Get a decision on your credit card application within 60 seconds when you apply for one of these instant approval cards.
In a world where no one likes to wait for anything, getting instant approval for a credit card application does have its attraction. While the response is not quite instant – it takes about 60 seconds – and not always an approval, these cards can certainly allow for better financial planning.
As many of these instant approval cards come with the same features as other cards, it’s often possible to initiate a balance transfer, for example, immediately upon approval, rather than having to wait several weeks while your high interest debt continues accruing interest.
Because the process is automated, however, there is no leeway for people with less-than-perfect credit to negotiate – the process relies on set criteria, including income, employment and debt repayment history. In addition, instant approval sometimes means a higher-than-average annual fee, although plenty of cards listed here offer introductory waivers. Finally, the idea of instant approval should not stir you to keep applying for card after card. Getting declined, particularly getting declined frequently, can hurt your credit rating significantly.
When you apply online with the fast 60 second approval, your personal financial data is automatically checked with the national credit bureaus, calculations are made to decide whether you qualify and an automated response is sent directly. The whole process usually takes 60 seconds or less, although some banks can take slightly longer. The approval of the credit card is subject to the final decision of the Bank.
All banks will check out your financials and your credit history to figure out if you are eligible or safe to approve. Your best course of action is to apply for credit cards for which you comfortably meet the minimum eligibility criteria.
Legibility requirements usually include citizenship or residency in Australia, a good credit rating and n income above the threshold applicable to the specific credit card.
An instant approval credit card with the option of a balance transfer allows you to move existing credit card debt to the new card and repay the old debt at a special low interest rate for a fixed period. Make sure the balance transfer deal you choose offers the best combination of interest rates and offer duration to make the most savings. When you are filling in the online application, apply for the balance transfer at the same time so you can start saving straightaway.
Some credit cards feature a special introductory offer of a low purchase rate for a fixed period. This can greatly reduce the cost of using your card, but you must be aware of how the interest rate changes at the end of the promotion. Many cards provide membership to rewards schemes including frequent flyer programs, retail rewards and other types of benefit, such as cash back, charity donations and more. If the card you are applying for includes a loyalty program, ensure that you can earn points in the way you like to spend and that you can make use of the rewards.
The purchase rate is the first factor to compare; this is the interest applied to any unpaid balance on your monthly credit card statement for purchases. You should also be aware that other transactions, such as cash advances, typically attract higher rates of interest, so familiarise yourself with these before applying. If the card has an annual fee, you should decide whether you can afford it and whether the extras are going to be of any benefit to you.
On the application form you are required to provide a set of personal data – your name and address, previous address if you recently moved, employer, income and information on creditors and any outstanding debts.
No, that’s not a good idea. It can make your credit report look bad, especially if you’ve recently been declined for a credit card or some other loan. It’s much better to make your decision on our credit card comparison site about which card to go for before clicking out to fill in an application. Here’s why: the banks do a soft search enquiry of your credit report when processing your instant approval credit card application so if they see a ‘busy’ credit report where multiple enquiries have been made of your credit report by other banks all around the same time then it could be irresponsible for them to approve your application. This would more than likely result in your application being declined.
All banks look at your personal financial situation in order to figure out if you should be approved or not. The bank will want to verify your age to make sure you are over 18 years old, verify your income, check your residency status and also check your credit rating to calculate how capable you are to repay your card.
Yes. The bank will still check your credit report when processing your application.
Yes, it’s crucial. Your credit rating is the key consideration for banks when they decide whether or not to approve you for one of their credit cards. Since the application is completed online and the decision is made automatically, approval or non-approval is fairly inflexible. You can check your own credit report by applying to a credit checking agency, and it’s a good idea to do this once a year to check that everything is up-to-date and there are no mistakes on your file.
No, this could lead to you being repeatedly declined. Every time you apply for a new credit card, the bank checks your credit file, which includes details on any recent successful or unsuccessful credit card applications. Banks tend to look down on people who apply for multiple cards within a short period of time – they think it’s a sign of careless money management. The best thing you can do is to hold tight for a while before applying again. Failing to do so could mean you’re stuck in a circle of being declined for being perceived as having a higher-risk credit card user.
The bank will give instant preliminary approval on condition of you meeting their lending criteria. If it 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 bank can decline your application.