Credit Card Quick Approval- What is it and How to get one?

Waiting for a response to your credit card application isn't something you like doing. You might want to think about instant approval. Credit cards that provide the option of immediate approval allow you to find out if your application has been granted or declined in seconds or minutes.

In this context, what does "immediate approval" mean? As the name implies, there is a little more to it than that. So, in this post, let’s look at how to get a credit card quick approval!

What Are Instant Approval Credit Cards and How Do They Work?

There isn't necessarily a category of credit cards referred to as "quick approval credit cards" in the traditional sense. However, there are certain credit cards that provide the option of the immediate approval. It is possible that you will receive quick approval or not depending on the following factors:

  • What you're applying for. Knowing your credit score and applying for a credit card that is suitable for your credit level might increase your chances of being accepted.
  • How do you submit your application? You may also have a greater chance of being authorized right away if you apply online rather than in person, over the phone, or through the mail.
  • What kind of information do you provide. If you submit all of the information that the lender needs to evaluate your application, it may not be necessary to postpone the application by requesting further information.

What is the procedure for using credit cards with instant approval?

The application procedure for a credit card that gives fast approval might vary based on the card and the issuer, so check the card and the issuer's website before applying. However, it may entail submitting a credit card application online and having the issuer evaluate it in real-time.

When a person applies for a credit card with immediate approval online, the issuer performs a preliminary credit check on the applicant. In general, candidates with higher credit ratings have a better chance of being approved for the credit card. The credit card issuer often offers conditional approval as soon as it gets the applicant's credit score and accepts the application because it is doing an in-depth analysis of the applicant's credit history.

Credit card firms often assess the creditworthiness of applicants by checking into their financial records, which may include their income and previous credit card usage, among other things. Candidates are expected to give certain personal information on their application, in addition to meeting the qualifying requirements for the position in question. The following types of personal information are required by the card issuer:

  • Applicants are needed to produce identification documentation, such as a Social Security number, in order to be considered for admission.
  • Personal information – In an online application form, applicants must include their full name, contact information, and home addresses.
  • Income and employment – Individuals also need to give any documentation demonstrating their employment or income, including the name and address of their employer.
  • Transferring funds between accounts may necessitate the provision of information about the applicant's existing account as well as the amount of money being transferred.
  • Applicants should have the above-mentioned information on hand before beginning the application process in order to ensure a smooth and timely application procedure.
  • Credit cards with instant approval are typically not recommended for persons with poor credit histories. Discover advises that applicants must have high to exceptional credit in order to receive immediate acceptance.
  • Your application might be approved or denied by the issuer in a matter of seconds or minutes. Alternatively, it might request additional information. Then it's possible that a decision will take longer.

What happens next once you've been approved? 

In certain cases, you may have to wait for your new card to arrive in the mail before using it. This is especially true if your new card is one that allows you to access your account information as soon as you are accepted. According to many card issuers, such as Capital One, you could anticipate getting your card within seven to ten business days of receiving your approval.

Things to Consider Before Submitting an Instant Approval Application

Are you considering applying for a credit card that offers immediate approval? Keep these ideas in mind as you go through the process:

  • Instant approval does not imply that approval will be granted. Consider it more like a real-time response. Even if an application meets all of the requirements of the lender's credit rules, it may still be declined.
  • It is possible that quick approval will not occur. As a starting point, you shouldn't anticipate any approval to be quick in any way. Capital One, for example, claims that it might take up to 60 seconds to respond to credit card applications on occasion. Second, keep in mind that your card issuer may want further information after you've submitted your application. And that would cause any approval—or denial—to be delayed.
  • Instant approval differs from pre-approval in that it is immediate. Instant approval might provide you with an almost instantaneous answer—yes or no—on the credit cards you are interested in applying for. Pre-approval allows you to discover which credit cards you could be approved for before you submit an application.
  • You can improve your chances of receiving immediate approval by following these steps. Knowing your credit score might assist you in determining which credit cards are appropriate for your financial situation. Knowing if you have been pre-approved for one of those cards may then assist you to determine whether you have a chance of receiving immediate acceptance.
  • Having quick permission is not the same as having instant usage. You can begin using your account as soon as you have been accepted for a credit card that allows for quick usage. Even if you gain fast approval, you may still have to wait for your card to arrive before you can use the account.

Save time whether you have instant approval or not!

If you require access to fresh credit quickly, instant approval can be a smart alternative for you. Just keep in mind that it is not always instantaneous. Furthermore, it does not necessarily result in approval of the proposal.

However you choose to apply for a credit card, you should receive a response within 30 days of the issuer receiving your full application, according to federal law. As a result, regular choices do not require an excessive amount of time. Additionally, pre-approval allows you to save time by allowing you to select cards that you are most likely to be qualified for.

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