The content is accurate at the time of publication and is subject to change.

Credit card companies have an attractive scheme called instant approval credit cards, to attract more clients into their company. These credit cards have an application process that is very similar to that of traditional credit card application process. The only difference being, these cards get approved almost instantly. When you fill out the application to obtain an instant approval credit card, you will get the approval or rejection message within a few minutes of your submission of application. This response from the credit card companies will be based on your credit score. Instant approval credit cards are for people with a sound credit history, in other words, credit score more than 750†. However, there are some credit card companies that offer instant approval credit cards for bad credit too, with different set of terms and conditions.

There is one most important thing about instant approval credit cards. The concept of instant approval applies only to the credit card application process and not to the actual card itself. That means, you will be instantly approved for the "membership" of the card, but will be able to use your credit card account only when the card is sent to you through mail. This can take anywhere between 2 to 6 days based on your location. So although you will be approved of the card you will not be able to use it instantaneously.

Another type of instant approval credit card, that gives you the flexibility of using it instantly too, is the department store credit card. These cards are approved instantly when you fill out an application form and submit it at the store. Once you sign up for the card, even though the card might take a few days to reach you, your account can be activated and you will be able to avail a lot of attractive discounts as a part of first time card holder program. Most of the times, the additional discount when you open the card, is valid only for a one-time purchase or for one full day. But, there will be some good benefits in forms of discounts and sales, if you sign up for an instant approval store credit card.

Though the concept of getting instantly approved for credit card seems appealing, be absolutely sure that you will be approved for the card you are applying. Rejection of a credit card application can lead to lower scores in credit history. To avoid such consequences, checking your credit report at least once every year is advisable.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.