Instant Approval Credit Cards

The big-name credit card issuers--MasterCard, and Discover--as well as others offer instant approval credit cards. An instant approval credit card significantly speeds up the application process when you apply online.  These are not guaranteed instant approval credit cards. Credit card applications may have to go through a traditional approval process.  Compare these credit cards using our expert ratings and reviews.

What is an instant approval credit card?

An instant approval credit card is one for which you apply online and receive a nearly immediate decision on whether or not you've been approved.

Based primarily on your credit score, a computer determines whether or not you qualify for instant credit approval. You'll be asked general information about yourself and your finances, including your income level, housing situation, employment and Social Security number. Then, you submit your proof of identification and the application. Often, before the card issuer mails you the credit card, they review your application and decide on your credit limit.

Who benefits from instant approval credit cards?

Instant approval credit cards are for people who want to find out quickly if they can get credit. They're best for consumers with an excellent or good credit score (620 and higher). However, cards are also available for people with fair, bad, or no credit.

If you are approved immediately for a new credit card, that doesn't mean you can instantly start making purchases online. Your new credit card will be mailed to you and then you can activate it and start using it.

What is the advantage to instant approval credit cards?

An advantage of instant approval credit cards is you can learn within 60 seconds whether you're approved or not for your chosen credit card, simply by applying online.

In addition to noting whether a card is eligible for instant approval, you should always compare the interest rates, annual fees and rewards programs of various credit card offers. A low interest rate should be your priority if you tend to carry a balance. If not, you can match specific rewards to the way you spend your money.

For example, the Discover More card currently offers zero percent APR on purchases and transfers for 18 months, along with 5 percent cash back rebates on varying categories like gas purchases, groceries, home improvement stores, department stores and restaurants. This card has no annual fee and you can earn up to 1 percent on all purchases that are not in the preferred category.

American Express offers multiple instant approval credit cards, including the American Express Blue Cash Everyday card, which has no annual fee and currently earns rebates of 3 percent on groceries, 2 percent on gas and 1 percent on all other purchases.

What are the downsides to instant approval credit cards?

There are two things to be careful of when applying for an instant approval credit card.

• Make sure you double-check your credit card agreement when your new card arrives to see that it matches the offer you were given with an instant approval. Some credit card companies promise a good deal and then switch you to a different one. Don't activate your new credit card until you have checked your interest rate and fees.
• If you apply for multiple instant approval credit cards within a short time, you could damage your credit score.

If you have decided you are ready to choose an instant approval credit card, look at the offers on this page to find the one that best meets your needs.