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