Credit Cards Instant Cash!

In life there are lots of temptations and not all of them are easy to resist, one such temptation might be the rows of instant credit cards that you see on the racks of your favorite store! These cards attractively laid out offering discounts on your favorite goods try to make you believe that they are the best thing is the world but they rarely are.

The instant credit cards vouch for immediate approval of credit and they seem particularly tempting to those who have a bad credit history or a poor credit score, which makes getting an approved for a traditional credit card quite difficult. But you might be quite wrong in judging it this way.

Firstly the “instant” tag hides the fact that you have instant qualification for approval and application, it nowhere mentions that your application process is shorter, like any other credit card, you need to fill in a form and it is not always without a credit inquiry that your instant credit card is granted.

It all boils down to the fact that there is definitely no guarantee that your access to this credit is “instant”. It takes anywhere between five to thirty days. American Express is perhaps the only one, which actually takes a quick decision, sixty seconds in many cases, when it comes to instant credit card applications. Needless to say that you need to have a super clean credit history to get that approval!

Mostly all the credit cards of the instant variety have a high rate of interest and carry severe penalties in case of a default. You may end up paying more, and getting into more debts and thus losing more money than you saved through those flashy discounts. Plus if they do a check on your credit history then these inquiries are sure to pull down your credit score further.

So what should you do?

Well, do not opt for them if you can help it, your poor credit score situation is not going to be salvaged by this option. And in case you cannot help it and need the cash, then do a careful research online, compare the rates offered by various companies, and you are likely to come across few instant credit cards which offer a reasonable rate of interest.

When you apply for an instant credit card, make sure that you will be able to make your payments regularly. If you inculcate a disciplined approach your credit score will also improve. Thus the instant credit card might not be the most cost effective credit option but you can make it work for you if you really do not have a choice!