| Five years ago, a consumer could apply for a | | | | Individuals without excellent credit that are |
| credit card and receive not only confirmation | | | | in a rush to get a new credit card can now |
| of approval, but also the card's 16 digit | | | | expect to wait at least five business days to |
| number and expiration date in a matter of | | | | get the card they applied for. Having good |
| minutes. Getting a credit card online was | | | | credit facilitates and expedites the decision |
| truly an instant process. And an easy one. | | | | process. However, those with average and |
| Especially for identity thieves, who could | | | | borderline credit scores are often left in |
| max out a person's virtual credit card before | | | | credit decision purgatory. |
| the actual plastic arrived in the | | | | |
| unsuspecting consumer's mailbox. Problems | | | | So what should one do if they truly need an |
| such as these ultimately led to the phasing | | | | "instant credit card"? One solution is to |
| out of instant online credit cards. | | | | consider applying for credit cards from |
| | | | different issuing banks. Since each bank |
| At present, American Express(R) offers 60 | | | | varies in its application processing time and |
| second decisions upon submission of an online | | | | approval criteria, applying for credit cards |
| application. If approved, the consumer is | | | | from different companies can expedite the |
| given notice of his or her status, not their | | | | process of obtaining an "instant credit |
| numbers. If the consumer does not immediately | | | | card," while also providing an opportunity to |
| qualify for online approval, then | | | | make a more informed decision on which credit |
| notification of approval or denial is sent | | | | card to accept and use over the long term. |
| via mail. Consumers with good to excellent | | | | |
| credit looking for an instant credit card, | | | | Perhaps the end of the guaranteed instant |
| therefore, should consider American | | | | online approval era of credit cards is not |
| Express(R) credit cards. | | | | such a bad thing. The more stringent and time |
| | | | consuming application process currently in |
| Most credit card issuers generally take | | | | place provides consumers and credit card |
| anywhere from five to seven business days | | | | companies immeasurably better protection |
| before reaching an approval decision and | | | | against identity theft. It also gives the |
| getting the plastic in the mail. With some | | | | consumer time to evaluate the interest rates |
| companies, consumers can expect to wait as | | | | and rewards offered by the instant credit |
| long as 30 days. Clearly, the days of the | | | | cards they apply for and make better |
| instant credit card are gone. | | | | decisions about which credit card to use. |
| | | | |