Should you go for instant approval credit cards?

financialexpress.com:

Instant approval credit cards, as the name suggests, promise a swift application process and rapid card issuance. Unlike traditional credit card applications that often involve paperwork, verification processes, and waiting periods, instant approval cards are a convenient and efficient way to access credit quickly. While the approval process might be quicker, applicants are still subject to credit checks and evaluation of their financial history. Therefore, if your credit score is not up to the mark, you might face rejection or unfavourable terms.

It is important to know your credit score and ensure that you have not defaulted or delayed your payments recently before you apply for any credit card to avoid disappointment. You must also understand the terms and conditions of the credit card and avoid applying for it just because it is readily available to you.

You must also check the annual fee, reward points, and penalties. Additionally, checking whether the card suits your spending pattern will make it useful for you to use it as per your requirements. It’s recommended to opt for a card with competitive charges and delay penalties to avoid exorbitant costs.

Individuals must set a budget and stick to it. They should use the card for purchases that they can afford to pay off in full each month. They should pay the bill on time and not carry a balance from month to month.

Some cards might come with introductory offers and rewards, which could not be useful for you. For example, a card offering reward points primarily on hotels and flight bookings may not be useful for someone who rarely travels in a year. Awareness of the usefulness of your credit card is essential for responsible credit management.

Rewards and benefits can