Credit cards – Blog Campcee Fri, 04 Jun 2021 21:44:44 +0000 en-US hourly 1 Credit cards – Blog Campcee 32 32 Why Balance Transfer Credit Cards are Starting to Bloom Again | Personal finance Fri, 04 Jun 2021 20:15:00 +0000

Why are balance transfer credit cards coming back?

Credit card offers are subject to “market conditions” which is a good way to say “whether or not the economy is a cause for concern”. And at the start of Q2 2020, things looked bleak.

Unemployment peaked at 14.8% in April 2020, down from a low of 3.5% in January 2020, according to data from the Bureau of Labor Statistics. An April 2020 Federal Reserve investigation found that banks tightened lending standards for credit cards and other loans during the first quarter of the year. To reduce their risk, banks removed balance transfer cards that allowed consumers to borrow large sums at 0% interest.

Now things are improving. Unemployment in April 2021 was 6.1%, according to the BLS. An April 2021 Federal Reserve investigation found that banks were relaxing the standards for credit card applications – the exact opposite of what happened a year ago. And according to Competiscan, a company that tracks and analyzes direct marketing activity, 51% of credit card offers mailed in the first quarter of 2021 included a balance transfer offer, an increase from the previous two quarters.

In other words, when it comes to credit cards, nature heals.

Where can you find balance transfer credit cards?

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Three Delhi Detained for Credit Card Fraud in Delhi | Delhi News Fri, 04 Jun 2021 12:21:00 +0000

NEW DELHI: Three men have been arrested for allegedly deceiving people into fraudulently carrying out credit card transactions, police said on Friday.
Pawan Lamba (25) and Vishal Arora (27) are residents of Uttam Nagar and Sachin Kuhar (22) lives in Karala village, they said, adding that the fourth defendant, Shibbu, was on the run. .
The accused was used to acquiring the details of people’s credit cards and processing fraudulent transactions from their accounts without a security PIN or password, police said.
In a police complaint, a Chandrakant said that Rs 83,528 had been deducted from his account using his credit card without his knowledge.
During the preliminary investigation, it was found that the transfer had been made to Lamba’s account.
“After several technical surveillance efforts, Pawan Lamba was apprehended in Uttam Nagar,” Deputy Police Commissioner (South) Atul Kumar Thakur said.
His statement led to the arrest of the other two, the officer said.
Lamba told police he gave his account details and bank documents to Shibbu in exchange for Rs 25,000.
He also received a commission for each transfer to his account, police said.
Police followed the trail and discovered that Arora used to get a commission from Kuhar to provide bank details of the victims, the DCP said.
The officer said further investigation is underway to identify and arrest other gang members.

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Rs 3.67-cr fraud revealed in sura: gang involved in cheating credit card holders arrested, six arrested Wed, 02 Jun 2021 22:56:33 +0000

Surat Police Arrest Gang Of Six Involved In Credit Card Holder Fraud To Pay Rs 3.67 Crore Electricity Bills From Various Companies In Gujarat, Maharashtra, Punjab , Haryana, Rajasthan, Maharashtra and Uttar Pradesh by taking OTP from them.

The police also froze 115 bank accounts with a balance of Rs 59. 93 lakh used by the accused.

According to police, a woman from the Katargam region in the town of Surat approached the police with a complaint of cheating by unidentified people who defrauded her of Rs 21,873 into her bank account. Following his complaint, on May 22, the police registered a cheating offense under Sections 406, 420 of the Indian Penal Code (IPC) and 66 (D) of the Computer Law and launched an investigation.

The woman alleged in her complaint that on May 16, she received a call from the credit card company RBL (Ratnakar Bank). Sharing her credit card number and date of birth, the caller told her that she was entitled to three vouchers from the bank, for which she had to share a one-time password (OTP). The complainant shared the OTP she received with the appellant.

After some time, she found out that Rs 21,873 had been deducted from her credit card to pay the electricity bills of a consumer from the Torrent power company in the town of Surat and another bill from a DGVCL consumer in the city of Surat. She contacted the bank and became aware of the fraud.

Katargam Police and Surat Cybercrime launched an investigation and contacted the two consumers whose bills had been paid with the woman’s credit card using their consumer number. Both revealed that they paid the bill at the Vansh Bill collection center in Varachha and showed the payment receipt to the cops.

By interviewing Sandeep Navadiya, owner of the Vansh Bill collection center, police obtained details of various people involved in paying bills which ultimately led them to Veer Bhadrasinh Zala, a resident of Bhavnagar.

A police team reached Bhav-nagar and arrested Zala who confessed to depositing the amount in the bank account of a certain Jitendra aka Rahul Mandal who used to pay the bill by defrauding various credit card holders.

On June 1, Mandal was brought to Surat where, during his interrogation, he revealed that several people, notably from Vansh, were involved in the racketeering and got a certain percentage of the amount.

Police arrested six people identified as Veer Bhadrasinh Zhala (26), resident of Bhavnagar, Mehul Kukadia (28), resident of Katargam, Yash Bhuptani (24), resident of Amroli, Manish Bhuva ( 34 years old), a resident of Kagtargam (bill collector), Milan Chovatiya (22 years), a resident of Katargam, and Jitendra Mandal, a resident of Jamtara in Jharkhand.

Surat Police Commissioner Ajay Kumar Tomar said: “The defendants had been involved in this racketeering for three months and they cheated with 2,200 credit cards. They would pay the bill amount using credit cards and share the money they collect from electricity consumers among themselves. The gang paid electricity bills to 2,245 customers worth Rs 3.65 crore across the country, including 2,113 from Gujarat, 113 from Punjab, 11 from Haryana, five from Rajasthan, two from Uttar Pradesh and one from Maharashtra. We froze 115 accounts of the accused in different banks with a balance of Rs 59.93 lakh. The leader of the gang is Jitendra Mandal who has dropped out of school.

Tomar added that six offenses were recorded in different police stations in Surat and one in a cyber cell in Ahmedabad by customers who were deceived. In Surat, all complainants are holders of a Ratnakar Bank credit card. “We are trying to collect more information… We want to call on people not to share OTP with an unknown person.”

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IHG Rewards Club Premier credit card now offers 150,000 points bonus Wed, 02 Jun 2021 07:45:18 +0000

Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

Chase is urging Americans to prepare for summer or fall travel with his new offering on the co-branded IHG® Rewards Club Premier credit card.

New IHG Rewards Club Premier cardholders will earn a welcome bonus worth 150,000 points when they spend $ 3,000 on purchases in the first three months after opening the account.

The news comes less than a week before another stellar travel deal with Chase expires: Until June 2, Chase is also running a high welcome offer of 100,000 miles on its New United Quest Card℠. Crazy travelers who crave a vacation should therefore hurry if they want a credit card that saves them a lot of money on their next trips.

the IHG Rewards Club Premier credit card is already the best hotel credit card for stays at the establishments of the Intercontinental hotel group. This includes Holiday Inn, Regent Hotels and Kimpton Hotels.

You are only eligible for the bonus if you do not currently have the card and have not received a new welcome bonus for the card within the past 24 months.

Select has details on the new welcome bonus available for a limited time:

IHG Rewards Club Premier credit card bonus

  • New offer: 150,000 bonus points after spending $ 3,000 on purchases in the first three months after opening the account.
  • Previous offer: Earn 125,000 bonus points plus a night’s reward after spending $ 3,000 on purchases in the first three months after opening the account.
  • Verdict: The new offer rewards new cardholders with an additional 25,000 points for the same spending requirement, but the extra night reward is no longer provided with the new welcome offer.

How to redeem points: Use your IHG points to offset the cost of your next stay at over 6,000 hotels and resorts around the world. Points are worth varying amounts depending on location, but 150,000 points can be redeemed for a stay of up to five nights at the Indigo Williamsburg-Brooklyn hotel, three nights at the Holiday Inn Express Orange Beach, or two nights at the most recent Downtown Austin hotels, the Kimpton Hotel Van Zandt.

Notable IHG Rewards Club Premier Benefits

The IHG Rewards Club Premier credit card includes a number of must-see travel benefits, including:

  • Platinum Elite status, which gives cardholders access to room upgrades, late check-out and other benefits
  • Your fourth night reward is free when you redeem points for any stay of four nights or more
  • One night award at qualifying IHG hotels worldwide after each account anniversary year, up to 40,000 points
  • Global Entry / TSA PreCheck credit up to $ 100 every four years

At the end of the line

If you can reasonably meet the bonus spending requirements and plan to stay at an IHG facility, enroll in the program IHG Rewards Club Premier credit card is a quick way to earn a ton of points that can be used towards free nights in the hotel chain. The Premier card has an annual fee of $ 89, but it is waived for the first year of card membership. Be sure to factor this cost into your decision.

Those who are not loyal to a particular chain or hotel brand may want to consider a general travel card like the Chase Sapphire Preferred® or no annual fee Capital One VentureOne Rewards Credit Card.

IHG® Rewards Club Premier credit card

  • Awards

    Up to 25X total points per dollar at IHG® (earn 10X points for every $ 1 spent at IHG® hotels as a cardholder, plus 10X base points as an IHG® Rewards Club member and 5X points with Platinum Elite status, which offers a benefit of this card); 2X points per dollar spent on purchases at gas stations, grocery stores and restaurants; 1X point per $ 1 spent on all other purchases

  • Welcome bonus

    Earn 150,000 bonus points after spending $ 3,000 on purchases in the first 3 months after opening the account

  • Annual subscription

    $ 0 the first year, then $ 89 thereafter

  • Intro APR

  • Regular APR

    15.99% to 22.99% variable

  • Balance transfer fees

    Either $ 5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fees

  • Credit needed

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

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Discretionary spending likely to recover from June: head of SBI Cards Mon, 31 May 2021 20:22:51 +0000

SBI Cards and Payment Services Ltd, India’s only listed credit card issuer, plans to restructure fewer outstanding loans this fiscal year compared to last year despite widespread unrest caused by the second wave of the pandemic .

Rama Mohan Rao Amara, CEO of SBI Cards, also said in an interview that credit card spending is expected to start picking up from June with the easing of covid-induced lockdowns in many states leading to a recovery. gradual demand.

While SBI Cards restructured nearly 9% of its outstanding loans last year as part of the one-off restructuring authorized by the Reserve Bank of India, the scenario is significantly better this year despite the second wave of covid-19, Amara said.

“According to RBI, each lender will have to make a restructuring policy available. Those whose income is affected will opt for this scheme. We will be selective. Our approach is customer-specific, ”he said, adding that“ wherever we see temporary depreciation, we offer some form of restructuring. Where we see a permanent depreciation, we propose a settlement ”.

The credit card division of India’s largest asset lender, State Bank of India, reported a 5% drop in retail spending in the March quarter and expects it to remain low until June given the lockdown in many states. SBI cards have lost 2.5 percentage points of market share in spending over the past three months.

“Demand-driven discretionary spending has taken a back seat. Department stores, pharmacies, etc. these categories continue to be strong, “Amara said. However, he said the situation was” not as bad as in the first quarter of last year “.

“I think the situation will not improve very quickly from July. The green shoots will be there from June, ”he said.

Amara said that after experiencing a drop in spending around the first quarter of last year, when India was under a strict nationwide lockdown, it started to revive once the lockdown was lifted. . Spending, however, began to decline in the March 2021 quarter with the start of the second wave. This was also the period when the Reserve Bank had banned HDFC Bank from issuing new cards.

Private sector rival ICICI Bank took the opportunity, capturing 43% of additional cards issued by banks between November 30 and February 28. SBI Cards failed to take full advantage of the absence of HDFC Bank. Amara however claimed that maintaining a high market share in spending is more important than having a high market share in credit cards.

SBI Cards total card spending was 35,943 crore for the March quarter, up 11% from a year earlier, which was lower than the pre-pandemic period.

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IDEMIA enters the Japanese payment card industry with the launch of its first bank card Mon, 31 May 2021 02:00:00 +0000

TOKYO – (BUSINESS WIRE) – As a world leader in augmented identity, payment card issuance and payment solutions, IDEMIA (Japanese office: Shibuya-ku, Tokyo, vice president of sales in Japan: Nezu Nobuyoshi), announced today it would provide dual interface credit cards to financial institutions in Japan that are JIS2 compliant and certified by Visa, JCB and other branding systems. The cards are integrated with a JIS2 standard – a surface magnetic stripe embedded on the card, to provide enhanced security and contactless payment services to end users.

IDEMIA has delivered the dual interface contactless cards to fintech issuers such as UPSIDER, Inc, and major issuers, including Toyota Finance Corporation in Japan, to grow and scale rapidly.

“We are proud to be able to deliver our first contactless card that meets JIS2 standards. We are also proud to work with the leading fintech issuers and issuers in Japan to meet the evolving needs of Japanese consumers. Thanks to its global presence and its expertise in payments, IDEMIA is well positioned to support market developments and fast-growing Fintech demand. We will continue to improve the security and contactless functionality of our payment cards used by financial institutions around the world ”. said Mr. Nezu Nobuyoshi, Japan Sales Vice President, IDEMIA.

Issuers in Japan can also integrate IDEMIA’s contactless cards with IDEMIA’s portfolio of smart digital solutions, such as Smart PIN to get their card PIN issued through digital channels or Smart Instant Issuance to get their card. instantly delivered to an agency or store. Consumers can also benefit from IDEMIA Connect, which simplifies the experience of activating the card by simply tapping the card on the phone.

IDEMIA has also developed and expanded its global offerings for financial institutions, such as GREENPAY, its end-to-end sustainable portfolio for financial institutions, and the Fintech Accelerator Card Program which helps fintechs and neobanks to rapidly deploy innovative solutions from card and digital payment. around the world. .


IDEMIA, the global leader in augmented identity, provides a trusted environment for citizens and consumers to perform their daily critical activities (such as paying, connecting and traveling), in the physical and digital space. Securing our identity has become an essential mission in the world in which we live today. By representing augmented identity, an identity that guarantees privacy and trust and guarantees secure, authenticated and verifiable transactions, we are reinventing the way we think, produce, use and protect one of our greatest assets – our identity. – whether for individuals or for objects, where and when safety matters. We provide augmented identity to international clients in the finance, telecommunications, identity, public security and IoT industries. With nearly 15,000 employees worldwide, IDEMIA serves clients in 180 countries.

For more information visit / Follow @IDEMIAGroup on Twitter

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3 detained for deceiving people under the pretext of exchanging credit card points Sun, 30 May 2021 10:32:55 +0000


3 detainees for having duped people under the pretext of fraud.

Three men have been arrested for allegedly deceiving hundreds of people in several states under the pretext of redeeming their credit card points, police said on Sunday.

Those arrested were identified as Vikas Jha (31), a resident of Tilak Nagar, Vicky (27), a resident of Mathura in Uttar Pradesh and Avinash Kumar (36), a resident of Bijnor in the ‘UP, they said.

Police said they received a complaint in which a man alleged that Rs 37,000 was deducted from his credit card without him sharing a one-time password with anyone.

During the investigation, it was found that the complainant had received a mass message containing a link to redeem his credit card points. He shared his mail ID and card details on the website after clicking the link, police said.

Later, her email id was logged in from a new IP address and her credit card was used to purchase gift certificates online from a renowned mobile showroom, they said.

Police analyzed the details and found cell phones worth lakhs of rupees were bought from a renowned showroom using gift cards and sold online using bills and fake coins identity, they said.

After analyzing more than 100 cell phone numbers, the defendants were identified.

All of the defendants were previously involved in several other criminal cases registered in Delhi, Faridabad and Gurgaon, a senior police official said.

Jha and Kumar were released on bail during COVID-19, but they did not surrender. A warrant of no release has been issued against Vicky by a court in Gurgaon, the officer said.

Police raided and apprehended Kurukshetra’s Jha and Vicky on their way from Chandigarh to Agra on May 27.

Following their example, their accomplice Kumar was arrested on May 28, said deputy police commissioner (north) Anto Alphonse.

He had already been arrested in 21 similar cases.

After his release from prison, Jha created a scam website containing columns with full name, email ID and password, phone number, card details and date of birth, the DCP said.

He used to send the website link to cardholders asking them to redeem their credit card points through the portal.

The defendants then bought gift cards from the victim’s credit card and also transferred money to their bank accounts, they said.

Jha revealed that he had used credit cards to buy gold before, but since the showrooms were closed due to the coronavirus lockdown, he started transferring money to his bank accounts.

The accused traveled to Pune, Panji, Bangalore, Coimbatore, Indore, Jaipur, Surat, Chandigarh, Shimla, Agra and Karnal to withdraw money so that no one could identify them, Alphonse said.

Vicky and Kumar provided fake SIM cards to Jha. The accused lived in five-star hotels during this time and had not stayed in a town for more than one night to escape arrest, the DCP said.

A laptop, 15 cell phones, 39 SIM cards and Rs 85,000 were recovered in their possession, police added.

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5 inexpensive activities to enjoy this summer Sat, 29 May 2021 15:00:12 +0000

Here’s how to make the most of summer without spending a fortune.

The summer of 2020 has been bleak for many of us. The pandemic was raging. Unemployment was high and there was a lot of general uncertainty.

This summer, however, is shaping up to be better. The unemployment rate has dropped and coronavirus vaccines are available. Many states are relaxing social distancing restrictions.

There are many reasons to look forward to summer. But what if you’re a parent on a budget and have kids to entertain? Suddenly the summer becomes much more difficult. Here are some things to add to your list that won’t break the bank or rack up a huge credit card balance.

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1. Beach trips

If you live a short drive from a beach, you have a great opportunity to stay busy for hours. Just pack a blanket, food, drinks, and toys for your kids and sit back while they run and splash in a new environment. Many beaches are free to access. Others charge a parking fee or an entrance fee, but often the entrance fee is waived for very young children. Either way, it’s an affordable activity that can take up most of your day.

2. Hiking

Hiking can be basically the same as walking, but you do it in the woods or on a scenic trail which is much more interesting than the usual neighborhood. The hike is generally free, although some state parks charge a modest entry or parking fee. But be careful with ticks. During the warmer months, they come out in force, so stock up on the repellant and check on yourself and your kids afterwards.

3. Departmental fairs

Although many fairs were canceled last year, they will likely be back this year. Admission to the County Fair is often free for young children, giving you access to shows and entertainment that could be a fun outing. Just resist the urge to pay for overpriced corn dogs and funnel cakes if you’re trying to save money.

4. Library programs

Many libraries offer free summer programming for the little ones. It is helpful to inquire about the options at your local library.

5. Camping

Can’t rock a big vacation this summer? Go camping. It can give your family a nice change of scenery and a new experience. Although camping is relatively affordable, there are costs involved. You need a tent big enough to house your family, sleeping bags for everyone, and a portable stove. The good news, however, is that if you invest in the right equipment, it could last for years.

Whether you are trying to recover from the financial impact of the pandemic or are simply frugal, there is is possible to enjoy the summer for cheap. Try these activities if you’re looking for a way to keep busy without spending a fortune.

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Online bill payment restored after ransomware attack Fri, 28 May 2021 21:47:00 +0000

TULSA, Okla. – City continues to respond to ransomware as teams work to restore critical systems.

Electronic payment functions are being brought back into service using a phased approach, and many locations in the City are now accepting debit and credit cards.

Utility bills

Online bill payment has been reinstated for customers who know their new customer number and account number. Tulsa Water customers who use online bill payment will be able to pay by electronic check. Water customers on paperless billing are also starting to see bills arriving in their inboxes. For people configured for automatic payment, payments will be automatically withdrawn from their bank accounts.

Additionally, utility customers can currently make payments by mail and at Town Hall by cash, check, or money order. No debit or credit cards can be used to pay utility bills at Town Hall at this time. Customers paying at Town Hall or partner cashiers are kindly requested to bring a copy of their current bill, as not all of the town’s computers are back online. Payments by phone through the City’s 311 system are not currently accepted.

Late fees and water shutdowns The City will not assess late fees or trigger a utility shutdown for at least five business days after all customer payment channels are restored.

Payments to the Municipal Court Payments to the municipal court by credit / debit card, cash, check or money order can be made at the Municipal Court and at City Hall. Online payments for traffic tickets are not available at this time.

Allow payments The Permit Office on the 4th Floor of City Hall is staffed and can accept application payments in person by check, cash and money orders. Payments for building permits cannot be processed and debit and credit cards cannot be accepted at this time.

Tulsa Parks Payments Although Tulsa Parks cannot accept payments online, it can accept debit and credit cards at all of its community centers except Reed Park and Chamberlain Park. Those who need to make payments at these two parks will need to use cash, checks or money orders.

Animal welfare payments in Tulsa Tulsa Animal Welfare is once again accepting credit and debit cards at its location at 3031 N. Erie Ave.

Green waste site, payments for household pollutant collection facilities The city’s Greenwaste site, located at 2100 N 145th E Ave., is once again accepting credit and debit cards. Credit and debit cards can also be accepted at the city’s household pollutant collection facility, 4502 S. Galveston Ave.

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How long does it take to get a credit card? Fri, 28 May 2021 15:10:49 +0000

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Applying for a credit card is usually quick and easy. But waiting for the approval and arrival of the physical card can take a bit of time.

While some credit cards offer instant approval and use, that isn’t always the case – and you may run into issues that slow the process down.

Here’s a look at the credit card timeline, from the time you complete an application until you receive the card.

How long does credit card approval take?

In many cases, you can get approved for a credit card about a minute after you apply online or while you are waiting in an in-store payment queue.

“Many issuers have an instant approval process where you can get approval within minutes,” says Gerri Detweiler, director of education for Nav, which helps business owners manage credit. “The approval time has definitely decreased as issuers have become more efficient in evaluating and approving applications.”

It might not come as a surprise if you are already receiving pre-approved offers from credit card issuers because you have a high credit score.

“For most credit cards, the decision was made before you even applied,” says John Ulzheimer, a credit expert who previously worked at FICO and Equifax credit bureau. “Card issuers have their criteria in place. So when you apply, your credit quality and application information either meets or does not meet the criteria. As such, the decision is virtually real-time and you will probably receive a card within a few weeks. “

Why are credit card approvals delayed?

Even if your credit score is high, the approval of your credit card may be delayed due to the fraud protection of your credit report.

“Before applying for new credit, a consumer must lift a credit freeze in advance or obtain a single-use PIN that he can provide to the lender from whom he is making the request so that the lender can access the report”, says Rod Griffin, senior director of public education and advocacy at the Experian credit bureau.

Bypassing a fraud or security alert can lengthen the approval process because the lender must first verify your identity. The credit card issuer may call you to confirm your credit information and whether you have applied for the card before the application can be accepted.

An issuer may also take longer to approve your request if:

  • You are asking for an unusually high credit limit.
  • The information in your application is different from that in your credit report.
  • You already have a large line of credit with the bank.

How to check the status of the credit card application

Most major credit card issuers allow you to check the status of your application online, while a few require you to call. If you call, ask what you can do to speed up the approval process.

  • American Express: You can check the status of American Express card applications online.
  • Barclays: Check the status of your Barclays request here by entering your name, postal code, email address and the last four digits of your social security number.
  • Capital one: You can call 800-903-9177 to check the status of your request and you will be notified in writing within seven to 10 business days.
  • Hunt: You can verify your app by calling 800-432-3117 or by logging into Chase’s website.
  • Citi: Check the status of your Citi request online by entering your Application ID and Postal Code or Primary Phone Number, Postal Code, and Month and Year of Birth.
  • Discover: Call the state phone number for the Discover app at 800-347-3085 or check online.

How fast can you get a credit card?

Expect to receive your card in the mail within seven to 10 business days of approval. If you want to get your physical card as soon as possible after it’s been approved, check with the issuer to see if you can get it sent out faster.

“Issuers can provide expedited shipping for your card – sometimes for free and sometimes for a fee,” says Detweiler.

“Once you’re approved for a card, don’t be surprised if the account shows up on your credit reports before you even get your card,” says Ulzheimer. “The wheels of credit are changing rapidly, especially in the credit card world, where it is so competitive.”

Can a credit card be used immediately?

When you’re instantly approved for a retail credit card, maybe you can use it right away. This quick turnaround time is less common with other types of credit cards, but there are exceptions. “Some issuers may provide you with a card number that you can use immediately, even before your card arrives,” says Detweiler.

If you want immediate access to a new credit card, consider these options:

  • American Express offers an instant card number for use in a digital wallet or online.
  • After being approved for a Apple Card and accept your offer, you can use it immediately through your Apple Pay digital wallet.
  • You may be able to use a new Bank of America card in a digital wallet before the physical card arrives in the mail. This option is open to authenticated and verified Bank of America customers who have applied for their card through the issuer’s mobile app.
  • Corporate credit card issuers Brex and Divvy offer virtual cards after approval.

How fast can you get a secured credit card?

While it is easier to get approved for a secured credit card, the process of accessing the card can take longer than for a conventional unsecured card. This is because secure cards, which target people who create or rebuild their credit, require you to offer a security deposit in the event of a default on the card.

Even if you are immediately approved for a secure card, the application will not be complete – and the card will not be shipped to you – until you submit the security deposit.

Most issuers require you to allow them to withdraw the security deposit from your bank account after approval. Although Detweiler indicates that some issuers may give you more time to fund the deposit.

What happens if your credit card application is refused?

If your credit card application is denied, the lender will send you a letter explaining why you were not approved. The Federal Trade Commission requires that the issuer let you know which credit report influenced their decision. If a credit score was considered as part of the decision, you will also receive this information. You will be able to receive a free credit report so that you can review the information and dispute it if necessary.

“If you’re denied, you can try calling the issuer’s review service, where you may be able to provide additional documentation or an explanation that might help you get approval,” says Detweiler. Most credit card issuers allow you to call them and request a review.

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