Instant Approval Credit Cards
Compare Instant Approval Credit Cards
Instant approval credit cards generally provide a decision on your application within 60 seconds of you submitting your on line application. Instant Approval Cards not only offer super quick decisions on your on line application, but also often include balance transfer offers and Introductory bonuses on rewards.
Guide to Instant Approval Credit Cards
How does the instant approval process work?
When you apply for an instant approval card online, the credit card provider conducts a soft check on your credit report using the information you submitted within the application form. This soft check will generate a Credit Score which is the gauge which the credit card provide will use to decide whether to accept or reject your application. To attain acceptance of your application you are seeking a high score.
If your score is above the level which the Credit Card provider has set as its minimum level for acceptance you will be notified by email that your application has gained “conditional approval”, whilst they conduct a more thorough check on your credit report.
For final approval of your application, you will be asked by the Card Provider to appear in person at one of their branches with documents to verify your identity, this is a process mandated by the Australian government. You may also be asked to bring along documentary evidence to support specific information you provided on your application form.
Following this branch visit your credit card will generally arrive within 5 working days, and your PIN under separate cover, again within 5 working days.
What you need to know before you apply for an Instant Approval Credit Card
To be accepted for an instant approval card, you will need to have a good to excellent credit report.
Ensure you meet the eligibility criteria for the card you are applying for in terms of any stipulations on residency status, specific Visa requirements, employment tenure and minimum annual income levels.
Be confident that your credit report is free of any historical credit issues, order a copy prior of your credit report before submitting your application to double check all is good.
Complete the application carefully and ensure all the details you supply are true, complete and accurate. Be aware that as part of the application process it is likely you will be asked to provide documents to validate any claims regarding income, employment and Visa you make in your application.
Do not apply for multiple cards in quick succession, as the Credit Card Providers will pick this up when they check your credit report, and interpret it to indicate that you are desperate for credit, which will negatively impact your application. Select the card that best meets your needs and make a single application.
What information will I need to complete an Instant Approval Credit Card application?
- Personal and contact details - Full name, date of birth, contact address, email addresses, home and mobile telephone numbers. If you are planning on adding additional cardholders to the card you will need the same details for each additional cardholder.
- Residential Address - Current address where you live and confirmation of whether you are the homeowner or are leasing the property. If you have been at this address for less than 5 years your previous residential address will also be required.
- Australian driver’s license number - It’s not an issue if you do not have one.
- Income details - Annual Income from your employment usually pre tax is required which you will find either on your employment contract or on your wage/salary slip. You will also have the ability to add in any other income sources you might have, such as investment income or your partner’s income.
- Monthly expenditure, debts and assets - to include monthly rent or mortgage payment, household expenses (bills, food & entertainment), monthly payments on any loans and any credit card payments currently paid each month.
- Employment Information - Name, address and contact number, and the same for your accountant if self-employed. Type of employment in terms of full time, part-time casual etc. and the length of time you have worked for this employer/been self employed
- Balance Transfer - If you are seeking to include a balance transfer on your new card you will need to include details of the transfer you intend to make to the new card.
What are the benefits of Instant Approval Credit Cards?
Receive Your New Card Quickly
With an instant approval credit card, your new card will be on its way a lot sooner than you might think. This can be beneficial if you are applying for the card for a specific reason, such as taking a long holiday or helping with finances at Christmas.
Start Saving With the Balance Transfer Rate
When transferring a balance, you do not begin to save money until the transfer process has been completed. With an instant approval credit card, you will begin saving money sooner.
Use Promotional Offers
Many credit cards carry promotional offers, such as a low interest rate, or balance transfer rate. By applying for and receiving instant approval, it is unlikely that your application will be received after the due date for that offer.
Submit Only One Credit Card Application
It is tempting to complete multiple applications in the hope that you will get accepted for one. It is wise to avoid this temptation as this "multiple applications" approach can actually hinder your chances of getting approved for a credit card, because each time you submit a card application the card provider conducts a soft check on your credit report, a report with lots of soft reports across a short period of time is viewed poorly by all credit card providers and can lead to rejection of your application.
When you complete an instant approval credit card application, you will know quickly (usually within one minute) if you are eligible for the card or not. This way you can apply only for the ones you really want, and not litter your credit report with multiple applications.
Don’t Forget to Do Your Research
Even if you are applying for instant approval, you still need to research the cards you are interested in. Each instant approval credit card has features, services and rates that you will need to access prior to making any decision regarding the submission of an application.
Apply online for Instant Approval
When applying online, apply on your personal computer that has anti-spyware software installed. Do not use a public computer, as you cannot be 100% sure how safe it is.
On this site, you will find many credit cards that offer instant approval, and rest assured that your information is secure when you click through to apply at a credit card providers secure website.
Instant Approval Credit Cards - Frequently Asked Questions
- Ensure you meet the eligibility criteria for the card you are applying for in terms of any stipulations on residency status, employment tenure and minimum annual income levels.
- Be confident that your credit report is blemish free, order a copy prior of your credit report before submitting your application to double check all is good.
- Complete the application carefully and ensure all the details you supply are true, complete and accurate.
- Do not apply for multiple cards in quick succession, select the card that best meets your needs and make a single application.
Instant Approval Cards often include balance transfer offers with attractive introductory balance transfer rates.
An advantage of the Instant approval card is that due to the super fast decision on your application you will, subject to acceptance, be able to transfer your balance sooner, and so halt incurring further interest fees on your debt.
This super quick, instant approval process is achieved by automating the 2 key elements of the credit card providers decision process:
- Once you submit your application the information you have supplied is cross referenced with a number of data sources to validate the information you provided is true and accurate.
- The credit card provider contacts a credit bureau to check your current credit report.
The results of the above 2 processes are then collated to make the decision to either accept or reject the application.
The card provider will give instant "preliminary" approval on the condition that you meet their approval criteria. If it subsequently turns out that you don’t actually meet their requirements, that details were missing or inaccurate from the documents you submitted, or that you can’t provide evidence to back up what your application, then the card provider can decline your application.
Yes. The card provider will check your credit report as part of the process of accessing your application.
No, that’s not a good idea. It can make your credit report particularly poor, especially if you have recently been declined for a credit card or another form of finance. It’s far more preferable to make your decision on our credit card comparison site about which card to apply for before proceeding to the application online form.
Here’s why: The credit card providers conduct a "soft search enquiry" of your credit report when processing your instant approval credit card application, if they see a credit report littered with recent enquiries to your report by other credit card providers they will interpret this indicate that you do not have the responsible approach to credit which is paramount for your application to be succesful. The end result would be that your application would most likely be declined.
On all Instant Approval Credit Card application forms you are required to provide a set of personal data which will include your name and address, previous address if you recently moved, employer, income and information on creditors and any outstanding debts.