We all want answers fast. And we all want money fast. The credit card companies know this. That is why they have started to use the internet to process applications providing you with instant approval. This sounds great, but there is more to it.

New networking technology allows issuers to access information very quickly. The largest factor that companies use in determining your approval is your FICO score. Because that information is now readily available, they are able to make quicker decisions. They will then use a computer program to verify all of your personal information. After it verifies they will send you an email extending an offer, or denying your application, which usually takes about sixty seconds. You will still have to accept the offer by clicking the appropriate link in your email.

However there may be some strings attached occasionally they will offer what is called a conditional line of credit. This is often a very small, usually not more than three hundred dollars. After the company performs a more extensive background check they may offer a higher limit. Some issuers will wait for three to six months, allowing you to show them that you can be responsible with your card, and then offer you a higher limit.

Be sure to check all of the terms of the service agreement. High upfront application fees and annual service charges are typically tucked into the fine print. Those who offer instant approval usually use these fees to offset the risk of not performing a proper background check. They also use these fees to offset the risk of providing cards to those with bad credit. Although new financial regulations limit the interest rate companies can charge, some rates are still very high. Make sure you check closely, you may be offered a great introductory rate for the first six months, or the first year, but then hike it to a rate that you would not be happy with.

If you are looking for a major Visa or MasterCard because you want the ease of paying bills online, or want the security of knowing your money is safe, a prepaid card may be the right choice for you. These offer instant approval with all the features you would expect from a checking account. You will have complete access to your account online, allowing you to pay bills, transfer money, and even set up direct deposit.

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