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What is an instant approval credit card?
An instant approval credit card gives you an ‘instant’ or near-instant decision on your application submitted to the credit card provider. You will typically get a response within 60 seconds of submitting.
Depending on your circumstances and the card you’re applying for, this response may include a ‘conditional approval’. Generally this means it’s likely to be approved subject to verification of your identity and financial information.
However, instant approval is not guaranteed approval. In Australia, credit card providers must lend responsibly and they cannot legally give you credit (i.e. lend you money or offer you a credit card) if they think you don’t have the ability to pay it back. By law and under regulation of the Australian Securities & Investments Commission (ASIC), providers have to make reasonable enquiries and take steps to verify your financial situation. That’s why you cannot get instant guaranteed approval for a credit card, or indeed any other type of credit such as a home loan or personal loan.
How does instant credit card approval work?
Generally, instant approval works by using automated systems to quickly check your credit history, income, and other financial details you’ve provided. If you meet your chosen provider’s criteria, you’ll get an approval notice almost immediately. They use your credit score and financial information to make a decision without needing a manual review. This method may be convenient for those who need access to credit quickly.
Who offers instant approval credit cards?
There are a number of providers offering instant approval credit cards in Australia. On Canstar’s database, several major banks (CommBank, NAB and Westpac) offer instant conditional approval on some or all of their credit cards when you apply online. Remember, this is not a guarantee and instant approval may not be an option for all credit cards on offer. Canstar’s credit card comparison table can also filter for providers who offer 24-hour approval.
If you do receive instant conditional approval, you will still need to wait for your credit card provider to formally approve your application. Once this has occurred, you may be able to use a digital version of your credit card immediately through Apple Pay, Google Pay or Samsung Pay. You’ll need to wait for your physical card to arrive in the mail. Depending on the provider, this may take between five and seven business days.
How can I get easy and instant approval for a credit card?
To increase your chances of your credit card application being approved as quickly as possible, make sure you meet the eligibility criteria and include all the correct information to support your application. You may also want to check your credit score before you apply. This can be done for free on the Canstar website or via the Canstar App. Your approval is not guaranteed, and whether or not your application is successful will depend on a range of factors, including your credit score and overall financial situation.
It’s important to note that just because a credit card provider offers easy credit card approval doesn’t mean its products necessarily offer value for money. You should also consider a credit card’s purchase rate, if it charges any annual fees, how many interest-free days it offers and if it can earn you rewards points (if you’re interested in a rewards credit card).
How easy is it to get a credit card?
Getting a credit card can be relatively straightforward if you can meet the provider’s eligibility criteria and show you can afford the credit card repayments (if necessary). To give you an idea of what may be required for a credit card application, we’ve listed some common eligibility criteria and information you may need to provide:
Eligibility criteria
To apply for a credit card, you will typically need to meet the following criteria:
- Be at least 18 years of age
- Be an Australian citizen, permanent resident or hold an eligible visa
- Meet any minimum income requirements specified
- Have a good credit history.
Information and documents
You may be asked to provide the following information:
- Driver’s licence or passport, as well as other supporting forms of identification
- Employment and income details, such as payslips or bank statements
- Debt details, such as any personal loans, home loans, other credit cards or Buy Now Pay Later (BNPL) loans
- General living expenses, such as rent, food and groceries, transport and insurance
- Assets, such as any cars or homes you own.
What types of credit cards are easy to apply for?
You may find it easier to get approved for a credit card which has a lower minimum income requirement or lower credit limit. It’s also usually easier to get a basic credit card with a low purchase rate or low annual fee. Another option is an interest free credit card, which charges a monthly fee as opposed to interest. While this option is useful (as it allows you to budget for a set amount each month) the fee might outweigh what you would regularly pay in interest. If you have someone willing to share responsibility with you, you could also look at a joint account credit card. This allows you to combine your income and other finances when applying, which could increase the chance of approval. Joint account credit cards, however, are offered by fewer banks and the application may take longer.
Can I get an instant credit card without a credit check?
In Australia, you should expect credit card providers to perform a credit check when you apply for a credit card. That’s why it can be wise to check your credit score before you apply. You can also take steps to improve your score if it’s not as high as you’d like.
Credit card providers may look at your credit report and credit score alongside other factors such as your income, assets and debts, to help them decide whether to approve your application and the amount of credit to offer you.
If the provider checks your report, this will be noted as a credit enquiry. If you make too many applications for credit in a short space of time, this could have a negative impact on your score. This means if your application for an instant approval credit card or other form of credit is knocked back, it’s generally a good idea to work on improving your credit score and paying down any debts you have, rather than re-applying to another provider straight away.
Can I get an instant approval credit card with bad credit?
If your credit score is low, you’ll more than likely find it difficult to get instant approval for a credit card. The automated system will likely check your credit score as part of this instant approval process and flag it if it’s lower than their accepted threshold. You may still be conditionally approved, but you’ll be required to supply additional personal and financial information before the provider will approve you. You may also only be offered credit cards with higher purchase rates and/or fees due to having a lower credit score.
It’s important to keep in mind that each credit application you make has the potential to negatively impact your credit score. If your credit score is low, it could be a good idea to improve it before applying for credit.
Are there business credit cards that offer instant approval?
Although business credit card applications require more documentation than personal credit cards, Canstar Research says that the big four banks (ANZ, Commbank, NAB and Westpac) all offer instant approval for business credit cards. As with a personal credit card, you would have to meet the provider’s eligibility criteria in order to gain this approval. Business credit card approval may take longer with other financial institutions.
Before you apply for a credit card, make sure you compare your options and consider factors like the purchase rate, number of interest-free days, fees and perks on offer. A credit card can be useful, but it comes with the risk of debt if not managed carefully. It’s also worth reading any information the lender sends you or provides on its website about the card, which could include a Product Disclosure Statement (PDS), Key Facts Sheet and a Target Market Determination (TMD).
