![]() ![]() But once you apply for instant approval, the card issuer typically performs a preliminary credit check to see if you meet the basic requirements. What’s the process for instant approval?Įach card issuer may have its own approval process. Still have questions about instant approval credit cards? Here are answers to a few you may have. How to apply for instant approval credit cards On the other hand, instant approval requires a formal application and approval decision. It’s also important to note that pre-approval and pre-qualification don’t necessarily guarantee approval. Credit card issuers typically use soft credit pulls during pre-approvals and pre-qualifications that won’t impact your credit scores until you formally apply. Think of being pre-approved as an informal check that gives you an idea of whether you’ll be eligible for a credit card. Instant approval, pre-qualification and pre-approval aren’t the same. Know the difference between instant approval, pre-approval and pre-qualification Pre-approval could also help reduce the number of hard credit inquiries on your credit report by helping you pinpoint the most relevant cards for you. And getting pre-approved for a credit card can give you a better idea of which cards you could be eligible for before you apply. Knowing your credit scores can help you figure out which cards suit your credit level. And a lower score-or having a thin credit file-could limit your eligibility for certain credit cards. Learn how your credit score can affect your instant approval chancesĪ higher credit score may make you more likely to get instant approval. But with instant approval, you might still have to wait to receive your card before you can use the account. The terms may be similar, but instant approval and instant use are two different concepts.Īn instant use credit card lets you use your account as soon as you’re approved. An application can still be denied if it doesn’t satisfy the lender’s credit policies. One other thing to remember: Instant approval doesn’t mean guaranteed approval. And your card issuer could need more information after you’ve applied. ![]() For example, Capital One says it often can take 60 seconds to approve or deny online or phone credit card applications. And even if a credit card issuer does, it may not be literally instantaneous. Not every credit card company offers an instant approval option for every card. Determine if the credit card issuer offers instant approval Thinking about applying for a credit card with instant approval? Here are a few points to consider before applying. What to consider before applying for instant approval credit cards The process could take longer if the lender needs more information, though. What information you submit: By providing all the information the lender needs to assess your application, you could avoid delays.How you apply: If you apply for the card online, you may have a better chance of being approved instantly than if you apply in person or over the phone, for example.What you apply for: If you know your credit scores and target a card designed for your credit level, you could improve your chances of being approved instantly.Whether you get instant approval can depend on a few different factors: But some cards offer the possibility of instant approval. There isn’t necessarily a category of cards known as instant approval credit cards. Which credit cards offer instant approval? With certain credit cards, you may be able to access your account by using a virtual credit card number-or a digital number assigned to your credit card. You might be able to start using this card in minutes, or you may have to wait for your card to be mailed before you can use it. These are often known as instant use credit cards. Some credit cards let you access your account details as soon as you’re approved. For example, you can expect to receive your Capital One card within approximately seven to 10 business days of approval. Instant approval may allow you to get approved for a new credit account quickly after applying-often within minutes or the same day.Īnd if you’re approved, what’s next? In most cases, your credit card issuer will mail you a physical card.
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