Instant Approval Student Credit Cards
Also known as “guaranteed approval cards”, instant approval credit cards are usually attractive because they don’t usually require a credit check. While this can be quite exciting, it’s important to make sure that you check for hidden costs.
Why are instant approval student credit cards popular?
Save time:
These credit cards help you save time and they are very convenient because you don’t have to wait for weeks for the card issuer to let you know of your application status. By getting instant approval you will be able to save a considerable amount of time.
Instant response:
Some online approval cards let you know of their response within 60 seconds. You will be able to get immediate access to the funds on the card.
Decisions based on individual credit:
Most issuers make their decisions based on your individual credit score. If you have excellent credit you will receive a quick instant approval. As a student, you may experience a challenging time getting access to credit. But if you have a store card or two, which you have been managing well and paying on time, this may work out to be favourable for you when you are looking for an instant approval credit card.
What to keep in mind in terms of instant approval credit cards:
- Be wise about credit card applications
- Don’t rush to accept any credit offer you receive. Make sure that your understand the implications of the credit agreement.
- Avoid taking more credit than you can handle. Make sure that you only borrow what you can afford to repay.
- Conduct your accounts well by ensuring that you pay on time.
- Check your credit profile regularly.
- Don’t apply for more than 2 or 3 cards each time, since excessive applications can negatively affect your credit score.
