When you compare instant approval credit cards and after you apply, banks generally respond within 60 seconds of submission, which is about as quick as you can get in Australia.
Approval for one of these cards is not guaranteed. It's crucial to review the credit card's eligibility criteria before applying. Failing to meet these criteria means a decline is highly likely.
Andrew Boyd, co-founder of Credit Card Compare, explains, "Approval for one of these cards is fast, but it is not technically instant. If you apply for one, expect a response from the bank within 60 seconds. Approval is not guaranteed either."
How instant approval credit cards work
Instant approval credit cards streamline the application process by leveraging automated systems to assess applicants' 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. We also have a comparison table of easy credit cards to get approval for. There are a small number of issuers in Australia who issue a virtual card that can be added to a mobile wallet such as Apple Pay or Samsung and used immediately. These include Bankwest, Bendigo Bank, Latitude Financial, MONEYME, and Westpac.
Expert opinion on instant approval credit cards
David Boyd, co-founder of Credit Card Compare, explains, "There are no guarantees when it comes to credit card applications, instant approval credit cards included. 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."
What to consider when choosing the best 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.
- 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 annual percentage rate (APR), fees, and any other charges associated with the card to assess its cost-effectiveness.
- Rewards and benefits: Evaluate the rewards programs, cashback cards, and other perks that come with the card to determine if they align with your spending habits and lifestyle. Some instant approval cards may offer frequent flyer points.
- Credit limit: Consider the card's credit limit and ensure it meets your purchasing needs without encouraging overspending.
- Payment flexibility: Look for cards that offer flexibility in payment options, such as interest-free periods or convenient payment methods.
How to apply for an instant approval credit card
Applying for an instant approval credit card is a straightforward process. The following steps apply as they do for any application.
- Research and compare: Research different instant approval credit cards available in the market and compare their features, benefits, and terms to find the most suitable option.
- Online application: Fill out the online application form provided by the issuer, ensuring that you provide accurate information and meet the eligibility criteria. Be sure to have all the documents they ask for in an appropriate format to avoid delays and declines.
- Instant approval: Upon submitting your application, the issuer will assess your information using automated systems to provide an instant decision on your application.
- Card activation: If approved, you will receive your card details, which you can promptly activate online or by phone to start using the card for purchases.
