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To bring you the list of best instant approval credit cards, we use an objective rating and ranking system that compares features across a large set of credit cards (over 200 of them from over 50 issuers). We use calculations to estimate the value of each card for the average cardholder, based on LendingTree and U.S. Bureau of Labor statistics.
- Balance transfer cards: We calculate the savings on a balance transfer, based on the length of the introductory period. We assume a transfer amount of $6,500 and a monthly payment of $300. We subtract balance transfer fees, annual fees and the amount paid on interest for any amount left over after the introductory period expires.
- 0% purchase APR cards: We calculate the amount saved on interest given the length of the card’s introductory period. We assume a purchase of $1,800 and a monthly payment of $300. We subtract the card’s annual fee and interest paid on any amount remaining after the introductory period expires. We also add in the amount earned on rewards for the average cardholder, including the card’s sign-up bonus, minus the card’s annual fee. We look at the average rewards earned over two years to balance out a card’s ongoing value with its first-year value.
- Rewards credit cards: We calculate the rewards earned for the average cardholder using Bureau of Labor statistics data and an annual spend of $20,000, minus the annual fee. This value includes a sign-up bonus and annual bonuses (including annual free night certificates). For travel cards, this value includes travel perks like lounge access and travel credits. We look at the average rewards earned over two years to balance out a card’s ongoing value with its first-year value.
- Credit cards for building credit: We calculate how much the average cardholder can save with the card on a yearly basis. If it is a rewards card, we use U.S. Bureau of Labor data and $300 in monthly spending (the typical starting credit limit for an introductory card) to calculate how much the average cardholder can earn in rewards. We then subtract fees — including annual fees and maintenance fees — from this amount.
Depending on the category, we also look at the flexibility rewards, foreign transaction fees, features for building credit and how the card’s overall list of benefits compares to other cards.
Note, that our ratings are a starting point for comparing and choosing the best credit card. However, your needs may be different from the average cardholder. You should consider the amount you’re likely to spend in a card’s rewards categories and which benefits you value to choose the best card for you.
