Almost all major credit card companies offer on-line ?instant? approval of your application for a credit card. They have made it very easy for you. Just open their website, summit on your details and you will get the outcome immediately ? whether you will get a credit card from them or not. This will reduce the time between applying for a card and getting it actually. The offer looks attractive on its face but there are hidden dangers inside.
If you study any such offer, you will find that it does not mean what you are expecting in your mind. Most of the people assume that once they are approved online, within a couple of days they are going to get that shiny plastic. However, see the fine print. Even though a message ?you are approved? flashes on your screen, it is a conditional approval. The credit card company still has the right to check your credit report, cross verify all your details and if they find something negative anywhere in their inquires, they can turn down your application. So the so called ?approval? is just a confirmation that your details are within their criteria to issue a credit card.
Most of such online offers are and just standard offers without any lucrative benefits like generous rewards or lower rates of interest. So in an effort to save some time, you may get a credit card which is not up to your expectations. Instead, if you have had some patience, you might have received some lucrative offer by mail, which would have resulted in savings of lot of money for you.
Another important thing about such application is, if you have anything negative on your credit report or the information you have provided about your job, your assets or your liabilities contains some mistake, the credit card company will take it as a reason for refusing your application. This reason would be entered on your credit report.
If such a negative remark appears on your credit report, it will reduce your credit score and it will also lower the possibilities of getting a card in the future. If you have applied for many such credit cards online, you may end up with none, damaging your credit report in the bargain.
It is always desirable to look into all the features of such credit cards before making an application. A hurried decision may have serious consequences in the long run.
Credit cards have become a part of life. It?s a great feeling to have them in your wallet. It gives you a feeling of financial power. Usually it takes a very long time to get a card since you apply. There is a quick option now ? you can submit your details on-line and get your application approved instantly. But is it so attractive? Is it safe? What is the real deal? Chintamani Abhyankar discusses his straightforward views on applying for such cards
About the Author
Chintamani Abhyankar, is an expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and tips on personal income tax
Source: http://www.factent.com/archives/602
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