If you’re looking for a new credit card, you’ll probably see that many are advertised as ‘instant decision credit cards’. But what does this actually mean, and can you really get an instant decision credit card? Find out more with uSwitch.
Instant decision credit cards – fact or fiction?
Getting an instant decision on your credit card application sounds like a great idea – no waiting around to find out if you’ve been accepted or not, and no need for follow-up phone calls or letters.
However, the term ‘instant decision credit card’ is somewhat misleading. While some people may get a decision within 60 seconds or so, others will not.
In some circumstances you may get an instant decision about your credit card application, for example if you’ve got a bad credit rating, or if you exactly fit the credit profile for a particular card, because it’s easy for the automatic check to pick up on this and say ‘yes’ or ‘no’ accordingly.
However, with some applications it’s harder to make the judgement about whether or not to give you a credit card on the basis of a 60-second automated check. Therefore, your instant decision credit card application may have to be referred for further checks before you find out if you qualify or not.
Your instant decision credit card options
When you apply online for a credit card, a significant number will give you an instant decision on your application, but with the limitations already discussed. So while you may get an instant yes or no, your application could take a bit longer if it has to be referred.
Another option which could give you something like an instant decision on your credit card application is Barclaycard’s Pre-Application Check. The tool performs a ‘soft footprint’ check on your credit file and gives you a good indication of whether or not you’ll be accepted before you go ahead with a full application for a Barclaycard. This isn’t the same as being firmly accepted, but it won’t do any damage to your credit report. To use the service, select the ‘Am I eligible?’ option on Barclaycard’s website.
Alternatively, try a prepaid card. Prepaid cards are a great alternative to credit cards – they offer all the convenience of a credit card, but with no risk of getting into debt because you have to pre-load money on to the card. Plus, because there’s no credit check, they really are instant decision cards, with next to no chance of being rejected. Compare prepaid cards.