How Long Does it Typically Take to Get a Credit Card?

Credit Card Application

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 will ask for credit card details, not cash. Besides, who wants 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 someone 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 secure connection to prevent your personal information from being stolen. You should also be careful not to repeatedly hit the back button after submission because it can result in procession issues, according to The Balance.

If you chose to do it by mail, it will take a while for the information to get to the office. The staff then has to fill out the details online manually, and the entire process could take a few weeks. Furthermore, if you are applying for a card that demands excellent credit, be sure that they will review it thoroughly before approving your application. Therefore, if you are in a hurry to get your credit card, it is essential to know the right application method and the companies that provide instant credit approval. Credit Cards advises that if you feel that it has taken longer than usual, then it is time to reach out to the customer care department and find out what could be wrong In some instances, it could be that you have already been denied, or they need more information to complete the process. Of course, by the time you decide to contact them, you will be frustrated, but it is advisable to remain courteous; rudeness does not lubricate the process.

Getting Your Credit Card

Whether you apply online, by mail, or in person, the credit card will only get to you via mail, so even the speed of your courier services could be a great determinant of how long you have to wait. Bankrate details the time taken by different card issuers; for instance, Capital One, Citi, American Express, and Wells Fargo all take 7 to 10 business days. Discover and Chase banks take 3-5 business 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 take the same time for the new cards and replacements. However, others like American Express, Citi, and Bank of America take less time for replacements. Luckily, some issuers afford you the luxury of not having to wait for over a week to start making purchases through a credit card. They provide you with a virtual credit card number, which you can use immediately after the application is approved.

Why the Application Process Takes Longer Sometimes

At times, instead of showing that your credit card has been approved or denied, you see is a pending status. Some of the reasons that could cause such delays in approval or denial include:

Frozen Credit Card Reports

Freezing a credit card report is hailed as a great way to prevent hackers from applying for credit cards in your name. However, before applying for a credit card, you must first thaw the frozen report lest your application will be denied. Thawing does not take long; most credit bureaus can do so within an hour online or three business days via mail. If you forget to thaw, your details will not be available for a credit inquiry causing a delay in the process. It is advisable to conduct the online thaw at least an hour before submitting the application.

Errors

To err is human and filling out the wrong social security number, phone number, or home address will have the credit issuer needing some verification. In this case, they will contact you for additional personal details.

Workload

There is only so much that a man can do. If the credit issuer has many credit card applications for review and yours is sitting at the bottom 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 six months. If you apply at shorter intervals, the credit issuer could reject your application. Frequent applications flag you as a potential credit risk 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 ignore the desperate attempts to get a credit card since you have proven you are creditworthy. On the other hand, you might need to wait for much longer, especially if your credit score is average; in this case, a year is best. All the same, credit issuers consider more than just the many attempts when assessing if you deserve that credit card, so if at first, you don’t succeed, keep trying.

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