If you’ve already gone through the credit card comparison process and you’re ready to apply for a new card, you have a few different ways of doing that:

1.    Apply through the post (by filling out a print form)
2.    Apply over the telephone
3.    Apply online

One of the most common benefits of online credit card applications (and some phone applications for that matter) is that they offer instant approval. Okay, so sometimes it’s marketed as “30 second approval,” but it might as well be “instant.” It’s certainly quicker and more convenient to fill out a form online and hit a submit button than wait on hold on the phone or wait on your application to arrive through the post.

Then again, why do instant approvals matter so much? What’s so awful about waiting a little while to find out whether or not you were approved for a credit card?

Benefits of Instant Approval on Credit Card Applications

Instant credit card approvals are better than slower application methods for several reasons including:

1.    The faster you are approved for your new credit card, the sooner you will actually receive your physical card to use. You won’t have to wait for your application to arrive and be reviewed manually before a new card is actually issued and sent to you.

2.    When you cut out the waiting time between filling out a credit card application and finding out whether or not you are approved for the card, you also potentially cut out the desire to apply for additional cards in the interim “just in case.” Every application stays on your credit file for years in the form of an enquiry, so minimising overall applications is a good idea.

3.    By using quick-submission online credit card applications, you make sure your application is received and reviewed for approval immediately. That means you don’t have to worry about your application arriving after the expiration date for a special promotional offer you want to take advantage of.

4.    If the credit card application allows you to submit a possible balance transfer for consideration with approval, you might be able to start your balance transfer right away. That means you can start saving more money on interest payments by moving your existing balance away from your current credit card and onto the new credit card account where you can take advantage of a special introductory balance transfer rate (maybe even 0% interest on that balance transfer for several months!).

Instant approvals through online credit card applications certainly have their benefits, but don’t forget to use them with caution. Quick approval for credit doesn’t mean you should rush to apply. Always thoroughly research credit card terms and compare offers before committing to any card through an application.