About Instant Credit Card Approval

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While credit card companies do send out instant approvals, applications still need to be filled out, and people are not actually instantly approved. Avoid the scam of instant approval credit cards with help from a registered financial consultant in this free video on credit cards.

Part of the Video Series: Investing & Money Management
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Video Transcript

There are many people when they receive their mail, they open it up and they see that they've been instantly approved for a credit card and they get very excited about this prospect and they call the company or they open up the letter and look further. But they see an application that needs to be filled out. Well if one's approved instantly for a credit card, why would you have to fill out an application? The point is, credit card companies data mine for potential people that could come into their fold as a credit card customer. But no one is instantly approved for a credit card and they don't send one out willy nilly so to speak to the card holder. So it's a term of the industry and you do definitely have to apply for the credit card going forward and that has been criticized in the industry as a potential for false advertising but the credit card industry is a very powerful lobby group and you as a consumer need to be educated as to the purpose of these web broadcasts. This is Patrick Munro talking about instant credit card approvals.

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