Instant Approval Virtual Credit Card—What It Is and Where To Get One
In 2022, the number of open credit card accounts in the U.S. alone reached 440 million, as Bankrate reports. This payment method has gained massive popularity due to its convenience, particularly its versatility and the financial flexibility it offers to cardholders.
What makes credit cards even more convenient is the fact that many issuers allow you to access funds quickly after the application. Some issuers offer instant approval if you meet their criteria and deliver the card to you physically or digitally shortly after. Those searching for instant approval virtual credit cards may find value in options like temporary digital card numbers, which allow you to use the card soon after approval.
This article will explore credit cards that entail instant approval and/or instant access, particularly:
- What they are
- How they work
- What issuers offer the option
Note that the provided information is valid as of September 2023 and is subject to change. You should visit the issuers’ official websites for updates.
What Is an Instant Approval Credit Card?
When you apply for a credit card, you typically need to wait for the issuer to:
- Review your application
- Check your credit score and history
- Assess your eligibility
Depending on various factors, this process can take anywhere from a minute to 30 days, which is the legally mandated limit.
Many issuers offer instant approval credit cards. The application processing and assessment with these issuers are automated and usually take place online, so you’ll likely get feedback within minutes of providing all the necessary information. Despite the misleading name of the feature, the response can be positive, negative, or a request for additional information.
Some issuers will also allow you to access the funds instantly after approval—before the physical credit card arrives in the mail. They typically do so by sending you the actual number of your new card in an email or issuing stand-in temporary credit card numbers, which you can use for online transactions or add to a digital wallet.
Factors That Influence the Approval Time
Whether or not the credit card issuer can provide an instant decision in response to your application depends mainly on these factors:
