Some credit cards that offer instant approval are the Edge Prepaid Visa RushCard, the Midnight Prepaid Visa RushCard and the Horizon Gold Card, according to CreditCards.com. Most of these issuers have an application process that takes about 60 seconds to complete.
Some instant-approval credit cards take longer than 60 seconds to approve an application, CreditCards.com explains. These cards often require additional verification. The Edge Prepaid Visa RushCard allows a direct deposit for government benefits, and only requires identification verification for approval. The card does not require a credit check or minimum balance.
Other credit cards that offer instant approval include the Next Millenium Card, the First Progress Platinum Elite MasterCard Secured Credit Card and the Primor Secured Visa Classic Card, states CreditCards.org. An instant approval credit card refers to any card that confirms an application online within minutes of the application submission.
In most cases, credit card companies do a preliminary credit check on applicants to approve a card, Discover explains. Many companies provide conditional approval on the card until a more thorough credit check is completed. People who have excellent credit are more likely to get instant approval on a card than those with little or poor credit history. Prepaid cards are an instant approval option that do not require preliminary credit checks.
For those who already have a poor credit rating, getting an unsecured credit card is nearly impossible without a cosigner with good credit history who is willing to act as a guarantor on the card, according to information on Sallie Mae. However, secured credit cards are a potential option for those who wish to improve their credit scores and work up to an unsecured credit card.
Secured credit cards are easier to qualify for than traditional credit cards because the applicant must make a deposit up front, which guarantees repayment of the loan, states NerdWallet.com. By making purchases on the secured credit card and paying back the amount owed each month, individuals begin earning good credit. At the end of the credit period, if the card applicant has made all payments in a timely manner and has paid all debts, the card issuer releases the deposit to the applicant. At this point, applicants are sometimes able to move up to an unsecured card without putting down a deposit.