Just wanted to post a friendly reminder to anyone who is actively searching for a credit card to use for Christmas gifts. Because credit cards no longer provide instant approval, applying online for a credit card does not provide instant access to credit. In general, it can take a minimum of five postal days to get a credit card, but this can take much longer when both credit card companies and the post office is busy.
The weeks leading up to Christmas are in effect the perfect storm. Consumers who wait until the last minute to apply for credit cards flood the underwriting teams at the credit card companies with applications. This can slow down the approval process. Once credit card approval decisions are made, credit cards still need to be shipped via snail mail. Normally, this can take three to five days, but with all the Christmas and Hanukkah mail clogging the system, credit card delivery can take longer.
Ultimately, this means that a person applying for a credit card today will have little, if no chance to get Christmas gifts shipped via online retailers unless they use overnight shipping. And even this may be a stretch. However, with Christmas falling two Friday’s from now, it may still be possible to get a new card in time for some last minute in store shopping. Just be sure to apply for a credit card as soon as possible, because after Wednesday, it is unlikely anyone applying for a credit card will have it in their hands by the 24th.
For information on current credit cards that offer 0% interest rates, please visit the main section of Smart Balance Transfers. Happy holidays and good luck.
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