How should I evaluate instant decision credit cards?

Read the fine print

Receiving instant decision credit cards can feel quite empowering. The fact that a lender is able to reach a positive decision so quickly can make you feel as though you have really reached a point in your financial standing where you are attractive to lenders.

However, you should never allow an eager lender to woo you into taking a credit card that does not suit your needs. You may apply for instant approval for a low interest credit card, but then when you receive the approval back from the lender it may be for a higher interest credit card, or one with a lower available credit line than you originally anticipated.

The trick is to not allow the exhilaration of an instant credit approval to stop you from reading the fine print. Is there an annual fee? What is the interest rate? How high is your credit line? What other types of fees are involved?

Lenders will often offer different products to applicants who do not qualify for their premium credit cards, and if you have a few dings on your credit score then you may fall into this category.

Study the instant approval offer to make sure that you don’t take a credit card which will not suit your needs.