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