Instant credit has become a new obsession in the world as credit card service providers struggle to prove their efficiency in the field of credit management. Due to the fact that consumer spending constitutes nearly two thirds of America's total economic activity, the credit card service providers have tried to keep up with the pace y luring consumers towards increased use of credit cards. As the campaign for new clients gain momentum, the credit cards have been improved to guarantee instant credit with even transactions involving as much as $30,000 being completed in a matter of minutes.
Advantages of instant credit credit cards
The process of doing business for a long time remained quite tedious due to the bureaucratic processes that such transactions always went through. This sometimes led to protracted delays in carrying out transactions. It would therefore result in a lot of time being spent on a single transaction a situation that could lead to a very low rate of stock turn over incases where one transaction depended on the completion of the previous. From the style and speed with which the new instant credit credit cards carry out their transactions in radio active speed and style, buying a car or any other simple merchandise can be completed within as short a time as thirty minutes. This speed means that you can land into a new town and purchase all the household goods that you need within the neat two hours and get settled. This type of service was an unachievable dream sometime back.
Disadvantages of instant credit credit cards.
As much as we may take pride in the speed and style of execution associated with instant credit credit card transactions, we must also comprehend the potential risks that this type of transactions may pose. For starters, basing on the fact that these transactions are generally automated and physical identification plays no major role, it could be very easy for another family member to get your instant credit credit card and go on a shopping spree without your approval.
The worst case scenario would be that of pure identity theft by strangers. It is quite evident that some people have developed and perfected the art of harking into secured computer systems. These cases of identity theft have been on the increase as criminals get more technologically sophisticated. Think of a situation where a criminal harks into your instant credit credit card account and makes a purchase of over $10,000 within ten minutes. Such a situation may even lead to an eventual bankruptcy declaration on your account if you do not have the money to cover up such an unexpected expenditure within the provided time frame. All this mayhem would not be possible if the credit card transaction took some time in trying to verify the source of the transaction and whether it was okay.