Instant Approval Credit Cards: What Are They and Who Offers Them?
Key Takeaways
- Instant approval credit cards give you an immediate decision on the status of your credit card application.
- Major credit card issuers will often instantly approve you for a card, though this isn’t guaranteed.
- Many credit cards that boast instant approval are targeted toward people with bad credit or no credit, and may come with high fees and APRs.
- These cards shouldn’t be confused with cards that offer instant card numbers, which can be used immediately after receiving approval for the card (instead of waiting for the physical card to arrive in the mail).
If you find yourself in need of immediate access to credit due to an unexpected expense, like a home repair or medical emergency, an instant approval credit card can be ideal.
That’s because you can usually receive an approval, denial or request for more information within minutes of submitting your card application. (Note that if the issuer requests additional information from you, it may take several days to evaluate your application.)
But while these cards can provide convenience, they may come with extremely high fees and APRs.
What is an instant approval credit card?
With an instant approval credit card, you can typically receive a response to your application within minutes. But whether you’re approved or denied will depend on various requirements set by the issuer, including income, credit score and housing payments.
Just know that no two applicants are the same. So while one person may receive an instant response, another may have to wait several days for a decision if the issuer needs to obtain more information.
Which credit cards have instant approval?
Many credit cards that boast instant approval are often targeted toward people with bad credit or no credit. These instant approval credit cards may seem tempting if you’re in need of credit fast. However, a closer look at the terms show that some of these cards may come laden with fees — such as set-up fees, maintenance fees and annual fees — that outweigh the potential benefit of an instant approval. Or, they may require a security deposit of at least $200 that’ll serve as your credit line.
Instant approval credit cards for bad credit
For example, the PREMIER Bankcard® Grey Credit Card accepts applicants with poor credit and states online that you can “receive a response in 60 seconds.” But there’s a one-time program fee, as well as monthly and annual fees, which vary depending on your credit limit.
The Total VISA® Credit Card, which is available to applicants with poor / fair credit, states that you can get a decision in minutes. But the card also comes with a long list of set-up and maintenance fees, including a program fee, an annual fee and monthly servicing fees. Plus, it has an extremely high 35.99%* APR.
Secured credit cards with instant approval
Secured cards are generally designed for those with less-than-perfect credit. Since they require a security deposit that acts as collateral in the event you don’t pay your bill, they’re typically easier to qualify for than traditional credit cards. That said, while these cards don’t come with the same high fees and APRs that instant approval cards for bad credit have, they do require you to put down a deposit upfront.
With the Discover it® Secured Credit Card, for example, you’ll need to submit a refundable security deposit of at least $200 — this will serve as your line of credit. The card accepts applicants with limited / poor credit, and comes with a $0 annual fee and an intro APR on balance transfers.
Store credit cards with instant approval
Another common type of instant approval credit card is a store credit card. Many retail cards provide instant approvals at the point of sale. So when you check out at a retailer like Target, you may be asked to apply for a Target Circle™ Card on the spot.
After completing an application, you’ll typically receive a response right away. If approved, you can use your card account details for whatever you’re purchasing (as long as the cost is within your credit limit) and the physical card will arrive by mail.
However, know that many store cards come with high APRs and low credit limits, and can typically only be used at that specific retailer.
Business credit cards instant approval
If you’re a small business owner who needs quick access to credit, there are also business credit cards available that offer instant approval. However, they may require good-to-excellent credit for approval.
For example, with the Ink Business Unlimited® Credit Card (see rates & fees), you can learn whether or not you’ve been approved within minutes of submitting your application online. But while this card offers cash back rewards and an intro APR on purchases, it requires good / excellent credit.
How to increase your chances of instant approval
While instant approval doesn’t mean guaranteed approval, there are steps you can take to increase your chances of being quickly approved for a credit card:
1. Have a steady source of income
During the application process, you’ll be asked how much you bring in annually — therefore, it’s key to have a stable income source. While you may include income from alimony, child support, interest, dividends or other sources, those sources most likely won’t be as sustainable as income from a paycheck.
2. Pay attention to credit score requirements
Depending on what credit score you have, you may have better odds of applying for one card over another. On LendingTree, we list the credit requirements for each card — such as poor, fair or excellent — so you can get a good idea of which cards you may qualify for. According to FICO, here are the ranges your credit score can fall into:
- Exceptional: 800 to 850
- Very good: 740 to 799
- Good: 670 to 739
- Fair: 580 to 669
- Poor: 300 to 579
You can check your credit score for free in a variety of ways, including through LendingTree Spring, Experian or your bank or credit card issuer.
3. Make sure your credit reports aren’t frozen or locked
You may have frozen or locked your credit report to prevent fraud as a result of a recent data breach. If so, before you apply for a new credit card, you’ll need to thaw or unlock your credit reports to allow the issuer access to your files.
4. Don’t apply for credit too often
Each time you apply for a new line of credit, a hard inquiry appears on your credit reports. Hard inquiries lower your credit score by a few points each time they occur and remain on your credit for two years, though the negative impact lessens over time. In addition, having multiple inquiries on your credit report in a short time may signal to lenders that you’re a high-risk consumer. Therefore, it’s best to only apply for credit sporadically.
5. Review your credit report for accuracy
Simply checking your credit report for legitimate errors, like an incorrect late payment, can help bridge the gap to a higher credit score. There are numerous ways to access your credit report for free. For example, you can view your Equifax, Experian and TransUnion credit reports at annualcreditreport.com or by calling 877-322-8228.
Alternatives to instant approval credit cards
If you want access to instant credit, but not the fees typically associated with instant approval credit cards, you may want to consider these alternatives:
Credit cards with instant numbers
Instant credit card numbers give you access to part, or even all, of your new line of credit immediately upon approval. This allows you to use your card before the physical credit card arrives in the mail. While some issuers offer instant credit card numbers for some of their cards, American Express offers them for all of its cards.
See if you prequalify for a credit card
If you want to increase your chances of instantly being approved for a credit card application, you may want to see if you prequalify — or are preapproved — before completing the application.
Several issuers offer tools to let you know which credit cards you might prequalify or get preapproved for by performing a soft pull of your credit (which won’t have a negative impact).
For example, with Discover, you can fill out an online form with basic personal information, including your name, address, date of birth, Social Security number, income and student status. Once the form is submitted, Discover will show you which credit card offers you’re preapproved for.
Keep in mind, though, that preapproved offers aren’t guaranteed, and you’ll still need to complete the application process to receive a final approval decision.
Here are some issuers that let you check to see if you prequalify or are preapproved for a credit card offer:
- American Express
- Bank of America
- Capital One
- Chase
- Citi
- Discover
Frequently asked questions
When you apply for an instant approval credit card, the issuer will run a preliminary credit check. If you appear to be eligible for the card, the issuer will grant you conditional approval while they perform a more in-depth review of your credit history and establish your full credit line.
If your application for an instant approval credit card has been declined, we suggest reviewing the card’s eligibility requirements and contacting the issuer for more details on your denial.
Avoid applying for a different card right away, since that can negatively impact your credit score. In fact, each time you apply for a new credit card, a hard inquiry appears on your credit report, which lowers your score by a few points each time and stays on your credit report for two years (though the negative impact lessens over time).
Select issuers, including American Express, provide instant credit card numbers to eligible card members immediately upon approval. This allows you to shop online and take immediate advantage of card benefits, instead of waiting for a physical card to arrive in the mail.
Designed for consumers with bad or no credit, “guaranteed approval” credit cards don’t check your credit history when deciding whether to approve or deny you. But although the name implies that approval is automatically guaranteed, you may still be declined. For example, if you don’t meet the age requirement, your identity can’t be verified or you don’t have an eligible bank account, you may be denied.
The information related to the Target Circle™ Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.