Best Instant Approval Credit Cards
Browse Credit Cards Available Immediately Upon Approval
Many types of credit cards are available on the market today. Instant approval credit cards are popular because they offer nearly instant approval for applicants seeking a new credit card. This is convenient for applicants with a wide variety of credit (FICO) scores but especially for those with higher credit ratings. Interest rates (APRs) on instant approval credit cards vary greatly between ten and thirty percent (approximately) depending on numerous factors. Certain card issuers also offer zero monthly and/or annual fees to qualified borrowers as well. Continue reading to learn all you need to know about the best instant approval credit cards on the market now.
Advantages of Credit Cards
Credit cards offer multiple advantages to consumers. Yes, credit cards also pose certain risks but when used properly, they create benefits ranging from financial flexibility to lifestyle freedom. What are some of the top advantages of using credit cards?
Credit cards offer opportunities to repair bad or otherwise damaged credit ratings. Using a credit card to pay for monthly expenses such as groceries and utility bills helps you establish credit, which improves your FICO score. The trick to this strategy is to make certain you pay off your credit card bill in-full each month. Only charge expenses to your credit card for which you already have the necessary cash. Utilizing this strategy helps you build up your credit rating and prevents you from paying interest on items charged to your account.
Accessibility and Convenience
Convenience and speed are two of the top reasons instant approval credit cards are popular today. In a world where decisions are made fast, the availability of instant credit approval attracts many buyers to make purchases they might not otherwise afford. This convenience increases accessibility between popular bands and stores and their customers. For example, perhaps you need to purchase a TEMPUR-PEDIC mattress but do not have the cashflow or credit limit available in your other accounts. An instant approval credit card via Bloomingdale’s helps you make this purchase in minutes without a lengthy application process or hassle.
Protecting Your Purchases
Most credit card companies offer purchase protection for all items charged to their credit card accounts. This serves as insurance and/or a warranty for damaged, stolen, missing, or fraudulently purchased items. Banks and PayPal typically require thirty days of investigations prior to refunding your money, whereas qualified credit card post refunds right away.
What Is an Instant Approval Credit Card?
An instant approval credit card inquiry lets applicants know if they are approved for a new account within seconds. Approvals are based primarily on FICO scores. Additional information used for instant approvals includes:
Proof of identification (including your Social Security Number), income and employment.
Personal information such as contact information, your full name and residence.
Details about applicable balance transfer transactions.
Instant Approval vs. Prequalified Offers
Most consumers have received mail stating they are pre-qualified or pre-approved to open a new credit card account. A common misconception among consumers involves thinking pre-qualified, pre-approved and instant approval offers are all the same things. The truth is, neither pre-qualified nor pre-approved credit card offers are like instant approval options. Some companies view pre-qualified and pre-approved offers interchangeably. Others impose different (stricter) qualification requirements on pre-approved offers than they do for pre-qualified solicitations.
Pre-qualified credit offers are unsolicited invitations to apply for a credit card or other type of credit with no guarantee of an actual approval. Pre-approved credit offers are also commonly unsolicited invitations, albeit with occasionally stricter qualification criteria. Companies who send out either pre-qualified or pre-approved credit solicitations have not completed a hard credit check on the consumers to whom they sent their offers. They might or might not have pulled a soft credit check, however.
Instant approval credit cards run soft credit checks to ascertain the FICO score of each applicant. Hard credit checks are typically run after an applicant’s initial approval. Generally, only applicants with higher FICO scores are approved for this type of credit card account. The minimum FICO score required to meet the qualification criteria for instant approval credit cards varies per card issuer and/or lender. More about this is discussed directly below.
What Average Credit Score Do You Need to Get an Instant Approval?
The FICO score required to get approved for an instant approval credit card varies with each issuer. For example, the Capital One Platinum Secured credit card offers instant approval (with a minimum-security deposit) for consumers with less-than-average credit ratings. The Upgrade Triple Cash Rewards credit card, however, offers instant approval on credit limits up to $25,000 but only to applicants with excellent FICO scores. On average, most instant approval credit card issuers require a minimum 620 FICO score to approve applicants. To find out your FICO score before applying for any type of credit, visit the AnnualCreditReport.com website now.
Best Instant Approval Credit Card for Online Shopping
Instant approval credit cards are excellent choices when you need online flexibility and purchasing power right away. Many stores offer proprietary instant approval credit cards, which are only usable for their stores and affiliate businesses. These types of instant approval credit cards are also referred to as co-branded credit cards. This is because most stores rely on third-party lending institutions to finance the available credit on each credit card account. Some instant approval credit cards are usable for any online purchases, however.
The Amazon Prime Rewards Visa Signature card is one of the best instant approval credit cards for online shopping available today. Amazon is a highly popular online retail option. The card offers a five percent rewards rate on Amazon and Whole Foods purchases. Pharmacy, fuel, and restaurant purchases earn a three percent rewards rate. Purchases made from any other location earn a rewards rate of one percent. Rewards equal one penny each and are redeemable for cash back, bank account deposits or discounts toward future Amazon.com purchases. Additional top instant approval credit cards for online shopping include:
Best Instant Approval Credit Card for Rewards
The Upgrade Triple Cash Rewards credit card (mentioned above) offers one of the best rewards programs for instant approval credit cards today. Owners of this credit card account enjoy a $200 bonus for opening a Rewards Checking account (after making three debit card transactions in the account), three percent cash back on auto, home and health purchase and one percent cash back on everything else. The American Express Blue Cash Preferred card offers a zero percent twelve-month introductory APR. Cardholders earn six percent cash back at supermarkets nationwide (up to $6,000 annual purchase limit, before reducing to one percent cash back). Cardholders also earn six percent cash back on streaming purchases, three precent at gas stations and one percent on all other purchases.