When considering applying for a credit card, many people prefer to seek out companies with instant decision credit cards on offer. What people are often unaware of is the fact that the instant decision deals are only really on offer to those with a great credit score.
Most if not all of the companies offering instant decision credit cards will have a caveat stating “Subject to Status”. Only offering the instant decision deals to certain high scoring applicants is normal, and is along the same vein as only giving the advertised rate to people with the highest credit scores.
Whilst both of these facts may seem like an unreasonable marketing ploy, designed to get people to apply for the deal, and then in actual fact offer a deal that seems much less appealing, credit providers would argue that a person with a lower credit score is a higher risk for them, and so they need more of an incentive to take that risk. Whether this policy is fair or not, it seems that it is here to stay.
The best thing to do is just be aware that the APR and other rates that companies advertise, and the speed at which they say you get a decision after applying for credit are not necessarily the ones that will apply in your personal case. Be sure that you are 100% happy with what is on offer before agreeing to let the credit provider carry out a check on your credit file, as too many checks in a short period of time can in itself lower your credit score. So be sure to shop around and compare many different card, before deciding which you wish to apply for.
Instant Decision Credit Cards – Are They Really Instant? Credit News
