How do you plan to apply for your new credit card?
Now you have researched the various cards available, you have several options for how to go about applying for your chosen card. You can do this by post, at a branch, over the telephone or online.
Rather than waiting days for an approval, there are several benefits to applying online for an ‘instant approval credit card'. Here are our top five reasons for applying this way.
Instant approval
It may sound obvious, but one of the main advantages of an ‘instant approval credit card' is that you get a decision immediately. It may take a minute or so for a card provider's computer system to process your application, but you will get a response straight away.
If you apply using other methods you may have to wait days for a response.
Immediate balance transfer
Some credit card applications allow you to submit balance transfer requests with your online application. You do this by entering the card details and the amount of the balance you wish to transfer.
If you receive an instant approval on your new credit card you ensure that your balance transfer will be processed as quickly as possible. This means that you can start benefiting from a lower interest rate immediately.
Speed
It follows that the less time it takes for your credit card application to be approved, the less time it will take for your brand new card to be delivered. Rather than waiting days for your application to be processed, by applying online you can expect to receive your new card within several days.
Stops multiple applications
Many of you will have sent off a credit card application only to find other offers over the subsequent few days. Some of you may also have decided to apply for other credit cards in case your original application was not approved.
Every time you apply for credit a search is registered on your credit file and so applying for multiple cards can actually damage your credit history. By applying online for an instant approval credit card you know straight away whether your application has been successful and you don't need to submit applications for multiple cards.
Ensures you get the deal you want
We have all been in a situation where we are keen to take advantage of a special offer, but it is withdrawn before we have the opportunity to take advantage of it.
The same is true of credit cards. Low rate offers are often time limited and so you may find that a deal has been withdrawn before your application arrives with a card provider. However, by applying for an instant approval credit card online, you can be sure that you will benefit from a special offer as the decision will be made immediately.
Instant approvals through online credit card applications certainly have their benefits, but don't forget to use them with caution. Quick approval for credit doesn't mean you should rush to apply. Always thoroughly research credit card terms and compare offers before committing to any card through an application.
Aaron Zaias recommends you visit Credit Card for more free information, advice and tips on how to select the best Credit Cards currently available.
HSBC Credit Card (INDIA) - Settled and Paid But still showing as Defaulter?
Hi,
I'm from India,
I hold HSBC credit card (Card#: 4384 5999 1172 6684 ) from Jan, 2006 and settled and paid in 1 installment in May, 2007. But last week I applied for personal loan for 2lac. It got rejected as I was shown as 'Defaulter' in CIBIL. The representative also confirmed that this is due to HSBC card settlement. CIBIL reference control no of my case is : 397120060
Today I called up HSBC credit card customer care and confirmed that account has been closed and now showing ZERO balance. He confirmed it should not affect the credit history.
Please suggest me removing my name from CiBIL defaulters
Thanks,
Venkat
9912769760
Answer
1. Do not post credit card numbers on the Internet. Someone else might see the credit card number here and use it to commit fraud.
2. A credit report is a historical report on what money you have owed in the past, not just what you currently owe. If you were previously in default, that fact may appear on credit report for several years, even if you are no longer in default.
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