When you apply for a new credit card, the anticipation of waiting for it to arrive in the mail can be frustrating. But what if you could use your credit card before it even arrives? Is that possible? The answer is yes, and in this article, we’ll explore the different options you have to start using your credit card right away.
Can I use a credit card before it arrives?
Believe it or not, there are certain types of credit cards that allow you to use them before they even arrive in the mail. These credit cards are designed for instant approval and instant use. For example, American Express and some popular rewards credit cards from Chase offer this feature to their customers. Additionally, you may also find opportunities to apply for a credit card during the checkout process when making an online purchase.
Types of credit cards you can use instantly after approval
Instant use cards
Some credit card issuers provide instant use cards that you can start using as soon as you’re approved. For instance, Capital One offers the Walmart Rewards® Mastercard® that you can apply for during your purchase at Walmart stores or online. Upon approval, you can instantly use the line of credit. American Express is also known for making their cards available immediately after approval. You can add your Amex card to a digital wallet like Apple Pay, Samsung Pay, Google Pay, or Amazon Pay to start making purchases right away. Chase offers a similar option called “Spend Instantly” where you can use your card number right after approval.
Virtual credit cards
Virtual credit cards are another option that allows for instant use. These cards provide a one-time-use card number that you can utilize for online purchases. However, virtual card numbers have limited availability and are offered by only a few card issuers. An example of a credit card offering virtual card numbers is the [card_name], which is available for consumers with good credit standing.
Airline and hotel credit cards
When making a purchase with certain airline or hotel brands, you may have the option to instantly apply for their co-branded credit card. You can charge your travel purchase instantly and wait for the physical card to arrive in the mail for further spending.
Reasons to use your credit card right away
Why would you want to start using your credit card number before it arrives? Here are a few scenarios where instant card use can be beneficial:
- Bonus offers or promotions: Many credit cards offer exclusive bonuses or statement credits for signing up while making a purchase. Taking advantage of these offers can save you money or earn you extra rewards.
- In-store discounts: Some retailers provide instant discounts when you sign up for their credit card during checkout. For example, Kohl’s offers a 35% discount on your first purchase with their credit card.
- Urgent purchases: If you need to make an important purchase immediately but don’t have the cash or available credit, an instant use credit card can provide the financing you need.
- Unexpected expenses: In cases where unexpected bills disrupt your budget, using an instant use card can help you cover the expenses upfront.
What are the risks involved?
Using instant use credit cards doesn’t pose any additional risks compared to physical cards. Credit cards offer robust protection against unauthorized purchases, and liability for fraudulent charges is limited. Most credit cards come with $0 liability protection, ensuring that you won’t be held responsible for fraudulent charges. If you encounter any fraudulent activity, simply contact your card issuer to report it, and they will take the necessary steps to protect you.
Frequently asked questions (FAQs)
Q: How do I add a credit card to a digital wallet?
A: The process for adding a credit card to a digital wallet varies depending on the wallet and card issuer. You can typically add a card through the mobile app of your card issuer. For example, with Chase, you can add a card to a digital wallet through the Chase mobile app by selecting “Digital Wallets” under “Account Services.”
Q: Can I use my Capital One credit card before it arrives?
A: Yes, many Capital One credit cards offer a service called Eno that allows you to apply for virtual card numbers that can be used right away.
Q: Can I use my Amex card before it arrives?
A: If American Express is able to authenticate your identity during the application process, they may provide you with an instant use credit card number that you can add to a digital wallet within minutes of approval.
Q: Can I get a credit card on the same day?
A: While many credit cards allow you to start making purchases on the same day you apply, you will usually receive your physical card in the mail within a few days to 14 days.
For more information and tips on personal finances, visit Personal Finances Blog.