When you apply for a credit card online, you'll typically get a response within 60 seconds of submitting it. With instant credit card approval the card provider processes your application digitally.
But this near-instant credit card approval only happens if you:
Once approved, you'll have to wait 5 to 10 business days for the physical card to arrive in the mail. If the card comes with a digital version you can set up the card in a smartphone app and use it instantly.
No. Credit card companies have a responsibility under the National Consumer Credit Protection Act 2009 to provide credit responsibly. This means making sure customers don't take out credit cards or loans that are big for them to handle.
Card companies check your credit report and examine your income, debts and your spending.
In the best case scenario you'd find the right credit card, spend about 10 minutes filling out an application and then get approved within 60 seconds. You usually get notified by text.
If you're not approved, or the credit card provider needs more details (sometimes known as "conditional approval"), they may ask for additional documentation such as payslips and bank statements. From there, it could take about 2-5 business days to receive the final outcome.
Low rate credit cards or credit cards with no annual fee are usually the easiest to get approved for. These cards have fewer perks and benefits and lower fees.
They're best suited to customers who have never had a credit card before, don't need a huge credit limit (the amount you can spend on the card) or have lower incomes.
It's harder to get approved for a fancy card that lets you earn frequent flyer or reward points.
Getting an easy, fast credit card approval comes down to your position as an applicant and the type of card you apply for.
If your application falls through, try to figure out why you got rejected before applying again.
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