Instant Approval Credit Cards- Everything You Need To Know

Are you looking forward to getting a new line of credit as soon as possible? Do you not have enough time to wait and get through the application process? 

Fortunately, there are many instant approval credit cards available in the market. However, instant approval does not ensure that you may get access to the card right away. 

Well, if you don’t have any knowledge about instant approval credit cards for bad credit, then this article is for you. Here, you will know everything about instant approval credit cards. So, read on and understand how you can get one. 

Instant Approval Credit Cards- What Are These?

With instant approval credit cards, you become entitled to get your card approved shortly after submitting an application. Unfortunately, it is no guarantee that you will get your application approved right away. While one person may be able to get their request approved instantly, the other one might have to wait for a longer time. 

There are two types of instant approval credit cards:

1. Guaranteed Approval Credit Cards 

These are the cards that are made for people with bad or no credit history. These offer no credit check and come with guaranteed approval. 

2. Regular Credit Cards 

These are the credit cards that come with an option of instant approval. Although the approval of the card depends on your credit history. 

When it comes to getting your credit card application approved, the chances of getting the same approved increases if you meet both income and credit requirements. You may end up receiving the status of a pending application if the issuer requires more information from your end. Or, the issuer might feel the need to take a second look at your application before accepting or rejecting the same.

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Credit Card With Instant Approvals

Store credit cards are a great example of credit cards with instant approval. With these credit cards, your application is rejected or accepted instantly to help you take the next move. However, these credit cards come with a very high rate of interest and may also restrict to make a purchase with only limited brands. 

In the present era, it is common for credit cards to offer instant approvals. Well, all thanks to the technology because you can quickly get it done online. Although you can get instant approval on these credit cards, you might be asked to deposit a certain amount. Also, your credit limit will match the deposits done by you, and you may not have access to an amount over it. 

Instant Approvals And Guaranteed Approvals- Are They the Same?

People usually get confused between guaranteed approved credit cards and instant approval credit cards. A credit card that offers instant approval does not mean that you will get it approved for sure. Well, despite the name, guaranteed approval credit cards don’t guarantee approvals either. 

In order to get your request for a card approved, you need to meet a lot of requirements. So, you must know that even if the card says that approval is guaranteed, you might end up getting your application rejected. 

Instant Approval Credit Cards Appeal

If you are in need of quick cash, then instant approval credit cards might prove to be helpful for you. Some issuers even pass on the card details so that you can make purchases right away. For example, you can quickly get access to a credit card by downloading the mobile app of the card, if one exists. 

Many issuers, like Bank of America and others, may require you to wait till you receive the card in the mail, despite approving your application instantly. 

Instant Approval Credit Cards Approval Requirement

One of the basic requirements to get your card approved is having a good credit score. You can get secured or unsecured credit cards for bad credit, but a good credit score will allow you to have access to a loan of huge amounts. 

Difference Between Instant Approval And Pre-Approval

Instant approval refers to a situation in which you get an option to receive instant approval on your credit card application. Pre-approval, on the other side, gives you an opportunity to see if you have any chance of getting your application approved without applying for one. 

Although a pre-approval is not a guarantee that you will get your loan approved and the issuer may still reject your application. 

Apply For Instant Approval Credit Card

If you wish to apply for an instant approval credit card and wish to know the instant decision, then start by filling out the application form online on your phone. This is because you never get mail applications approved instantly. 

Once you submit an application online, wait, and see if your application is approved, pending, or rejected. And if you get your application approved, expect to receive your card in a couple of weeks, based on the policy of the issuer. 

In case your application gets rejected, you may find the reasons by connecting with the issuer. Ask them what went wrong with your application and then see if you can get it through the next time. 

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Wrapping It Up

Instant approval credit cards are a great way to get instant cash whenever you are in need of money. Although you might get instant approval, you must be alert enough to think through the entire process before jumping into the decision to get a card. 

We recommend you get yourself an instant approval credit card only if you are able to manage your finances well. And even if you manage to get your application approved and receive the card, make sure you spend wisely. 

Now that you know all about instant approval credit cards, apply for one anytime soon but make sure you make an informed decision.