An instant approval credit card is exactly what it sounds like. These offers are designed to remove all the guesswork from completing an application and waiting for a decision.

In some cases, instant doesn’t mean instant. Instead, after applying online, it may take several minutes to receive a decision. But in the grand scheme of things, this is much better than waiting several days or longer.

How Does it Work?

When you apply for an instant approval credit card, the issuer immediately runs a preliminary credit check. This provides them with an overview of your credit circumstances, thus allowing them to make a decision.

As with any type of credit card offer, the higher your score the better chance you have of receiving an approval.

If your application is approved, the issuer will then proceed with a more detailed review of your credit history and income.

What Do You Need to Apply?

You don’t need much to apply for an instant approval credit card. Most issuers require that you provide personal information, including but not always limited to:

• Personal details: Full name, address, phone number, and email.
• Proof of identity: This typically means your Social Security number.
• Proof of employment and income: Along with the name of your employer, the application will ask you to share your annual income.

Along with the above, you may have to share additional details depending on the type of credit card. For example, if it’s a balance transfer offer, you’ll want to provide details for the accounts you’re transferring.

While it’s not required, you should attempt to gather everything you need before starting an application. This allows you to quicky move through the application, without having to revisit it in the future.

Other Points of Interest

Now that you have a better understanding of how instant approval credit cards work, here are a few more things to keep in mind:

• The details still matter: Don’t get so caught up in the instant approval process that you forget about the other details, such as the interest rate, fees, and security features.
• Instant approval offers are typically for people with good credit: This doesn’t necessarily mean someone with poor credit will get turned down, but your odds of success are much better if you have a good or excellent score.
• The internet is your friend: Don’t apply for an instant approval credit card until you read reviews, both good and bad. With the help of the internet, you can quickly learn how others feel about a particular offer.

The primary benefit of an instant approval credit card is the ability to receive a decision on the spot. There’s no waiting around (and if there is, it’s only a couple minutes).

Should you be interested in heading down this path, compare three to five offers and decide which one best suits your current financial circumstances and future goals.

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