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If you’ve applied for a credit card and got a ‘conditional approval’ in reply, it just means that the card provider has to collect more information about you before fully approving your application. This is despite the provider actually saying “instant approval”.
A conditionally approved credit card application basically means you’ve received approval on paper, but the credit provider needs to verify you are who you say you are and your financials before fully approving your application. This will involve contacting you within a few days to get your additional documents and details. Once they’ve made sure all your details are correct, they will then approve your card or decline it.
Basically, getting conditional approval is a holding pattern before the providers decision is made on your application.
When you apply for a credit card online, you may be promised ‘instant’ or ‘almost instant’ approval. After you click ‘Apply’, the card provider’s computers quickly check your credit status and the basic information you have provided. If your credit history looks good and all your info matches up, you’ll usually be told that your application has been conditionally approved.
The card company needs to do further checks to decide whether they want to provide you with credit. They’ll usually dig further into your background info, like your employment status and salary, your current debts, and your credit worthiness. If you already have a bank account or mortgage with the lender, the process can be much faster.
When you apply and get the ‘conditionally approved’ notice, you should also be given some idea of the approval timeframe and if you’ll nee to provide anything extra, or when they’ll be in contact. If you’re not sure about any of it, get in touch with the provider to check.
Once the card provider has either approved or declined your application, they’ll contact you to let you know. You might just receive the credit card in the post, along with activation instructions.
If you don’t hear anything from the card provider, it’s a good idea to contact them to find out what’s going on. They might have sent you a card that’s gotten lost in the mail, so it’ll need to be cancelled and resent.
There are a number of credit cards available online that offer instant approval or 60 second approval. Here’s just a few of them (check out the rest of our site to find even more instant approval credit cards).
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger.
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