Instant Approval Credit Cards | Canstar
With an instant approval credit card, you can often get a decision on your credit card application in 60 seconds. But that doesn’t mean you have guaranteed approval.
What is an Instant Approval Credit Card?
An instant approval credit card is one where the provider gives you an “instant” or near-instant decision on your credit card application. You will usually get a response within 60 seconds of submitting your request for such a card. If your application is “approved with conditions”, it generally means that it is approved subject to verification of your identity and financial information.
It is important to note that instant approval is not a guaranteed approval. In Australia, credit card providers must lend responsibly and they legally cannot extend credit to you (i.e. let you borrow money) if they think you cannot. to reimburse. By law, suppliers must make reasonable inquiries into your financial situation and take reasonable steps to verify your financial situation. This is why you cannot get instant guaranteed approval for a credit card, or even for any other type of credit such as a home loan or personal loan.
Who Offers Instant Approval Credit Cards?
There are a number of providers offering instant approval credit cards in Australia. For example, according to the Canstar database, all major banks (ANZ, CommBank, NAB and Westpac) offer instant approval credit cards when you apply online. Remember that this is not a guaranteed approval and instant approval may not be an option with all credit cards offered. If you receive instant approval, you’ll still have to wait for your credit card provider to officially approve your application and then for your physical card to arrive. Depending on the supplier, this can take up to 10 working days.
How can I get easy and instant approval for a credit card?
To increase your chances of getting your credit card application approved as quickly as possible, make sure you meet all eligibility criteria and have included all the correct information to support your application. You can also check your credit score before applying. Note that your approval is not guaranteed and whether or not your application will be accepted will depend on a range of factors including your credit score and financial situation.
To give you an idea of what may be required in a credit card application, we’ve listed some common eligibility criteria and information you may need to provide.
- be 18 or older,
- be an Australian citizen, permanent resident or hold an eligible visa,
- meet all specified minimum income requirements, and
- have a good credit record.
Information and documents
You may be asked to provide information such as:
- driver’s license number (if you have one),
- employment and income details, such as payslips or bank statements,
- debts, such as personal loans, home loans, other credit cards or buy now pay later loans,
- general living expenses, such as rent, food and groceries, transportation and insurance, and
- assets, such as cars or homes you own.
Because of these requirements, you may find it easier to get approved for a credit card with a minimum income requirement or a lower credit limit.
Before applying for a particular credit card, it may also be a good idea to read any information the lender sends you or provides on their website about the card, which could include a key information sheet and market determination. target (TMD).
Can I get an instant credit card without credit check?
In Australia, credit card providers will almost always perform a credit check when you apply for a credit card. That’s why it may be a good idea to check your credit score before applying. You can also take steps to improve your score if it is not as high as you would like.
Credit card providers may review your credit report and credit score along with other factors such as your income, assets and debts, to help decide whether or not to approve your application and credit amount to offer you.
If the provider checks your report, it will be noted on your credit report as a credit inquiry. Applying too many credits in a short time could negatively impact your score. This means that if your application for an instant approval credit card or other form of credit is rejected, it’s usually a good idea to work on improving your credit score and paying off your debts, rather than reapplying to another provider immediately. .
Cover image source: Mehaniq/Shutterstock.com.
Thank you for visiting Canstar, Australia’s largest financial comparison site*