There are many companies offering instant approval credit cards to consumers, along with some very nice bonuses. There are two major types of instant approval cards, the ones offered online and the ones offered to you by the cashiers in retail stores. For the purpose of this article, only the store accounts will be discussed. Frequently you can receive a discount on the purchases made the day you open the credit account, get no interest on purchases for up to a year, or receive an incentive program only offered to customers opening accounts in the store. As you can see, there are several reasons to consider apply for one of these cards.
A Percentage Off Your Purchases
Most of the time, opening an instant approval account will allow you a discount off whatever you are buying that day. When the account is opened while you are already in line, they usually restrict the discount to just the items for that transaction. On the other hand, if you apply right when you walk into the store, you may be allowed the rest of the day (while the store is open) to apply the discount to your purchases. It varies from store to store, so be sure to ask.
Interest Free On Purchases
Similar to other accounts, instant approval credit cards offer an interest free term, usually on purchases over a certain amount. The length of the interest free period can be anywhere from three months to a full year. As long as you pay off the entire balance before that period of time is up, you will not have to pay interest. Also important to note that the amount of the purchases is usually not very high while the credit limits on instant approval credit cards are often higher than those offered by banks.
Incentive Programs
Occasionally, the instant credit accounts will offer an incentive program (often known as a rewards program) for accounts opened within the store on a certain day or during a certain time of the year such as back-to-school. The incentives range from a percentage of cash back to a donation for the school of your choice.
Obviously there are several good reasons to apply for instant approval credit cards. It is also a good idea to pick a day when you have a large purchase to make before applying, to take the most advantage of the benefits.
About the Author:
Morgan Hamilton is an experienced Financial Adviser who has written a number of informative articles on the topic of
Instant Approval Credit Cards. Visit FindQualityCreditCards.com to learn more about the
Best Credit Card Offers.
