Instant approval credit cards feature a rapid response to your online application for a new credit card. ‘Instant approval’ in fact means an instant decision and possibly conditional approval within a very short time frame. This can be as little as 60 seconds from some banks, if all the required information and documentation has been supplied by the prospective cardholder, and provided that the financial profile outlined in the information (including the applicant’s credit score) is adequate to justify granting the card being applied for.
Conditional approval will become confirmed approval once all the supplied information has been verified, usually within the next 24 hours if everything checks out.
When you apply for an instant approval credit card, your credit score will be checked as part of the rapid automated processing of your application. Your credit score is a numerical expression of your credit history, based on the information in your credit report collected by a credit bureau. The higher the number, the better the score.
If you have a good or above average credit score, you are more likely to get instant approval of your credit card application.
Other eligibility criteria
Another way of increasing the likelihood of getting instant approval is to only apply for a card whose eligibility criteria you can comfortably meet. As well as having a good credit score, eligibility criteria can include such things as a minimum annual income, your age and your Australian citizenship or residency status.