You may have always liked dealing with cash, but the coronavirus pandemic has shown that credit cards are essential too; after all, that “add to cart” on Amazon asks for credit card details, not cash. Besides, who would like to carry loads of money when you can have a credit card in your wallet and still make big purchases. What’s more, the rewards that come with different credit cards could entice you to get one as you hope to save on entertainment, travel, and dining. However, as somebody who has always used cash, you might wonder how long it takes to get a credit card once you submit your application? Let’s tell you everything you need to know.
Application Needs to Be Approved First
You have a variety of options when deciding which method of applying for a credit card is suitable. You can choose to do it online, by mail, in person, or over the phone. The great thing about online applications is filling out the details and getting feedback immediately after you submit. All you need is a safe and secure connection to prevent your personal information from being stolen. It's also wise to be careful not to repeatedly hit the back button after submission since it can result in procession issues, according to The Balance.
If you're considering to do it by mail, it will take a while for the information to get to the office. The staff then needs to fill out the details online manually, and also the entire process could take a few weeks. Furthermore, if you are applying for a card that demands excellent credit, make sure that they will review it thoroughly before approving your application. Therefore, if you are in a hurry to obtain your credit card, it is essential to know the right application method and the companies that provide instant credit approval. Charge cards advises that if you feel that it has taken longer than usual, then it's time to reach out to the customer care department and discover what could be wrong In some instances, it could be that you have already been denied, or they require more information to complete the process. Of course, by the time you decide to contact them, you'll be frustrated, but it is advisable to remain courteous; rudeness does not lubricate the process.
Getting Your Credit Card
Whether are applying online, by mail, or perhaps in person, the credit card will only get to you via mail, so the speed of your courier services might be a great determinant of how long you have to wait. Bankrate details the time taken by different card providers; for instance, Capital One, Citi, American Express, and Wells Fargo all take 7 to 10 business days. Discover and Chase banks take 3-5 working days while Bank of America takes ten business days. Still, the amount of time taken to get a credit card depends also on whether you are applying for a new one or a replacement. Some issuers like Wells Fargo, Chase, and Capital One go ahead and take same time for the new cards and replacements. However, others like American Express, Citi, and Bank of the usa take less time for replacements. Luckily, some issuers afford you the luxury of not having to hold back for over a week to start making purchases via a credit card. They provide you with a virtual credit card number, which you can use immediately after the applying is approved.
Why the Application Process Takes Longer Sometimes
At times, rather than showing that your credit card has been approved or denied, the thing is is a pending status. Some of the reasons that could cause such delays in approval or denial include:
Frozen Charge card Reports
Freezing a credit card report is hailed as a great way to prevent hackers from trying to get credit cards in your name. However, before applying for a credit card, you must first thaw the frozen report lest the application will be denied. Thawing does not take very long; most credit bureaus can do so inside an hour online or three business days via mail. If you forget to thaw, your details won't be available for a credit inquiry creating a delay in the process. It is advisable to conduct the online thaw at least an hour before submitting the applying.
To err is human and completing the wrong social security number, phone number, or street address will have the credit issuer needing some verification. In this case, they will contact you for additional personal details.
There is only so much that a man can do. If the credit issuer has numerous credit card applications for review and yours is sitting at the end of the pile, you will have to wait for a while longer.
Re-application after Rejection
If, after waiting for the pending status to be lifted and all you see is that your application was denied, you still can apply for a credit card. According to Nerd Wallet, the ideal time to wait before re-applying is 6 months. If you apply at shorter intervals, the loan issuer could reject the application. Frequent applications flag you like a potential credit risk simply because they indicate that you are in financial trouble and could default on future payments However, if you have a high credit score, the issuer could disregard the desperate attempts to get a credit card since you have proven you're creditworthy. On the other hand, you might need to wait for considerably longer, especially if your credit score is average; in this case, a year is best. All the same, credit issuers consider not only the many attempts when assessing should you deserve that credit card, therefore if at first, you don’t succeed, keep trying.