Instant Approval Credit Cards – Fast Access to Credit

Applying for a credit card can feel like a hassle and what's worse is that once your application gets approved, you have to wait for days on end to start using it. 

Traditional credit cards with their ton of paperwork and verifications take too long to get approved and then some more time to reach you, but…you don't have to subject yourself to this waiting game. You can simply choose to go for an instant approval credit card. These cards give you a decision in minutes and sometimes even let you use your new credit card before the physical card even arrives.

Cool isn't it? In this article we will talk about everything— from basics like what instant approval credit cards actually are to how to choose the right one without falling for marketing gimmicks.

Let's start!

Table of Contents

• What Exactly is an Instant Approval Credit Card?
• The Benefits of Instant Approval Credit Cards
• The Potential Downsides and Considerations
• Who are Instant Approval Credit Cards Suitable For?
• How to Find and Apply for Instant Approval Credit Cards
• Factors to Consider When Choosing an Instant Approval Credit Card
• Tips for Responsible Use of Instant Approval Credit Cards

What Exactly is an Instant Approval Credit Card?

Well, it's exactly what it sounds like— a credit card that gives you the green light (or red) almost immediately after you apply. No more waiting and incessantly checking your credit card application status. These cards let you know where your application stands within minutes.

Here's how it works: once you submit your application online, the credit card issuer runs a soft credit check. It's like an overview of your creditworthiness. If your credit score and application details check out, you get approved instantly. In many cases, you even get a temporary digital card with details such as your:

• Card number 
• CVV 
• Expiry date 

So you can start using it right away instead after waiting for your physical card to land on your doorstep. But do not confuse "instant approval" with "guaranteed approval". You still have to meet the credit card issuers eligibility card criteria to get the instant yes.

The Benefits of Instant Approval Credit Cards

Aside from instant gratification, credit cards with instant approval offer a bunch of practical benefits like:

1. Quick credit access: With credit card's instant approval you have access to funds almost immediately, even before physical card arrives. This is ideal in situations where you need credit quickly, emergencies or in time sensitive cases.
2. Time saving: You can skip to paperwork, the waiting and the awkward small talk with the bank staff. when you apply for credit cards with instant approval the entire process is quick, easy, online and convenient.
3. Credit building: These cards are a great way to help you boost your credit score. All you have to do is use the card responsibly, pay your bills on time, and keep your credit utilisation low.
4. Other perks: Many credit cards with instant approval aren't just quick. Sometimes they also come with a great set of benefits and rewards, from cashback and reward points to discounts and exclusive offers. These cards can help you save some serious money.

With instant approval for a credit card, you get speed but also convenience. So, if you want quick access to credit without the hassle of paperwork and waiting, then these cards are definitely worth considering. Just remember that every credit card with instant approval may not be the right fit for you.

The Potential Downsides and Considerations

Sure, instant credit card approval with instant use sounds great. However, like most things that come easily, there's a catch (or maybe a few). Before you apply for online instant credit card use, you need to know the potential cons:

1. High interest rates & hidden fees: Credit card issuers take on more risk when approving your credit card application quickly. So, they charge you extra for it; that's why these cards often come with higher interest rates. If you tend to carry a balance, you might have to pay a lot over time. And don't forget hidden or extra fees, including but not limited to annual fees for transaction fees, processing fees, etc.
2. Temptation to overspend: Credit cards you can use instantly after approval make it very easy for you to buy things you don't actually need, with the money you don't have. If you're not careful, instant spending can turn into long-term debt.
3. Limited rewards: Unlike the best instant approval credit cards in India, some quick approval options offer minimal rewards or limited cash back. If credit card benefits are your priority, you might want to compare different credit cards before applying.
4. Eligibility: Instant approval does not mean instant yes. To apply for instant approval credit cards successfully, you still need a decent credit score, stable income, and a healthy debt-to-income ratio. If not, your application could be rejected.

Yes, you can apply for a credit card and get approved instantly, but that does not mean that you should jump at the first chance of getting one. Always read the fine print,

Who are Instant Approval Credit Cards Suitable For?

Not everyone gets an instant approval credit card. They are generally suited for individuals with good or excellent credit scores. So if your credit score is 750 or above, you are more likely to get approved quickly. This is because credit card issuers use your credit score to assess your ability to repay your debt on time.

However, if your credit history is limited— say you are a student or someone who's just starting to build a credit history—you may not qualify for instant credit card approval and use right away.  

Don't worry, though, you still have options. You can apply for secured or student credit cards to help you build your credit and manage your finances. Here are a few tips to help you increase your chances of instant credit card approval:

• Make sure you pay your EMI or monthly payments on time
• Keep your credit utilisation low
• Avoid applying for too many cards or loans in a short period
• Check your credit report regularly and correct any errors

If you follow these steps, you may increase the chances of getting an instant approval credit card.

And if you're a student just starting out, here's a helpful list of the Top 5 Credit Cards for Students that can help you build credit effectively.

How to Find and Apply for Instant Approval Credit Cards

If you want to get an instant approval credit card, it's a pretty easy process. All you have to do is know where to look and which steps to follow. Most banks these days offer online applications:

1. Find the right card: You can start by comparing cards from major banks like HDFC, ICICI, Axis, SBI, Kotak Mahindra, etc. Many of these come with instant approval features, and each one offers something different for everybody. 
2. Compare: Before you apply, compare the pros, cons, fees, benefits, eligibility, etc. This will help you pick a card that fits your spending habits. 
3. Apply online: Once you pick your card, you can go to your bank's official website or mobile banking app, enter your personal details, complete your KYC, upload the required documents, and submit your application.

If everything checks out, you may receive instant approval or at least a quick confirmation. You may also receive a virtual credit card, which you can start using immediately.

Factors to Consider When Choosing an Instant Approval Credit Card

Not all instant approval credit cards are created equal. And choosing the right one boils down to a few factors like:

1. Know what you need: Start by thinking about how you want to use your card. Are you spending mostly on groceries, fuel, travel, or online shopping? Choose a credit card that gives you reward cash back when you spend the most.
2. Check your eligibility: Every credit card has its own set of eligibility criteria, such as age, income level, and credit score. Make sure that you meet these criteria before you apply. This will help you avoid rejection or any negative impact on your credit score.
3. Compare your options: Before you apply, focus on the interest rate, annual fees and penalty charges of your credit card and compare all the pros and cons and benefits offered by a card.

You should also check if the credit card is backed by good customer service. Following these steps will help you find an instant approval card that fits into your day-to-day life.

Tips for Responsible Use of Instant Approval Credit Cards

Getting an instantly approved credit card feels great, but you must remember to use it responsibly.

• Late payments can hurt your credit score, so always remember to pay your bills on time.
• Try to pay off the full amount each month to avoid extra interest piling up.
• Set up a budget and stick to it while using your credit card,  except for emergencies.
• Try to use less than 30% of your credit limit. This will help you keep your credit utilisation low and boost your credit score over time.
• Review your statements regularly, and if anything feels off, you should report it right away.

Most importantly, do not apply for too many cards at once. Using your instant approval credit card the right way shouldn't be that difficult; it just takes some discipline and some awareness.

Conclusion

Instant approval credit cards are about speed and convenience. They give you access to credit when you need it without the usual traditional delays. However, there are so many options out there, and just because you have instant approval does not mean you will definitely have a credit card once you apply. 

That's why you need to check out Finology Select. It helps you find the card that fits you best by allowing you to compare 90+ credit cards. With the right credit card in your wallet and a little discipline, your credit card bill can be a great financial tool. 

FAQ's on Instant Approval Credit Cards

1. Do approval credit cards really get approved instantly?

Yes, most of the time. When you apply online, the bank runs a quick check on your credit profile. If everything looks good, you will get approved within minutes. However, this does not mean that you are guaranteed to get a credit card.

2. Can I start using my credit card immediately after getting approved?

In many cases, yes. Some banks even give you access to virtual versions of your credit card right after approval, so you can use it for transactions while you wait for your physical card.

3. Will applying for an instant approval credit card hurt your credit score?

A single application me not have any effect on your credit score. However, if you apply for multiple cards in a very short time, your current score might dip. That's why always check your eligibility and then apply.

4. What credit score do I need for instant approval?

Most instant approval credit cards are offered to those with good credit scores, typically 750 or above. However, if your credit score is lower than this, you might still be eligible for a secured or an entry-level credit card.