A quick guide to instant credit cards

By UK CreditCards.com

With an increasing number of households now benefiting from high speed broadband, it's not surprising that more Brits are applying for financial products such as personal loans and credit cards online. 


And, with credit searching technology now available to credit card providers, lenders are using automated credit scoring systems to assess online applications for credit cards. As a result, more consumers are able to take advantage of 'instant credit cards.'

What are instant credit cards?
Instant credit cards (also sometimes called ‘instant approval credit cards') are credit cards that instantly approve or disapprove your application as soon as you submit it. You don't have to wait for your application to be underwritten because you will receive a decision straight away once you have applied for the card online.

How do I apply for instant credit cards?
Firstly, undertake research online to find the right credit card for you. Many websites now allow you to compare offers on 0% credit cards and other deals from leading providers so you can compare credit cards in one place.

You can then apply for your chosen credit card online, and the application process typically takes just a few minutes. 

The card provider then uses credit scoring technology to determine whether or not you fit their lending criteria. If you do fit their criteria, you will get an instant approval online. If you don't, the provider will either decline your application or it will be manually underwritten. If this is the case, you will likely have to provide some further information.

What benefits do instant credit cards offer?
Applying for instant credit cards online significantly cuts down the time it takes for you to apply and actually receive your card.

In addition, many credit cards allow you to input the details of any credit card balances that you may wish to transfer to the card. With your card being approved straight away, it means the balance transfer process can start immediately and your balance will be transferred to the lower rate quickly and simply.

See related: A guide to cashback credit cards; 5 questions you should ask before signing up with a new credit card provider

Published: 31 May 2011