Your options for instant credit card approval and use with bad credit are limited to the Capital One Secured Mastercard and the Fingerhut Credit Account. You may get instant approval (not guaranteed) with pretty much any credit card you apply for online, including those two, the Credit One Bank Platinum Visa and Discover it Secured, all of which are good cards for bad credit. But credit cards that allow instant use are very rare. And almost all of them require fair or better credit for approval.
Capital One Secured gives you a good chance of instant approval because it’s a secured card, meaning you put down a deposit which serves as your credit line. Because of this collateral, even people with a bad credit score can be approved. If you apply and you’re instantly approved, you’ll then be asked to fund the deposit, which could be $49, $99, or $200. Regardless, your credit line will start at $200, so it’s possible for your spending limit to be higher than your security deposit. Once you decide how much you want to deposit (up to a total of $1,000 allowed), send the funds right away.
You can use your card as soon as your security deposit transfers. Unfortunately, it typically takes a few business days for this to happen. But at least it’s better than waiting two weeks for the card to arrive. Before you can use your card, you’ll need to take these steps:
- Go to Capital One’s online sign-in page.
- Click “setup online access.”
- Follow the steps to make an online account.
- Download the Capital One app.
- Sign in to the app. You should now be able to see your new card’s number, expiration date, and security code.
If you’re willing to limit your spending to one retailer, you could try applying for a Fingerhut Credit Account. Fingerhut advertises that most applicants find out their status in minutes. And if you’re approved, you can begin making purchases the same day. Fingerhut sells all kinds of products from a variety of popular manufacturers, but you won’t be able to use the card anywhere else.
There are plenty of other credit cards for bad credit you can get instantly approved for, but you’ll always need to wait 7-10 business days to receive the card by mail. That’s not all that long to wait though, so you might want to consider shopping around.