How to Increase Your Chances of Securing an Instant Approval Credit Card

May 18th, 2010

It is possible to improve your credit card application and raise your chances of receiving an instant approval. Banks are becoming notoriously strict about their lending criteria, so take a bit of time to get your application in order before you apply.

Instant Approval Credit Cards

How to Easily Improve Your Credit Card Application

Perhaps the easiest way to complete a credit card application is to apply online. Simply enter your information into the secure online application form for your preferred card provider and you could receive an instant approval.

While this sounds so easy, it’s important to keep in mind that your ‘instant approval’ is actually what the banks call a ‘conditional approval’. This means your credit card application would be approved, subject to you meeting the conditions as laid out within the approval.

Those conditions could include verifying your income details by providing pay slips or tax returns. They could also include requests for more information if you haven’t completed the application properly.

Here are some things you can do to increase the chances of receiving an approval for your credit card application:

Research Credit Cards

Spend a little time researching which type of credit card will suit you best. There’s no point applying for a gold card if you don’t qualify, so aim at one that will suit your needs and that you know you’re eligible for.

Improve Your Credit Profile

To increase your chances of being approved for the credit card you want, you should spend a bit of time making sure your credit profile is healthy. This means catching up any overdue payments or any other credit cards you have that are over their agreed credit limit.

If you’re uncertain of what your credit profile looks like, you can order a copy to see for yourself what’s listed.

Prepare Information

Before you begin filling out your online credit card application, be sure you have all the information you need handy. You’ll be required to fill in your income amount, your employer’s details and list down all of your assets and liabilities.

Fill In the Application Correctly

Take your time and fill out the online application with correct information. If you’ve already gotten all your pertinent information ready, you should have it nearby to reference when you reach that section of the application.

Don’t skip any sections and double check that you’ve spelled everything correctly. Don’t leave any sections blank. Enter either ‘not applicable’ or ‘zero’ instead of leaving something unanswered.

This can speed up the application process, while incorrect information could slow it down while your bank requests verification from you.

Editors Choice: Featured Credit Card Deals

	Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
Westpac 55 Day Credit Card	0% for 5 months (reverts to 19.59% )	3.99% for 6 months	$0	21.49%
Citibank Clear Platinum Card	11.99%	2.9% for 12 months	$99	21.74%