Instant Approval Credit Cards

Find instant approval credit cards that usually offer a fast response within 60 seconds. Compare offers and review the eligibility criteria before applying to find a card that suits you.

Nilooka Dissanayake avatar
Written by   |  
Vidhu Bajaj avatar
Edited by   |  
David Boyd avatar
Verified by
Updated 13 Dec 2024   |   Rates updated regularly

Comparing of 48 instant approval credit cards

Featured
Citi Rewards 100,000 Bonus Citi Reward Points Offer

On Citi's website

Balance transfer

N/A

Purchase rate

22.49% p.a. ongoing

Interest-free days

Up to 44 days on purchases

Annual fee

$99.00 for 1st year

Details

  • Receive 100,000 bonus Citi reward Points after spending $5,000 on eligible purchases within the initial 3 months from approval. Terms and Conditions apply.
  • The initial year presents a discounted annual fee of $99 ($199 p.a. thereafter).
  • Comes with complimentary mobile phone insurance. See Terms and Conditions here.

This product is provided by National Australia Bank Limited, using certain trademarks under license from Citigroup Inc.

Pros & cons

Pros
  • Earn 100,000 bonus points when you meet the criteria.
  • Discounted annual fee.
  • You can shop and use your points to receive a credit back.
  • 10% off Limited Time Lux Exclusive hotel offers (up to $250 per booking) booked by 1 March 2025.
Cons
  • No ongoing introductory balance transfer or purchase offer.
Citi Rewards Card Balance Transfer and Purchase Offer

On Citi's website

Balance transfer

15 months at 0% p.a.

Purchase rate

15 months at 0% p.a.

Interest-free days

Up to 44 days on purchases

Annual fee

$199.00 p.a. ongoing

Details

  • 0% p.a. for 15 months on purchases and balance transfers. Balance transfer reverts to cash advance rate.
  • Complimentary mobile phone insurance when you pay your monthly mobile plan bill with your Citi Rewards Credit Card . See Terms and Conditions here.
  • Earn up to 1 Citi reward point for every $1 spent.

This product is provided by National Australia Bank Limited, using certain trademarks under license from Citigroup Inc.

Pros & cons

Pros
  • 0% p.a. on balance transfers and purchases for the first 15 months.
  • $10 monthly cashback with BINGE.
  • Receive Purchase Protection Insurance and Extended Warranty Insurance for eligible purchases.
  • Earn 1 Citi reward point for $1 spent.
  • 10% off Limited Time Lux Exclusive hotel offers (up to $250 per booking) booked by 1 March 2025.
Cons
  • There is a 2% BT fee.
  • Balance transfer changes to a 22.99% p.a. cash advance rate after 15 months.
  • Fee for an additional card is $90.

Balance transfer

N/A

Purchase rate

0% p.a. ongoing

Interest-free days

Up to 30 days on purchases

Annual fee

From $383.88 p.a. ongoing

Details

  • Enjoy 30 days of interest-free credit on all purchases.
  • No fee for the first month.
  • Access generous credit limits of up to $500,000.
  • Benefit from 0% foreign transaction fees on international spending.

Pros & cons

Pros
  • Add unlimited cardholders at no extra cost.
  • Seamlessly integrate with Xero for streamlined accounting.
  • Quick and easy application process.
  • Enjoy complimentary access to airport lounges worldwide.
Cons
  • Enjoy 30 days APR-free; thereafter, a standard 2.99% fee applies to revolving balances.
Citi Clear Credit Card

On Citi's website

Balance transfer

24 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Interest-free days

Up to 44 days on purchases

Annual fee

$49.00 for 1st year

Details

  • Benefit from 0% p.a. for 24 months on Balance Transfers (with a 1.5% Balance Transfer fee). The rate reverts to the cash advance.
  • Get a discounted first-year annual fee of $49 ($99 p.a. thereafter).
  • Enjoy a low ongoing variable purchase rate of 14.99% p.a.
  • Access to complimentary insurance including Extended Warranty Insurance and Purchase Protection Insurance. See Terms and Conditions here.

This product is provided by National Australia Bank Limited, using certain trademarks under license from Citigroup Inc.

Pros & cons

Pros
  • Low ongoing variable purchase rate of 14.99% p.a.
  • Add up to 4 additional cardholders at $0 fee.
  • Up to 44 days interest-free on retail purchases.
  • 10% off Limited Time Lux Exclusive hotel offers (up to $250 per booking) booked by 1 March 2025.
Cons
  • There is no rewards program on this card.
  • After the initial year, the annual fee reverts to $99 p.a.
  • Interest will be charged on retail purchases while you have a balance transfer.
Citi Simplicity Card

On Citi's website

Citi Simplicity Card

Balance transfer

6 months at 0% p.a.

Purchase rate

6 months at 0% p.a.

Interest-free days

Up to 55 days on purchases

Annual fee

$0.00 p.a. ongoing

Details

  • No late fee. No annual fee.
  • Benefit from 0% interest on Purchases for 6 months. Returns to ongoing Purchase rate afterward.
  • Transfer your current balance at 0% for 6 months with a 0% balance transfer fee.
  • Obtain extra cards with a $0 annual fee (up to 4 additional cardholders aged at least 16 years).

Pros & cons

Pros
  • The ongoing $0 annual fee.
  • No late payment fees.
  • Get 10% off on selected hotel offers from Luxury Escapes until 1 March 2025 (capped at $250).
Cons
  • Balance transfer reverts to cash advance rate of 22.24% p.a. after 6 months.
Citi Premier $600 Cashback offer

On Citi's website

Citi Premier $600 Cashback offer

Balance transfer

6 months at 0% p.a.

Purchase rate

21.49% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$300.00 p.a. ongoing

Details

  • Get $600 cashback when you spend $2,000 on eligible purchases using Apple Pay within 3 months of approval. Terms and Conditions apply.
  • Enjoy 0% p.a. for 6 months on balance transfers.
  • Annual fee is $300 in the first year. Then $150 each subsequent year if you spend $48,000 on eligible purchases or cash advances in the previous year. Otherwise, it's $300 p.a.

Pros & cons

Pros
  • Get $600 cashback when you meet the criteria.
  • Earn up to 2 Citi reward Points per $1 spent on eligible online transactions (capped).
  • Enjoy two free airport lounge visits annually with Priority Pass enrollment.
  • Includes complimentary mobile phone insurance.
Cons
  • Earned points are capped at 200,000 per year.
  • Earn 1 point per $1 on other eligible transactions.
  • Annual fee is $300.
Apply by 30 April 2025
St.George Vertigo Visa Credit Card

On St.George's website

Balance transfer

24 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$55.00 p.a. ongoing

Details

  • Get a 0% interest rate on balance transfers for 24 months with a 1% transfer fee. After that, the rate changes to 21.99% p.a. for cash advances.
  • Start with a credit limit as low as $500, helping you keep your spending in check.
  • Add 1 additional cardholder at no extra cost.

Pros & cons

Pros
  • Get a limited edition exclusive rainbow design card.
  • A 13.99% p.a. variable rate keeps interest costs lower on purchases.
  • Low annual fee of $55 p.a.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • Note that the balance transfer rate reverts to 21.99% p.a. after 24 months.
  • The 1% balance transfer fee is low but it can add up with large transfers
  • No rewards program which is typical for a basic card.
Apply by 30 April 2025
Westpac Low Rate Credit Card (Cashback offer)

On Westpac's website

Balance transfer

N/A

Purchase rate

13.74% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$59.00 p.a. ongoing

Details

  • Get up to $350 cashback when you apply online by 30 April 2025. Receive a $50 cashback monthly for spending over $1,000 in the first 7 statement periods.
  • A low 13.74% p.a. interest rate on purchases helps keep costs manageable.
  • Split purchases over $100 into 4 payments over 6 weeks with PartPay, making it easier to manage larger expenses.

Pros & cons

Pros
  • Get up to $350 cashback when you meet the criteria.
  • The $59 p.a. annual fee keeps costs low, with no fee in the first year if you're already with Westpac.
  • Start with a credit limit as low as $500, helping you manage your spending.
  • Supports Apple Pay, Google Pay, and Samsung Pay.
Cons
  • No rewards program although there is a cashback offer.
  • No complimentary travel insurance, which is typical for a low-rate card.
NAB Low Rate Credit Card

On NAB's website

Balance transfer

28 months at 0% p.a.

Purchase rate

13.49% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$0.00 for 1st year

Details

  • Experience 0% p.a. on balance transfers for 28 months with a 2% balance transfer fee. Reverting to a variable cash advance rate of 21.74% p.a. after the promotional period.
  • Initial $0 annual card fee for the first year ($59 p.a. thereafter).
  • Receive a response within 60 seconds.

Pros & cons

Pros
  • 0% p.a. on balance transfers for 28 months.
  • A variable purchase rate of 13.49% p.a.
  • The waived annual fee for the first year.
  • Additional credit card is free.
Cons
  • There is a 2% balance transfer fee.
  • No rewards program for this card.
  • No insurance coverage.
Apply by 30 April 2025
Westpac Low Rate Credit Card (Balance transfer offer)

On Westpac's website

Balance transfer

26 months at 0% p.a.

Purchase rate

13.74% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$59.00 p.a. ongoing

Details

  • Get a 0% interest rate on balance transfers for 26 months with a 2% transfer fee. After that, the rate changes to 21.99% p.a. for cash advances.
  • A low 13.74% p.a. interest rate on purchases helps keep costs manageable.
  • Split purchases over $100 into 4 payments over 6 weeks with PartPay, making it easier to manage larger expenses.

Pros & cons

Pros
  • 0% for 26 months on balance transfers gives you plenty of time to pay off your balance without interest.
  • The $59 p.a. annual fee keeps costs low, with no fee in the first year if you're already with Westpac.
  • Start with a credit limit as low as $500, helping you manage your spending.
  • Supports Apple Pay, Google Pay, and Samsung Pay.
Cons
  • A 2% balance transfer fee applies.
  • No complimentary travel insurance, which is typical for a low-rate card.
ANZ Rewards Platinum Credit Card

On ANZ's website

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$149.00 p.a. ongoing

Details

  • Earn 100,000 bonus Reward Points and $50 cashback upon spending $2,000 on eligible purchases within the initial 3 months after approval.
  • Access a variety of complimentary insurances for both travel and purchases.
  • Accumulate ANZ Rewards Points on your everyday purchases.

Pros & cons

Pros
  • 100,000 bonus Reward Points and a $50 cashback when you meet the criteria.
  • Earn 1.5 points per $1 spent up to $2,000 per statement period.
  • No cap on the total number of points you can earn.
  • Comes with complimentary insurance covers, including international travel insurance and purchase protection insurance.
  • ANZ Rewards points can be transferred to several airline partners, giving you booking flexibility.
  • Up to 55 days interest-free on purchases.
Cons
  • There is a $65 annual fee per additional cardholder.
  • The earn rate drops to 0.5 points per $1 after $2,000 per statement period.
  • No balance transfer offer.
  • No lounge access.
ANZ Platinum Credit Card

On ANZ's website

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$0.00 for 1st year

Details

  • Receive $300 cashback upon spending $1,500 on eligible purchases within the initial 3 months after approval. Terms and Conditions apply.
  • Enjoy up to 55 days interest-free on purchases by paying your account in full each month.
  • No annual fee for the first year. Subsequently, a standard annual fee of $87 p.a. applies.

Pros & cons

Pros
  • Earn a $300 cashback when you meet the spend criteria.
  • $0 annual fee in the first year, $87 p.a. thereafter (terms and conditions apply).
  • Comes with Personal Concierge service,
  • Complimentary insurance covers include international travel insurance, purchase protection insurance, and extended warranty insurance.
Cons
  • There is no rewards program on this card.
  • No balance transfer offer.
Apply by 30 April 2025
St.George Amplify Signature Credit Card (Amplify)

On St.George's website

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$199.00 for 1st year

Details

  • Earn 150,000 Bonus Amplify Rewards Points (equivalent to up to $675 in eGift cards) by spending $12,000 on eligible purchases in your first year. Terms and Conditions apply.
  • Earn 1.5 points for every $1 spent on eligible domestic and overseas purchases.
  • Redeem your points for gift cards, travel, transferring to partner airline programs, and other rewards.
  • Get 2 free Priority Pass lounge visits each year.
  • Use the Concierge Service to book experiences online, including exclusive tickets, last-minute reservations, and more.
  • Comes with complimentary insurance, including Interstate Flight Inconvenience, Rental Vehicle Excess, international travel coverage, extended warranty, purchase protection, and overseas transit accident insurance.

Pros & cons

Pros
  • Earn 150,000 Bonus Amplify Points when you meet the criteria.
  • No limit on the points you can earn, which is great for high spenders.
  • The discounted annual fee for the first year.
  • Access Visa’s Luxury Hotel Collection, offering perks like room upgrades and late checkouts.
  • Add 1 additional cardholder at no extra cost.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • After the first year, the annual fee reverts to $295 p.a., so factor this into long-term costs.
  • There is no introductory balance transfer offer, so it’s better suited for everyday spending than consolidating debt.
  • A 3% fee applies to foreign transactions made with your card.

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$349.00 for 1st year

Details

  • Earn up to 80,000 bonus Qantas Points. Get 50,000 bonus Qantas Points when you spend $3,000 or more on eligible purchases within 3 months from card approval. Plus, an extra 30,000 bonus points if you haven't earned Qantas Points with a credit card in the past 12 months. Terms and Conditions apply.
  • Get 0% interest on balance transfers for 12 months with a 2% fee, reverting to the cash advance rate afterward.
  • The annual fee is reduced to $349 for the first year, then increases to $399 p.a. thereafter.

Pros & cons

Pros
  • Earn up to 80,000 bonus Qantas Points when you meet the criteria.
  • Earn 1.5 points per $1 on international transactions and 1 point on domestic spending.
  • An additional 1 point per whole $1 on selected Qantas products and services.
  • Comes with complimentary travel insurance (cover for Covid-19 included).
  • Get 2 complimentary lounge access every year.
  • Save up to 20% off each year on select Qantas and QantasLink flights within Australia when you book through Qantas Premier Concierge.
  • Compatible with Apple Pay and Google Pay.
  • Safeguard your identity with Mastercard ID Theft Protection™.
Cons
  • The annual fee increases to $399 p.a. after the initial year.
  • Additional card fee costs $50 p.a.
  • There is a 2% balance transfer fee.
ANZ Rewards Black Credit Card

On ANZ's website

Balance transfer

N/A

Purchase rate

20.99% p.a. ongoing

Interest-free days

Up to 55 days on purchases

Annual fee

$375.00 p.a. ongoing

Details

  • Get 180,000 bonus Reward Points and $150 cash back upon spending $3,000 on qualifying purchases within the initial 3 months of approval.
  • Accrue 2 Reward Points for every $1 spent on qualifying purchases, up to $5,000 per statement period.
  • Enjoy complimentary international travel insurance.

Pros & cons

Pros
  • Receive 180,000 bonus ANZ Rewards points and earn a $150 cash back when you meet the criteria.
  • Earn 2 points per $1 spent on eligible purchases up to $5,000 per statement period.
  • There is no cap on the number of points you can earn.
  • Free international travel insurance and purchase protection insurance.
Cons
  • The $375 p.a. annual fee.
  • Doesn't come with lounge access.
  • No balance transfer offer.

What is an instant approval credit card?

An instant approval credit card provides you with an almost instant confirmation (generally within 60 seconds of application) regarding whether you’re eligible for a card. However, this doesn’t always mean that your approval is guaranteed.

An instant approval generally indicates that you have met the eligibility requirements for the card you applied for. Depending on the provider’s policies and your financial circumstances, the approval may be conditional. This conditional approval indicates that your application has passed an initial automated check, but the issuer may still need to verify your identity and financial details before granting full approval.

How long does an "instant" decision take?

When you apply for an instant approval credit card, banks typically provide a response within 60 seconds of submission, making it one of the fastest application processes available in Australia.

However, approval for one of these cards is not guaranteed. You may want to compare instant approval credit cards to ensure you meet the eligibility criteria before applying, as this can significantly increase your chances of approval. If the criteria are not met, there is a higher likelihood of the application being declined.

Credit Card Compare's expert on "no credit check" credit cards

Andrew Boyd, co-founder of Credit Card Comparison

Andrew Boyd, co-founder of Credit Card Compare, explains why there is no such thing as "no credit check" credit cards in Australia.

In Australia, credit card companies are obliged to adhere to the National Consumer Credit Check Protection Act 2009, which means they have to provide credit responsibly and only accept customers that can financially afford the specific loan or credit card.

That means they will check your credit report and run the numbers on whether you can afford it based on your income, spending, debts and other financial commitments.

Expert opinion on choosing an instant approval credit card

Before applying for an instant approval credit card, it's essential to consider several factors to ensure you select the right card for your needs.

What to consider before applying for an instant approval credit card

Whether this is you are applying for your first credit card or you've done it before, here are a few things to check before going any further.

  • Eligibility criteria. Review the issuer's eligibility requirements, such as minimum income thresholds, credit score benchmarks, and other criteria.
  • Interest rates and fees. Understand the card's purchase interest rate, annual fee, and any other fees and charges associated with keeping and using the card.
  • Rewards and benefits. Some instant approval cards may offer frequent flyer points with Qantas or Velocity. If the card is linked with a rewards program, earns cashback, or comes with other perks, how do they align with your spending habits and lifestyle?
  • Credit limit. Consider the card's credit limit and ensure it meets your purchasing needs.
  • Payment flexibility. A credit card with more interest-free days can make managing your finances easier. Some cards have up to 55 days interest-free, although banks have been reducing them recently.

Who offers instant approval credit cards in Australia?

Several credit card providers in Australia offer instant approval credit cards, though final approval is often conditional upon verification of personal and financial details. You can compare instant approval credit cards from over 50 issuers in our database, including major banks like ANZ, NAB, and Westpac, as well as American Express (Amex), which also offers instant or near-instant approval on select cards.

Additionally, digital-first providers such as MONEYME may offer cards that can be used immediately upon approval via digital wallets like Apple Pay or Samsung Pay.

When comparing, remember to look at the eligibility criteria, fees, interest rates, and any rewards programs each issuer offers to find the best fit for your financial needs.

Credit Card Compare's expert explains the process of getting an instant approval card

David Boyd, co-founder of Credit Card Compare

David Boyd, co-founder of Credit Card Compare, explains the process of applying for and getting an instant approval credit card.

There are no guarantees when it comes to credit card applications, and that includes instant approval credit cards. Before you apply for any credit card, check your credit score and have a look through your credit report.

Banks can also see what's in your report — you'll be asked to give your consent for them to check it as part of the application — and they'll be able to see recent missed payments and defaults.

How instant approval credit cards work

Instant approval credit cards streamline the application process by leveraging automated systems to assess an applicant's creditworthiness in real time.

When you submit an online application for an instant approval credit card, the issuer uses algorithms to quickly evaluate your credit history, income, and other relevant factors to determine your eligibility.

If you meet all of the issuer's criteria and they do not require further evidence, you may be approved within 60 seconds. However, it’s important to check any minimum income requirements before applying for the card. If you're concerned about meeting these criteria, we also have a comparison table of easy credit cards to get approval for. These cards typically have lower minimum income requirements and more relaxed eligibility criteria. They could be a good option for someone applying for their first credit card.

How long does it take to receive the physical card?

After receiving approval, you will typically need to wait 5 to 10 business days for the physical card to arrive in the mail. However, some providers offer digital versions (or virtual credit cards) that can be used immediately, allowing you to start making purchases right away.

These virtual cards can be added to a mobile wallet, such as Apple Pay or Samsung Pay, and used instantly. Issuers that may provide virtual cards include Bankwest, Bendigo Bank, Latitude Financial, MONEYME, and Westpac. MONEYME states on its website that you can start using their virtual card immediately after your application is approved.

How to improve chances of getting approved before applying

While instant approval means receiving a decision quickly, it does not guarantee acceptance. If you're looking to apply for an instant approval credit card, there are a few steps you can take to improve your chances of success.

  • Check your credit history. It's a good idea to check your credit score and history before applying for a credit card. If you have bad credit, your chances of approval will be lower.
  • Manage your debts better. If you have existing loans, credit cards, or other debts, paying them down or making regular, timely payments can significantly improve your credit card application. Lenders typically review your repayment history to assess how well you manage debt. Consistent payments, especially those above the minimum required, demonstrate financial responsibility and can help improve your credit score over time.
  • Build your savings. A healthy savings account can be a strong indicator of financial responsibility. Regularly saving money showcases financial discipline, and lenders may view your application more favourably due to your consistent savings habit.
  • Steady income. Most credit card providers require proof of regular income to assess your ability to repay the credit. If you don’t meet the minimum income requirements for the card you're applying for, you can consider applying for low income credit cards, which may offer more lenient criteria. Make sure you have recent payslips or tax returns available when applying, as they may be required to prove your income.
  • Avoid making multiple applications. It’s generally advisable to avoid applying for multiple credit cards at once. Each credit inquiry can temporarily affect your credit score, and multiple inquiries within a short period may make lenders cautious. Instead, carefully compare your options and only apply for cards that you're confident you'll qualify for, based on the eligibility criteria.

Help choosing an instant approval credit card

Learn more about accessing credit with instant approval credit cards.

  • FAQs

  • Pros & cons

  • Tips

  • Alternatives

  • Why trust us

Can you get an instant approval credit card with bad credit?

Getting approved for any credit card with bad credit can be challenging, even one with a decision from the issuer within 60 seconds.

Applying with bad credit might lead to a declined application or conditional approval, meaning you'll need to provide further information before getting a decision.

Each credit card application can affect your credit score. If you're concerned about what's on your credit report, try to build your credit before applying to improve your approval odds.

Can you use a credit card immediately after approval?

Most credit cards are not available for use immediately after approval. However, some cards issued by Bankwest, Bendigo Bank, Latitude Financial, MONEYME, and Westpac are available to use immediately after approval as a virtual card in a compatible mobile wallet.

Are there any guaranteed instant approval credit cards?

No. Guaranteed credit cards do not exist in Australia since any credit card application involves a decision process.

Does applying for a credit card with instant approval involve a credit check?

Whenever you apply for a credit card, including instant approval credit cards, you can generally expect the credit provider to perform a credit check. In Australia, lenders are required to lend responsibly, which means they will likely review your credit score, credit report, and other factors such as income, assets, and debts to assess your suitability for credit.

When a credit provider accesses your credit report, it is recorded as a credit enquiry. Making multiple credit applications in a short period can negatively impact your credit score, as it may signal financial instability. If your application is rejected, it's a good idea to review your credit score and take steps to improve it before applying for another card.

How long does it take to get a credit card?

The time it takes to receive your new credit card in the mail can vary, typically ranging from 4 to 10 business days. However, you can often get confirmation of your credit card approval much faster – sometimes within just 60 seconds of submitting your application.

Keep in mind that while the initial approval notification can be quick, the formal approval process may take anywhere from a couple of days to a few weeks, depending on the issuer and your individual circumstances.

Pros

Immediate access to credit on some cards

You can start making purchases right away if the provider offers virtual credit cards or provides a temporary card number that you can use until your physical card arrives.

Fast response

When you apply for an instant approval credit card, you should receive an instant response – most likely within 60 seconds of submitting your application.

Cons

No guarantee of approval

The approval on an instant approval credit card may be quick, but approval is not guaranteed. Depending on the provider and your financial history, the approval may be contingent on further checks, like verifying your financial details.

Impulsive spending risk

An instant approval credit card may offer instant access to money but eventually it is just another form of credit that must be returned, typically with interest. As with any credit card, instant approval cards can tempt you to overspend, especially given their easy access. This could lead to debt accumulation if not managed carefully.

Credit score impact

It’s important to check the terms and conditions carefully before signing up for any credit card. Instant approval credit cards may offer you quick access to credit, but there could be high interest rates or fees associated with the card. Even when you sign up for a promotional offer, it's essential to understand what you'll be paying once the promotional period is over.

Check your credit score first

Instant approval doesn’t guarantee approval. Your credit score plays a significant role in the decision. Before applying, check your credit score to see if it meets the card provider’s criteria. Many applications for credit in a short time can negatively impact your credit score, so it’s important to be strategic and apply for cards you’re more likely to qualify for.

Read the fine print on offers

Even if you receive instant approval, the final credit limit and interest rate might differ from the advertised terms based on your financial situation. It’s important to read the product disclosure statement (PDS) thoroughly to avoid surprises regarding fees, rates, and terms.

Don’t rush the decision

While the prospect of instant approval may be appealing, don’t rush into applying. Take time to compare different cards to ensure the one you choose matches your financial needs. Instant approval should not mean instant decision-making—evaluate key features like fees, interest rates, and rewards.

Use it to build or rebuild credit

Instant approval credit cards can be a useful tool to build or rebuild your credit score if used responsibly. Make regular, on-time payments and keep your balance low relative to your credit limit. This will improve your credit history, opening up opportunities for better financial products in the future.

Prepare your documentation in advance

While instant approval cards offer quick decisions, you’ll still need to provide accurate personal and financial information. To speed up the process, ensure you have key documents ready, such as your proof of income (payslips, tax returns) and details of any current debts or expenses. Being well-prepared can help ensure smooth and fast approval.

Buy Now, Pay Later services

Opening an account with a buy now, pay later service such as Afterpay or Zip may be worth considering as an alternative to applying for a credit card.

Personal loans

Many online lenders, such as MONEYME, offer fast personal loans with quick approval processes. These loans may have lower interest rates compared to some credit cards and payday loans, but the amount you can borrow may be capped, depending on the lender and your financial situation.

Payday loans

Payday loans can provide quick access to cash, but they often come with very high interest rates and fees. While they can be helpful in emergencies, they should be approached with caution due to the potential for spiralling debt.

Withdrawing from savings or breaking a term deposit

If you have savings, consider using them instead of taking on new debt. Some term deposits allow for early withdrawal, although fees or penalties may apply. Even with these costs, it might be a more affordable option than high-interest debt.

Redrawing on a home loan or using an offset account

If you’ve made additional payments on your home loan, you might be able to access those funds through a redraw facility. Alternatively, if you have an offset account, using funds from there can help cover emergency expenses. These options typically come with lower interest rates compared to credit cards or payday loans.

Methodology

When selecting which cards to include in our instant approval credit card comparison table, we considered several critical factors that align with the primary needs of consumers looking for fast access to credit. Instant approval cards are designed to offer quick decisions, so we focused on attributes that affect both the approval process and the ongoing usability of the card.

  • Approval speed: Instant approval is a core feature of these cards. We prioritised cards that offer quick online application processes and near-instant decisions. Cards with streamlined verification and eligibility checks, such as minimal documentation requirements, were ranked higher.
  • Annual fee: We considered the initial year’s annual fee and ongoing annual fees. For those seeking instant approval cards, low or no annual fees were considered beneficial to keep overall costs down.
  • Minimum income requirements: Cards with lower minimum income thresholds were ranked higher, as they cater to a wider range of applicants, including those with lower or moderate incomes. Instant approval cards that provide easy access for low-income earners were viewed more favourably.
  • Purchase rate: The ongoing purchase interest rate is an important factor. Cards with lower purchase rates were prioritised, as these are likely to benefit consumers who may carry a balance. For instant approval cards, a lower ongoing rate reduces the cost of borrowing over time.
  • Interest-free period: We considered the number of interest-free days on purchases. Cards offering 44 or 55 interest-free days were ranked more highly, as they allow cardholders more time to pay off purchases without incurring interest charges.
  • Credit limit flexibility: While many instant approval cards offer relatively low credit limits, we looked for those that provide flexibility with a minimum and maximum credit limit. Cards with a lower minimum limit are beneficial for consumers who want to control their spending, while those with a higher limit offer flexibility for larger purchases.
  • Foreign transaction fees: For consumers who make international purchases or travel, we considered the foreign transaction fees associated with each card. Lower fees were ranked higher, as they help reduce the overall cost of international spending.
  • Late payment fees: Cards with low or no late payment fees were preferred, as these charges can add up for consumers who may occasionally miss a payment. This is especially important for those with instant approval cards, as they may face financial challenges leading to missed payments.
  • Additional features and perks: While instant approval cards tend to focus on ease of access rather than rewards, we did evaluate whether any additional benefits were included, such as fraud protection, access to digital wallets (Apple Pay, Google Pay), or sign-up bonuses. Although these features are not always primary drivers, they add value to the overall card experience.
  • Eligibility requirements: We took into account the simplicity of eligibility criteria for each card. Cards with more lenient credit score requirements or those that accept alternative forms of income (such as government benefits) were ranked higher, as they increase the likelihood of approval for a broader audience.

Our methodology ensures that the cards featured in this comparison table are suited to individuals looking for quick approval and easy access to credit. However, as always, we recommend comparing individual rates, fees, and features to find the best card for your specific financial needs.

Sources

  1. Buy Now Pay Later — Financial Rights
  2. Credit card debt-free repayment calculator — Credit Card Compare
  3. Credit card financial assistance — Australian Banking
  4. Credit card minimum repayment only calculator — Credit Card Compare
  5. Credit scores and credit reports – Moneysmart
  6. Managing debt – Moneysmart
  7. Responsible lending — ASIC

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