What are instant credit cards?
Instant decision credit cards let you know whether or not you’ve been accepted as soon as you complete your application. This means that you don’t have to wait to see if you have access to credit and if you are refused, you may be able to apply for another product immediately.
Are they different from standard credit cards?
While most credit cards can be applied for quickly online, in many cases after making a request it may take a few days to a week for the card provider to get in touch with the outcome of the request.
An instant credit card usually gives you a response in as little as 60 seconds on whether you were successful or not. Many card providers have introduced instant decision technology as a marketing tool to encourage new customers to apply.
How do instant decision credit cards work?
After submitting your application online, three possible decisions will be made; you will either be refused, referred or accepted.
This will be decided by using a credit referral agency to give a score. These agencies have information about your loans, your repayment history and information on “stability” (for example, if you are registered on the electoral roll and how often you change your address). If you are not on a local voters list, it is a good idea to do so to help build a credit history.
Your score will be compared to the criteria of the credit card, if your credit score is good and matches the criteria, you will be instantly accepted. If your credit rating is bad, you will likely be refused immediately, but most credit card providers will at least contact you to explain why your request was denied.
If you were referred, your claim was too close for automatic judgment to be made and is subject to further review by the credit card provider. They may ask you for additional information to complete the application process. If you don’t receive an instant decision, that doesn’t necessarily mean you’ll be refused – it could just mean that the card provider needs additional information or approval before making a decision.
How long does it take to receive an instant decision credit card?
Once accepted, you will still have to wait for confirmation or arrival of the card by post. Thanks to advancements in technology, credit card providers can issue new cards faster than ever before.
You may need to confirm the request by signing an agreement and returning it before your card is issued. However, many companies are now using electronic signatures for online applications.
Will an instant decision credit card affect my credit score?
Many instant credit cards offer a “soft fingerprint” credit check, which means it shouldn’t impact your credit score, although it is recorded and visible if a business performs a check. credit check on you.
Also, beware of too many requests as it can hurt your credit rating. If you’ve been rejected rather than reapplying, it might be helpful to get a credit report to see why you were denied. Credit score is a measure of a lender’s creditworthiness, based on a picture of your current financial situation.
Am I likely to be eligible for an instant decision credit card?
It depends on your personal financial situation and your credit rating. It also depends on how much potential credit you already have and whether you’ve made a lot of recent credit applications.
Do I pay more interest on an instant decision credit card?
Some instant decision credit cards may not offer the most competitive interest rates, called APR or AER rates. If you want a credit card and plan to pay off the outstanding balance in full each month, you don’t have to worry too much about the card’s APR.
However, if you think you might not pay off the balance in full, the APR and interest rate are very important. The higher the APR, the more interest you will pay, and potentially, the longer it will take you to repay your credit.
Are instant decision credit cards available for bad credit?
There are instant credit cards available for people with bad credit, although these usually come with higher APRs and lower credit limits. The better your credit score, the better the deals you’ll be able to get on your credit card, so it’s always a good idea to have the best credit score possible.
If you think you can’t clear your balance at the end of each month, a A low APR credit card may be more appropriate.
Is getting an instant decision important?
While instant decision credit cards can minimize the hassle of applying for the card, this shouldn’t be the only criteria to consider before applying.
Be sure to examine all of the card’s features to see if it offers the benefits and rewards you want, and you’ll pay the best APR.
Also beware of too many applications as this can harm your credit rating. If you’ve been rejected rather than reapplying, it might be helpful to get a credit report to see why you were denied.
Many credit card providers offer on-demand pre-checks online. Unlike your current credit card application, this is a “low fingerprint” credit check that will not be recorded in your credit history. However, this may not exactly match your credit score, but it should give you a rough idea of whether or not you will be accepted.
What does “most popular” mean?
When we use the term “most popular” on Uswitch in reference to credit cards, these cards are ranked based on the number of clicks they have received on the site in the last 48 hours.
The most clicked cards are at the top, the least at the bottom. This reflects their popularity with visitors to Uswitch.com. Therefore, this is a good table to look at if you want to see which cards most people think are worth buying.
Does Uswitch compare all the credit cards on the market?
We compare credit to over 100 credit cards from all major banks and credit card providers.
However, we do not compare all of the credit cards available in the UK.
This is because some credit card providers have offers that are only available through their own website or branch, or through other comparison websites – similarly, some credit cards are exclusively available through Uswitch.
There are also many credit cards that are only available to members of member organizations and clubs.
What does it mean if a card is listed as an “advertisement” or “promotion”?
We sometimes receive payments from card providers to display their cards in prominent places.
These are advertisements and are designed to be distinct and separate from other cards in our comparison charts. We hope this makes it clear which cards are top notch offers and which cards are paid for promotions.