Instant Approval Credit Cards

There are instant approval credit cards for average credit, but they don’t always offer instant approval. Basically, any credit card with an online application can give you instant approval if you more than meet the requirements. But there will always be some applicants that need longer/closer scrutiny. That said, let’s talk about cards for average credit. The average credit score is around 670, which is on the border between good credit and fair credit. So the average person might be able to get a credit card for good credit, but he or she should focus on cards for fair credit if instant approval is the objective.

Here are the best credit cards for average credit (instant approval possible):

• Best travel card – Capital One Platinum. No rewards, no annual fee and no foreign transaction fees. Only limited credit required.
  A better alternative, though one that’s less likely to approve someone with average credit instantly, is Capital One Venture. You need at least good credit to get that.
• Best rewards – Capital One QuicksilverOne. Unlimited 1.5% cash back on all purchases. $39 annual fee. Limited credit or better required.
  Citi Double Cash gives better rewards, but your instant approval chances are smaller. It requires good or excellent credit.
• Best student card – Journey Student Rewards from Capital One. Unlimited 1% cash back on all purchases, or 1.25% if you pay on time. No annual fee or foreign transaction fees. Limited credit required.
• Best business card – Capital One Spark Classic for Business. Unlimited 1% cash back on all purchases. No extra charge for employee cards. No annual fee. Limited credit required.
  There’s another business card, Capital One Spark Cash for Business, that has a bit better terms. But you’ll need good credit to get it.
• Best Store Card – Amazon.com Store Card. 5% cash back at Amazon if you have a Prime membership. Bonus $10 gift card when approved. No annual fee. Fair credit required.

You may or may not receive instant approval on any of these cards when you apply. If you’d like a higher chance of instant approval, you could always go below your credit range and apply for cards for fair credit. But in the long run, instant approval isn’t really all that important, so you should go for cards that have better benefits.

The best pre-approved credit cards are really just the top cards that you can see if you pre-qualify for before actually submitting an application. And you can’t check to see if you pre-qualify for one card in particular, at least not directly. Rather, a credit card company will tell you which of its cards you’re pre-approved for. If that happens to include the card you’re targeting, you’ll know your odds of being approved are extremely high, should you decide to apply. If your chosen card isn’t listed, there’s still a chance you could get approved, but it’s not a good sign.

Here are the best pre-approved credit cards:

• Cash Back: Citi® Double Cash Card – 18 month BT offer
• Travel Rewards: Capital One® Venture® Rewards Credit Card
• Initial Bonus: Chase Sapphire Preferred® Card
• 0% Purchases: Citi Simplicity® Card - No Late Fees Ever
• Balance Transfer: The Amex EveryDay® Credit Card from American Express
• Fair Credit: Capital One® Platinum Credit Card
• Students: Bank of America® Travel Rewards credit card for Students
• Bad Credit: Discover it® Secured Card - No Annual Fee

Take note, however, that only some credit card companies allow people to check which, if any, cards they’re approved for.

These credit card companies let you check for pre-approval:

• American Express
• Bank of America
• Capital One
• Chase
• Citi
• Discover

Checking for pre-approval is definitely a good idea. It lets you gauge your chances of success before risking a hard pull on your credit. And the better your credit is, the better the credit cards you pre-qualify for will be, too. Your odds of actually getting approved when you apply will also be higher.

That’s where WalletHub’s free daily credit scores and personalized credit analysis can help. You’ll always know exactly where your credit stands and what you need to do to improve it.

It can take anywhere from less than a minute to a few weeks to get approved for a credit card. The amount of time depends on how you apply, how good your credit is relative to the requirements of the card, and whether the issuer can immediately verify your information. You could be instantly approved if you apply online and are obviously qualified. But if you don’t get instant approval, it’ll typically take at least 7-10 business days to hear back.

Here’s what affects how long it takes to get approved for a credit card:

• The way you apply. You can apply for most credit cards by mail, by phone or online. If you apply by mail, that’s going to add an extra 1-7 days just for your application to get there. The other two methods both allow for instant approval.
• Your credit and income. No credit card guarantees instant approval. You’ll only get it if you exceed the issuer’s credit, income and other requirements. If you’re right on the border of qualifying, the issuer will probably take longer to consider your application. The typical wait time is 7-10 business days, which translates to around two weeks.
• Your personal info. You’ll need to enter details like your name, date of birth, address and Social Security number when you apply for any card. That information also is present on your credit reports, which the issuer will check during the approval process. If the information on your application doesn’t match the information on your report, or if it gets flagged as fraudulent, it will hold up the process until the issuer can verify your identity.

So the standard timeframe in which you can expect to be approved for a credit card and receive it by mail is approximately 3-4 weeks. If you’re not approved instantly, count on 7-10 business days for approval and 7-10 business days for delivery. And if you’re itching to get your card faster, don’t forget to ask the issuer about expedited delivery.

Your best options to get a credit card today are American Express cards, Capital One cards and some store cards. While it’s pretty common to get approved for a credit card the same day if you apply online, you’ll still usually have to wait another 7-10 business days before your card comes to use it.

All American Express cards give you the potential for an instant card number after approval, which will give you access to part of your credit line until your card arrives. Capital One cards provide instant use through the Capital One app, but that’s only possible if you’re an existing Capital One cardholder. Store cards, such as the Target REDCard, may give you an instant number or code to use as a temporary version of your card.

Here are the best credit cards you can get today:

• Bad credit – Capital One Secured Mastercard: Requires a minimum security deposit of $49, $99 or $200. Your credit line will always be at least $200. No rewards. No annual fee. Must be an existing Capital One customer to see your card information through the app.
• Limited credit – Capital One QuicksilverOne: Unlimited 1.5% cash back on all purchases. $39 annual fee. Must be an existing Capital One customer to see your card information through the app.
• Fair credit – Target REDcard: 5% off at Target and Target.com. 30 extra days on returns. Free shipping. No annual fee. Gives a temporary number after approval to use until your card comes.
• Good credit (miles) – Capital One Venture: $50,000 bonus miles when you spend $3,000 in the first 3 months. Unlimited 2 miles per dollar on all purchases. $95 annual fee waived the first year.
• Good credit (hotel) – Starwood Preferred Guest card from Amex: 75,000 bonus points when you spend $3,000 in the first 3 months. 6 points per $1 at SPG and Marriott hotels and 2 everywhere else. Free night each account anniversary. $95 annual fee waived the first year.
• Good credit (cash back) – Capital One Quicksilver: $150 bonus cash back when you spend $500 in the first 3 months. Unlimited 1.5% cash back on all purchases. No annual fee.
• Good credit (cash back) – Amex Blue Cash Everyday: $150 statement credit when you spend $1,000 in the first 3 months. 3% cash back on the first $6,000 per year at U.S. supermarkets, 2% at U.S. department stores and U.S. gas stations and 1% on everything else. No annual fee.
• Excellent credit – Costco Anywhere Visa: 4% cash back on the first $7,000 spent on gas per year, 3% on restaurants and travel, 2% at Costco, 1% on everything else. No annual fee but must be a Costco member. Requires excellent credit. Gives a temporary code to scan at checkout until the actual card arrives.

While there’s no guarantee these options will get you a credit card today, they’ll certainly give you your best chance. Don’t forget that if you get approved for a Capital One card you’ll need to both already have another Capital One card open and have downloaded the app. Unfortunately, this option isn’t available to every Capital One customer but Capital One doesn’t disclose who is eligible for instant card information. In the same way, all Amex cards give the potential for instant numbers, but aren’t guaranteed to give you one.

And if you’re interested in a store card, make sure to ask if they offer instant use first. Lastly, when your physical card arrives by mail in 7-10 business days, be sure to activate it right away.

I think all credit cards for fair credit are unsecured, but I don't know of any that have instant approval. They're pretty easy to get, but there's still a process you have to go through. That being said, my favorite is the QuicksilverOne Cash Rewards from Capital One. It does have an annual fee but it's pretty small, and I love cash back.