The Instant Credit Card: Is There Such a Thing?
The instant credit card is a product of our generation’s wishful thinking. At least at this time it is only a pipe dream. There is no such a thing as an instant credit card. Period.
Living in a world of instant gratification we tend to look for things that deliver what we want immediately. We are used to getting everything we want in an instant. We seemingly snap our fingers and our wish is granted.
However, in spite of the fact that some companies offer you an instant approval credit card online, it is not really instant. Yes, they can give you an almost instant response and can approve or deny your application in several minutes, but it does not mean that you can actually start using your card right away.
Why It Is Not Really Instant
Let me tell you why. Whenever the credit card company approves your application several inquiries have to be made to different databases on different credit bureaus. Those credit bureaus keep your credit history profile so it can be evaluated before any credit issuing decision is made. It usually takes several minutes, but if something goes wrong on the technical end, it can take much longer.
After the approval process is finished you usually receive a quick response informing you about the approval process result. But you’ll have to wait for the real card to arrive in your mailbox – usually a few days.
The approval process is relatively fast -- not instant but pretty fast. The process is similar for all no matter what card you are asking to be approved for. A Visa or MasterCard application process would give you the same results.
It seems to be technically possible to send encrypted information with the card number and expiration date to the customer right away, but I have not heard about such a practice taking place now.
If it was possible, you would be able to use your card information to make purchases over the phone or the Internet as soon as you received it. I believe that the main reason why you don’t instantaneously receive a credit card is because of the industry’s strict security standards related to all online transactions and communications.
Though there is no such thing as an instant card think about it in a positive way. The approval process is designed to protect you from possible identity theft, and it protects the lender from any problems related to issuing credit without knowing the real customer.
In this world with all the issues surrounding identity theft, it’s a good thing for you, the consumer, to have to wait a few days before receiving your actual card.