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
- Research. Start by searching online for instant approval credit cards available in Singapore. We will mention if a bank has fast approvals.
- Create a shortlist. Select a few credit cards that match your requirements, have the features you want and suit your spending habits.
- Compare interest rates. Understand the interest rates of each card to make an informed decision.
- Consider other fees. Don’t forget to account for annual fees and other charges that could impact the card's overall cost.
- Read the terms and conditions. Ensure you are well-aware of any limitations, restrictions, or requirements before submitting your application.
- Filter down. Pay attention to promotions and customer experiences from reviews.
- 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.
Can I apply for an instant approval credit card using MyInfo?
Yes, most banks have an integration with MyInfo to pre-fill your application form, making the process quicker and more convenient.
