when you apply for a credit card online from a bank, do they usually give you instant approval like a store does? Or is it normal for them to say they need to varify a few things, and then will email you their decision? I know in a store when you are told you will revieve a decision in the mail that you were denied, but is it the same for bank credit cards?
If "instant approval" is really the only thing that interests you, go here for five pages full –
http://www.financeglobe.com/Finance/cards.shtml
and then click on "Offers Instant Approval" under the "By Features & Criteria" column.
Your basic instinct is correct: If you’re denied, the Website will tell you that you’ll receive a letter in a few days.
I specifically recommend that you avoid HSBC (also doing business as Household Bank and Orchard Bank, among other names), because they are extremely stingy with initial credit limits and credit-limit increases, and often charge high annual fees, to boot. Their customer service stinks, and their customer-service reps don’t have the power to help you with anything anyway. I have no idea why they bother to answer the phone or why customers bother to call them. I wouldn’t piss on HSBC if they were on fire.
Citi Websites (Sears and Shell Oil Company are examples of Citi credit-card Websites) have unusually stupid anti-fraud protocols. For example, if your credit report says that you live at 1234 W Main St, you’d best enter the information in the application just exactly that way. If you enter 1234 West Main Street (as I did), your application will be denied until you FAX in "proof" of your address, even though any human can see that both addresses are one and the same thing.
If your credit history is short or a bit dicey, I’d recommend that you go for a Capital One credit card. Their business model allows for riskier customers, yet they won’t screw you over with high interest rates or other predatory behavior. Don’t be dismayed if you get a low initial credit limit, since they’ll automatically enroll you in their "Credit Steps" program. You’ll get an automatic credit-limit increase 90 days after you first use the card, then another automatic increase 90 days after that. In other words, a Capital One card that started at, say, a $300 credit limit might conclude with a $750 credit limit six months from now.
A good second source for a short or dicey credit history is Bank Of America. It’s likely that they’ll enroll you in their 99/500 secured credit-card program. If you send them a check for $99, they’ll send you a secured credit card with a $500 limit. After a year, write to them and ask to "graduate" the card to an unsecured status. They’ll probably say yes, double your credit limit, and send a check for $99 back to you.
Good luck! Did I mention that you should avoid HSBC like the plague?
