What are instant approval credit cards?

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Instant approval credit cards explained
Many consumers have been sent unsolicited credit card applications via email or through the post offering instant approval credit cards. These cards are designed to enable customers to obtain a credit card facility without the normal waiting periods. In many cases the lender will have pre checked the customer’s credit rating and personal information before sending the application form.

Criteria for instant approval
There are specific reasons why a customer can be identified as a suitable candidate for instant approval.If the applicant has a good credit history, is in steady long term employment and has easily verified identification details they may be offered instant approval. The customer will still be required to complete a credit card application form, and approval will be determined on the details provided.

Assessment
Once these details have been assessed the lender will then decide whether or not to provide the credit card.

If the application is successful the applicant should be provided a credit card as soon as possible. Consumers can also apply for instant approval credit cards through a choice of lenders who can make an instant decision based on the information and proof of identity provided.
No credit check credit cards
Credit cards that come without credit checks are often called instant approval credit cards. This is because the lenders do not apply the stringent credit checking rules that come with low or normal interest rate credit cards.

High interest rates
High interest cards are usually provided to customers who have poor credit ratings, and due to the relaxed credit checking rules, the approval rates are high.

How does it work?
Consumers with poor credit records can often be sent unsolicited application forms from lenders. Lenders will buy the consumer’s details if the consumer has recently applied for a credit card and been refused.

Application procedures
The application forms for high interest credit cards can be completed either online or in the lender’s store and the decision on whether to supply the credit card can be undertaken immediately.

Others
Prepaid credit cards are also known as instant approval credit cards. No credit checks are required and no actual lender credit is involved. Consumers simply apply for the prepaid credit cards and top up their account with their own funds. The prepaid credit card can then be used in the same way as a traditional credit card but using the customer’s own funds instead of the lender’s credit.