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Deciding if an Instant Approval Credit Card is Right for You |
Many people are attracted to an instant
approval credit card because they want instant gratification.
Basically, advancements in technology have caused our society to
become used to getting things quickly. Credit cards are no
exception. While there are many reasons why you might want to get an
instant approval credit card, there are many things you need to take
into consideration in order to decide if an instant approval credit
card is what you are looking for.
Do you need the credit
card right away, or can you wait?
If you need a line of
credit right away, an instant approval credit card may be just the
thing you are looking for. For example, if you had a great business
opportunity or vacation package suddenly appear and you need the
funds right away, then you might want to apply for an instant
approval credit card. Or, if you have unexpected medical expenses or
other emergency-related expenses, then you might want to get a
credit card right away to help you take care of those expensive. Or,
perhaps you lost your job and need to pay your bills. In this case,
an instant approval credit card might be what you need in order to
stay on top of your living expenses as you get through rough times.
If you don't have a pressing situation to contend with, however, you
don't necessarily need to apply for an instant approval credit card.
You are probably now wondering what could be the harm in applying
for an instant approval credit card if you don't absolutely need a
credit card right away. In some cases, there may not be any harm in
this. On the other hand, many instant approval credit cards have a
higher interest rate than traditional credit cards. Or, they assess
processing fees, annual fees, or other membership fees for the
convenience of instant approval. If you do not need to have the card
right away, it is simply not in your best financial interest to
apply for an instant approval credit card online.
Are
there benefits to this instant approval credit card that you can
use?
If there are special benefits to the instant approval
credit card, then it might be a good idea to go ahead and apply for
the card. For instance, if the card offers a great introductory APR
or if it has a rewards program that suits your lifestyle, then the
instant approval credit card might be a good idea. Just be sure to
look at what the card has to offer beyond being an instant approval
credit card. Don't let that be the deciding factor that makes you
choose the card. Instead, look at the fact that it offers instant
approval as a bonus for a credit card you would want to have in your
wallet anyway.
As with any credit card, make sure the
benefits associated with the instant approval credit card are ones
that you will actually use. If, for example, the card provides
discounts to restaurants that are not even near to your home, you
are not likely to be able to take full advantage of what the card
has to offer. Take the time to research available instant approval
credit cards online to learn as much as you can about them and to
compare them side by side in order to decide the one that is best
for you.
Have you applied for any other cards recently?
Applying for an instant approval credit card should not be taken
lightly. It is just the same as applying for a traditional credit
card, and applying for too many credit cards within a short period
of time will reflect negatively on your credit report. Therefore,
take the time to research different cards to find the one that you
think best suits you and has the best chance of being approved. That
way, you don't have a large number of inquiries into your credit
history bringing down your overall credit rating.
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