Instant approval credit cards are not entirely new to the credit industry, though more and more retailers are offering them in response to consumers’ needs. Major purchases are not always preplanned, and can often not be avoided. They tend to arise when least expected and when money is tight. Most of us don’t have money saved and set aside for emergency expenses or “rainy day” purchases. The introduction of instant lines of credit, those approved within minutes or the hour, has solved many of these issues.

Store and Retail Cards and Lines of Credit

I’m sure it’s happened to you. You were out and about town, without any intention of making any purchases, when an item caught your eye. You may or may not have needed the item, but you certainly wanted it, and it was probably more than you could afford at the time. If this has happened to you, you may know what it’s like to want or need access to instant approval credit cards. You have probably stood in line, sometimes producing as little as another credit card and your drivers’ license, awaiting a response to your credit application.

Retailers, especially those that offer high ticket items, count on you wanting to apply for credit then and there in the store, in response to a spontaneous shopping spree. Most businesses have a system that is set up to approve or deny a consumer’s application within minutes. Often a credit department is located in the store itself, and is set up to personally make decisions on a case by case basis. This is often more advantageous than having a computer program calculate a score and pop out an answer to your application.

Online Applications for Online Shopping

Instant approval credit cards are also great for online shopping. Though you may not actually be issued a physical credit card until after the purchase is made, it is possible to be granted credit for an instant purchase over the Internet. Many retail outlets will also give a discount on your first purchase if you apply, regardless of whether or not you are accepted for an account.

When applying for credit online, you are usually asked a series of questions, most notably will be your Social Security number. This unique identification number is what the three largest credit bureaus use to attach your information to your credit file. Often, your approval will depend on a few important factors. Most important is your credit score, which is based on the use of your other credit accounts. Secondly is your income, employment and housing history.

Emergency and Medical Services

A newer type of credit line that has become available is for emergency and/or medical services. These instant approval credit cards can be used for unexpected charges for veterinary, medical and dental services. In addition, consumers can even apply for instant credit to use toward plastic surgery and other cosmetic procedures.

For those who may have trouble being accepted for traditional credit accounts, often the small scale of these credit companies allows them to take a chance on you. Many will even offer an introductory offer of no financing if the services are paid off within a predetermined amount of time, sometimes as long as 18 months after services are received. However, because these instant accounts are easier to qualify for and can be used for frivolous purposes, it is important to keep in mind if you are truly in need of the services for which you are charging.