Five years ago, a consumer could apply for a credit card and receive not only confirmation of approval, but also the cards 16 digit number and expiration date in a matter of minutes. Getting a credit card online was truly an instant process. And an easy one. Especially for identity thieves, who could max out a persons virtual credit card before the actual plastic arrived in the unsuspecting consumers mailbox. Problems such as these ultimately led to the phasing out of instant online credit cards.
At present, American Express offers 60 second decisions upon submission of an online application. If approved, the consumer is given notice of his or her status, not their numbers. If the consumer does not immediately qualify for online approval, then notification of approval or denial is sent via mail. Consumers with good to excellent credit looking for an instant credit card, therefore, should consider American Express credit cards.
Most credit card issuers generally take anywhere from five to seven business days before reaching an approval decision and getting the plastic in the mail. With some companies, consumers can expect to wait as long as 30 days. Clearly, the...
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