Instant Approval Credit Cards & Instant Use Upon Approval Cards to Know.

Instant Approval Credit Cards & Instant Use Upon Approval Cards to Know

– Instant Approval Credit Cards –

Instant Approval Credit Cards: Applying for a new credit card can at times be a really tedious experience — usually, you have to wait for a card to arrive by mail before you can use your account. However, there are some others that give you instant approval. Here is a list of some.

Instant Approval Credit Cards & Instant Use Upon Approval Cards to Know.

What is Instant Approval and how does it Work?

Instant approval of credit cards helps you know whether you’ve been accepted as a card member. A preliminary credit check is run, and the better your credit score, the more likely you will be granted the card.

Then, you are granted conditional approval, once the lender gets your score and approves your file, and a more thorough check of your file is conducted. Heads up that instant approval isn’t a guarantee that you will be accepted.

Best Instant Approval Credit Cards

Horizon Gold Card

With no credit check and no employment check, the Horizon Gold Card offers an opening credit line of $500. While it advertises a 0% APR, there are a host of fees, including an “account validation” fee and an “outlet store delivery signature verification” fee, so make sure you are clear about what is expected of you.

Where can this account take you? Heads up that this card has a minimum $25 monthly fee, which comes to about $300 a year. However, it’s an unsecured card, which is helpful if you don’t have cash on hand for a secured deposit.

Green Dot Primor® Visa® Gold Secured Credit Card

If you are willing to plunk down the refundable deposit, you can get a credit limit of up to $5,000 with this card. No minimum credit score is required, and all credit types are invited to apply, including no and limited credit.

Self Lender–Credit Builder Account

For consumers who need to improve their score but don’t have the file to get a credit card, the Self Lender product is an option. Similar to a savings account, but with the ability to build credit, you pay a minimum of $25 a month toward a certificate of deposit for a minimum of 12 months.

OpenSky® Secured Visa® Credit Card

There is no credit check with this card, dramatically increasing the likelihood that you will be accepted. After 6 months, your credit files are established and you can build your credit. Because it’s a Visa, millions of merchants will accept your card.

Where can this account take you? You get to choose the amount of your refundable deposit, starting at $200, and that dictates your credit limit.

Issuers with Instant-Use Cards Upon Approval

Issuers with Instant-Use Cards Upon Approval

Some cards allow you to start using your new credit line right after being approved. The issuers below allow for instant credit use, even before you receive your card.

This often happens thanks to a temporary virtual credit card number. You can use this card number online or make other card-not-present (CNP) transactions.

The number will be different from your permanent card number that’s attached to your physical card, so be sure to update any recurring payments you set up with the temporary number.

American Express

American Express cardholders have access to a digital wallet that holds credit card numbers for all of your Amex accounts. The wallet updates as soon you receive credit approval to include a temporary card number that links to your new credit line. American Express only issues credit cards for consumers with good or better credit, however.

Bank of America

If you apply and are approved for a BoA card through the BoA mobile app, you can access a portion of your credit line immediately upon approval. The bank maintains the right to limit how much of your new credit line you can charge to your temporary card number before the permanent card arrives.

Barclays

Barclays is one of the world’s largest banks and issues several co-branded credit cards that allow instant access to card numbers. These include the Frontier Airlines World Mastercard®, Hawaiian Airlines® World Elite Mastercard®, The JetBlue Card, Priceline Rewards™ Visa® Card, the Princess Cruises® Rewards Visa® Card, and the Uber Credit Card.

One big caveat: These company-branded cards only allow you to immediately use your new credit line when purchasing from the company shown on the card.

HSBC

HSBC only provides approved applicants with their new credit card number upon approval — the bank will not provide the CVC security code or expiration date — which most merchants require to complete a transaction.

USAA

New USAA cardholders can instantly receive their new credit card number, along with the expiration date and CVC security code, upon approval.

How Long does it take to get Approved for a Credit Card?

When you apply for a credit card, you are required to fill out an application that’s typically a page long that includes personal information including name, address, and Social Security number as well as income, income source, and monthly housing payments.

When you hit the apply button, one of several things can happen. You can be approved within minutes, It can go into “pending,” or you can be rejected.

If you don’t want to wait the week to find out the answer when it goes into pending, you can call customer service and have the agent gather more details to make a decision then and there. Otherwise, you’ll get an answer in the mail, and possibly your card.

Reasons you might be Denied

  1. High credit utilization ratio. When you are using most or all of your available credit, that can be a sign that you are living on credit and that the card you are applying for is for furthering that debt.
  2. Thin credit file. If this happens, your best bet is to get a secured card or become an authorized user.
  3. Too many hard inquiries. When you have a bunch of requests for credit in a short amount of time, that can appear to lenders that you are desperate for credit.
  4. Bank-specific application requirements. Some issuers, such as Chase, have requirements for how many cards you can get in a certain amount of time.
  5. Too much credit with the same bank. If a bank sees that you have too much credit on multiple cards, you can be denied.
  6. Identity or other details can’t be confirmed. If this occurs, call the bank.
  7. Recent negative items on credit reports. Although issues such as late payments and bankruptcies can influence your application, know that the older these negative events are, the less they are important.
  8. Income too low. That said, as tempting as it may be, don’t lie about this because that’s considered fraud.
  9. Too young to apply. You must be at least 18 to apply for your own card.
  10. Errors on application. If this happens, call the issuer and see if you can rectify the situation.

Although there are a number of reasons why you might be rejected, the biggest factor is your credit score.

Can I Get a Credit Card Same Day?

Can I Get a Credit Card Same Day?

Some physical bank branches have the technology to print new cards on demand. You can receive your credit card once you’ve been approved.

This technology typically only works with debit cards, though, so be sure to check with the bank before applying. If you submit a credit application online, you can often receive an instant credit decision, but it’s nearly impossible for the bank to approve your application, print your card, and send it to you on the same day.

We hope this article was useful and educative, do well to share these messages with friends and loved ones. If you have a question, kindly drop your comments below.

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