offers to ensure that you really will get the card as soon as you are approved, which should be minutes after you apply. As I said, just because they say they are instant approval credit cards, that does not mean that you are going to get your answer immediately or without additional information required. Here are two companies that offer not only instant approval credit cards that really are instant but also some excellent rates and benefits to credit worthy individuals. While you will find there are many more, these can give you an example of what type of offers you may wish to consider.
· Discover® More offers no annual fee, 0% intro APR on purchases for 6 months and balance transfers for 12 months, 10.99% thereafter, online access, cashback of up to 20% on purchases
· American Express Blue offers no annual fee, 0% intro APR for 12 months 10.24% regular APR, online access and points and rewards program per purchases made with card and approval within 60 seconds.