Is It Easy To Qualify For A Fast Approval Credit Card
If you apply for an instant approval card, the credit card company will immediately inform you whether you application has been approved or declined. The express approval systems of some credit card issuers can give customers a decision in a minute or less. This way, you do not have to wait for days or weeks to receive the company\’s decision by mail. If it is that easy, does it mean that everyone qualifies for instant approval credit cards in Canada?
With credit card companiesgive approval quickly if the customer has an excellent or very good credit score. Those with poor credit score may see their applications declined in minutes. Clients with fair or good credit scores normally wait for some time so that their application is reviewed by an employee of the issuing company. So, to qualify for an instant approval credit card, you should have a decent credit score, and the application process may not be as fast as the credit card issuer advertises it to be.
Normally, application requirements include minimum income, minimum age, and Canadian residency. When you apply, you will have to provide other financial and personal details such as your full name, date of birth, employer details, assets and liabilities, household income, and more.
Most issuers approve only the applications of clients with good and excellent credit scores, but competition among them is tough. Some credit card issuers are willing to offer fast approval cards to customers with fair credit.
Keep in mind that even if your application has been approved, the card will be offered with high interest and lower line of credit compared to regular credit cards. Fierce competition, however, makes banks and credit card companies do everything to attract clients, especially by offering a variety of incentives. Incentives may include no annual fee during the first year, free balance transfers, or zero interest balance transfers up to one year. Some instant approval credit cards are also offered with rewards programs, with clients earning rewards points to be redeemed for gift certificates, travel, merchandise, etc. Other companies offer cash back credit cards to clients. Cardholders can earn more cash back when they charge items in department stores, gas stations, supermarkets, etc.
Some instant approval credit cards are also featured with no application fee, no credit check, and no fee cash withdrawals.
It should be noted that submitting multiple applications will affect your credit score, especially if you do it within a relatively short time frame. Credit reporting agencies view this as a sign of poor credit performance. Reporting agencies profile borrowers depending on their results and credit behavior. If credit card companies check your credit and then decline your application, you are demoted to a high-risk borrower. Your credit score is likely to suffer. Therefore, it is a good idea to find out the requirements of the issuer and discuss them with their representative, if needed.
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