In this brief guide, we are going to discuss what an instant credit card is.

Instant credit cards

An Instant credit card is a credit card which provides an instant decision once you have made a credit card application.

This is the case for most credit cards these days as they now use an API to provide a decision to the credit card applicant in less than 60 seconds for most credit card applications.

Different credit card providers have their varying timescales in which they will then issue you a credit card with Vanquis bank being known as one of the worst in this regard. They take about 14 days from when you have made the credit card application to when the credit card gets to you.

To get an instant credit card you should use a credit card eligibility checker and then apply to the credit cards which are listed there ass these credit card will utilize the API to see if you are eligible for the credit card and will then be able to provide you a decision on an application with the same technology.

What to consider when getting your instant credit card?

Whilst the instant credit card may be right for you, there could also be other potential credit cards which suit you better. It is always advisable to use a credit card eligibility checker 

Which provides you with all the credit cards you may be eligible for outside of the instant credit card you want to apply for.

When comparing multiple credit cards; below are the things you should look out for before applying.

Eligibility

Each card issuer will have its own lending criteria that  you will need to meet before they will provide you with an offer of credit. There are now credit card eligibility checker platforms which let you know which credit cards you are eligible for and which you have a high probability of getting on application. 

Most credit card providers now have their own credit card eligibility systems in place which will let you know if you will be approved for a credit card with them  or not. These tools use a soft credit check t pull your credit file data and hence does not leave any footprints which are visible to the public or harm your credit score.

You should avoid applying for a credit card if you are not confident you will be accepted as rejections for credit could damage your credit score and history. This may then affect your ability to get further credit in the future.

Interest rates

When getting a credit card, the interest rates on the credit card are a very important factor and you should always look out for the APR figure. The interest rates on the credit card are the rates that will be charged on any outstanding credit card balance which you carry over from one month to another.If you pay your credit card balance in full each month then you will not have any interest to pay.

Credit cards typically come with up to 55 interest-free days on purchases if you don’t carry a balance month-to-month.

Credit limits

You should look at the credit Credit limits when choosing a credit card provider as the credit card limits will determine how much you can spend on your credit card. Most credit card providers may offer you a credit limit increase if you can show good credit behavior over a few months.

Rewards and perks

Credit card providers offer various rewards and perks but usually these are reserved for applicants with high credit scores.

Fees

Some credit card providers will have annual fees on their credit cards but these are usually for credit cards with high credit card limits and lots of rewards or perks.

You should always check what fees are attached to your credit card.These can include annual or monthly account fees, cash advance (withdrawing cash using the card) fees, overseas transaction fees and others.

How to get your instant credit card

To get your instant credit card, check to see if you have a credit score first.

If you are unsure of what your credit score is then you should check your credit score from the four credit bureaus in the UK: Experian, Crediva, Equifax and Transunion.

Some of these credit bureaus may charge you a fee to view your credit report so what you can alternatively do is request a statutory credit report which is a free credit report which each credit bureau must provide to you upon you requesting it.

Alternatively, you can also use credit score services such as Checkmyfile and clearscore to check your credit report.

Once you have done this you should then check on a credit card eligibility platform to see what credit cards you are eligible for and then apply for the best credit card. This may be the instant credit card you have in mind or it could be another credit card from a different provider which suits you better.

In this brief guide, we discussed what an Instant credit card is. If you have any questions, please let us know.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.