Best instant approval credit cards

Get a decision on your credit card application within 60 seconds when you apply for one of these instant approval cards.

By   |   Verified by David Boyd   |   Updated 21 Nov 2023

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Comparing instant approval credit cards

American Express Airpoints Platinum Credit Card

On website

American Express Airpoints Platinum Credit Card

Balance transfer

N/A

Purchase rate

22.95% p.a. ongoing

Annual fee

$195.00 p.a. ongoing

Highlights

  • Earn 300 bonus Airpoints Dollars for spending $1,500 within the first 3 months.
  • $195 p.a. annual fee.
  • Earn rewards fast at 1 Airpoints Dollar per $59 spent.
  • American Express Lounge and VIP lounges and discounted rates on Koru club lounge membership.
  • Complimentary domestic and international travel insurance and smartphone insurance for screen repairs.

Pros

  • Sign up bonus of 300 Airpoints Dollars for spending $1,500 within the first 3 months.
  • Earn 1 Airpoints Dollar for each $59 spent.
  • American Express Lounge and VIP lounge access with discounted Koru club lounge membership.
  • Complimentary domestic and international travel insurance.
  • Smartphone insurance for the repair of a damaged front screen.

Cons

  • The ongoing $195 annual fee.
  • This card does not have an interest-free balance transfer feature.
  • Some non-chain retailers may not accept American Express credit cards.
American Express Airpoints Credit Card

On website

American Express Airpoints Credit Card

Balance transfer

N/A

Purchase rate

6 months at 0% p.a.

Annual fee

$0.00 p.a. ongoing

Highlights

  • Get 50 bonus Airpoints Dollars when you apply online are approved and spend $750 on your new Card within the first 3 months. New Card Members only.  
  • Take advantage of 0% p.a. on purchases for the first 6 months.
  • No annual card fee.

Pros

  • No annual fee for life while earning rewards.
  • Sign up bonus of 50 Airpoints Dollars.
  • Earn 1 Airpoints Dollar per $100 spent.
  • Interest-free on purchases for 6 months.
  • Up to 4 additional cardholders for free.

Cons

  • No complimentary insurance cover.
  • High ongoing interest rate on purchases.
  • No balance transfer offer at the moment.
  • Some non-chain retailers may not accept American Express cards.
American Express Platinum Card

On website

American Express Platinum Card

Balance transfer

N/A

Purchase rate

0% p.a. ongoing

Annual fee

$1,250.00 p.a. ongoing

Highlights

  • Get 100,000 Bonus Membership Rewards Points when you apply online, are approved, and spend $1,500 within the first 3 months.
  • Up to $300 Dining Credit a year at the best NZ restaurants. Enjoy a $150 cash back when you spend $150 or more in one transaction at a participating restaurant. Valid twice a year.
  • Receive up to $200 travel credit each year through American Express Travel.
  • Transfer your Membership Rewards Points to a choice of airline and hotel rewards programs.
  • Up to $500 cover towards smartphone front screen repair.

Pros

  • Signup bonus of 100,000 Membership Rewards Points.
  • Big spending gets you big travel-related perks at 2 Membership Rewards Points per $1 spent.
  • Domestic and international travel insurance cover.
  • Other perks and benefits, including elite hotel status, dining credit, and more.
  • Access to the 24 / 7 concierge services.
  • VIP lounge access at airports in the Amex Global Lounge Collection.
  • Add up to 4 additional cards for free.

Cons

  • The annual fee is on the high side, at $1,250 p.a.
  • Some non-chain retailers do not accept American Express cards.
  • The American Express Platinum Card is a charge card, so balances must be paid in full monthly.
American Express Gold Rewards Credit Card

On website

American Express Gold Rewards Credit Card

Balance transfer

N/A

Purchase rate

22.95% p.a. ongoing

Annual fee

$200.00 p.a. ongoing

Highlights

  • Get $200 back when you apply online, be approved, and spend $1,500 in the first 3 months. Terms and Conditions apply. New Card Members only.
  • Up to 2 x $100 credits annually to spend at the Local Dining Collection featuring some of New Zealand’s top restaurants.
  • Earn 2 Membership Rewards points per $1 spent on eligible purchases.
  • Includes complimentary travel insurance.

Pros

  • $200 cashback when you apply online, get approved, and spend $1,500 in the first 3 months. New Card Members only.
  • Receive up to $200 credits for the Local Dining Collection of New Zealand’s top restaurants.
  • Earn 2 Membership Rewards Points per $1 spent.
  • Includes complimentary travel insurance.
  • The card is made from metal instead of plastic.

Cons

  • Some non-chain retailers may not accept American Express cards.
  • 2.50% currency conversion fee, which is higher than some competing credit cards.

Q Mastercard

Q Mastercard

Balance transfer

N/A

Purchase rate

26.69% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 90 days interest-free on purchases with no minimum spend.
  • Use anywhere Mastercard is accepted, in-store and online.
  • Exclusive cardholder days when Q Mastercard cardholders can enjoy exclusive deals and extended finance promotions.

Pros

  • Enjoy 3 months of 0% p.a. interest on all purchases.
  • No annual fee for the first year.
  • Annual fee in later years are spread out over two equal instalments.
  • No minimum spend required.

Cons

  • A relatively high purchase interest rate of 26.69% p.a.
  • Long term advances come with a $55 establishment fee at the first use.
  • Long term finance purchases have a fee of $35.

What is an instant approval credit card?

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.

What to compare for instant approval credit cards

  • Interest rate. How competitive is the interest rate in comparison with other credit cards? This is vital for those planning to carry a balance.
  • Rewards and cashback. Are credit card rewards points on offer? How does the cashback rebate structure differ across cards?
  • Annual fee. Is the annual fee justifiable for what you get? Is it possible to have it waived or are there any promotions that make the card more affordable?
  • Online application process. Can the application process be done online? Is there an option to use MyInfo for a streamlined application?

How to compare instant approval credit cards

  1. Research. Start by searching online for instant approval credit cards available in Singapore. We will mention if a bank has fast approvals.
  2. Create a shortlist. Select a few credit cards that match your requirements, have the features you want and suit your spending habits.
  3. Compare interest rates. Understand the interest rates of each card to make an informed decision.
  4. Consider other fees. Don’t forget to account for annual fees and other charges that could impact the card's overall cost.
  5. Read the terms and conditions. Ensure you are well-aware of any limitations, restrictions, or requirements before submitting your application.
  6. Filter down. Pay attention to promotions and customer experiences from reviews.
  7. Apply. Fill the form out online and submit to the bank. Look out for followup requests for information that they may request.

Pros and cons

Pros

  • Quick access to credit line.
  • Streamlined online application process.

Cons

  • Interest rates might be higher compared to regular cards.
  • Annual fees typically apply.
  • May encourage impulse spending.

FAQs

How long does the approval process take for instant approval credit cards?

Instant approval credit cards typically have a shortened approval process. Once you submit your application, you may receive a decision — one way or the other — within minutes.