2017 RANKING & REVIEWS
TOP RANKING INSTANT APPROVAL CREDIT CARDS
2017 Guide & Ranking: Finding the Best Instant Approval Credit Cards for Bad Credit
Finding a line of credit is an essential part of financial stability, but the waiting process can be frustrating. In some cases, it may take days or weeks to find out whether a line of credit has been approved. Instant credit cards allow for instant credit card approval, awarding credit through a speedier process.
Of course, there some stipulations to keep in mind when looking for credit cards for bad credit with no deposit and instant approval. While instant approval credit cards may have a faster process, instant credit approval may hinge upon additional factors, like income verification.
Award Emblem: Best Instant Approval Credit Cards
With so many varying factors, it is impossible to issue a guarantee for instant credit card approval. Even instant approval credit card offer may be subject to further verification. Lenders try to issue credit whenever possible, but sometimes an instant decision on credit cards is simply not possible.
That said, these credit cards for bad credit with no deposit and instant approval do have significantly quicker instant credit approval times. Rather than wait hours or days for a credit decision, some applications can be analyzed in as little as 60 seconds.
If you need a quick decision on credit cards, looking at these instant approval credit cards for bad credit can provide an excellent starting point.
AdvisoryHQ’s List of the Top 6 Best Instant Approval Credit Cards
List is sorted alphabetically (click any of the credit card names below to go directly to the detailed review section for that credit card):
- Freedom Gold Merchandise Card
- Indigo® Platinum MasterCard®
- Milestone® Gold MasterCard®
- PREMIER Forward® MasterCard®
- Surge MasterCard® Credit Card
- Total VISA® Credit Card
Top 6 Best Instant Credit Card Approval Offers | Brief Comparison & Ranking
|Freedom Gold Merchandise Card|
|Indigo® Platinum MasterCard®|
|Milestone® Gold MasterCard®|
|PREMIER Forward® MasterCard®|
|Surge MasterCard® Credit Card|
|Total VISA® Credit Card|
Table: Top 6 Best Instant Approval Credit Cards | Above list is sorted alphabetically
Differences Between Instant Credit Card Approval and Traditional Credit Card Approval
Image source: Pixabay
When comparing traditional and instant credit approval, there are a few crucial differences. Before considering instant approval credit cards for bad credit, the following traits should be evaluated:
- No rewards programs. Instant approval credit card offers don’t come with enhanced programs that traditional credit cards do. This means not being able to earn cash back, collect points, or get discounts on products and services. Instant approval credit cards will have only the most basic credit card functions, as they are essentially cards meant to help rebuild credit.
- High APR. As seen in the chart above, instant credit cards tend to have higher APR rates. As the national average APR is 20.90%, anything over should be taken into consideration to ensure long-term affordability of the instant-use credit card. The APR will also make a difference in determining whether you can carry a balance on the card. If you plan on quickly paying off instant approval credit cards for bad credit, then the APR may not matter.
- Additional fees. While traditional credit cards still have annual fees or maintenance fees, instant approval credit cards for fair credit have tons of extra charges. Many instant approval credit cards come with high annual fees and processing fees, which may make them unaffordable in the long run.
A general rule to use with instant approval credit cards is to try getting approved for traditional credit cards through national lenders, online banks, or your local bank. If you have to apply for credit cards online with instant approval, then make sure that you thoroughly research and understand each instant credit card approval offer.
Instant approval credit cards for bad credit can certainly be valuable options to repair and rebuild credit. However, with high fees and APR rates, they can potentially leave cardholders in more debt than they had at the start.
Who Can Benefit from Instant Approval Credit Cards?
When using instant approval credit cards for bad credit, some benefits are sacrificed. Still, just because an instant-use credit card doesn’t have rewards points doesn’t mean that it can’t be valuable. Instant approval credit card offers are beneficial for consumers who fall into these categories:
- Zero credit or very damaged credit. Instant approval credit cards typically don’t require high credit, or they don’t refer to a credit score at all. This is a huge part of why instant credit cards are so appealing.
- Cannot get approved for a traditional credit card. Many credit card companies have strict requirements for lines of credit, which can be a deterrent. Applying for and getting denied for multiple credit cards can negatively impact your credit score, furthering the issue. Applying for instant approval credit cards is a great way to avoid damaging your credit any further by using instant credit cards to slowly rebuild credit.
- Value a quick response. Although instant credit card approval is never a guarantee, a quicker process can certainly be valuable. Being able to apply for credit cards online with instant approval may certainly save time. Even if approval isn’t instantaneous, instant approval credit cards for bad credit may take hours — or days — less than traditional credit cards.
If traditional means of obtaining credit have not been successful, then it may be time to try for instant approval credit cards. Keep in mind that instant credit card approval may not be guaranteed, regardless of your credit score.
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AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top-rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top Ranking Best Instant Approval Credit Cards for Bad Credit
Below, please find a detailed review of each credit card on our list of credit cards for bad credit with no deposit and instant approval. We have highlighted some of the factors that allowed these instant approval credit cards to score so highly in our selection ranking.
Freedom Gold Merchandise Card Review
Those who are looking to apply for credit cards online with instant approval may want to consider the Freedom Gold Merchandise Card. With a 0% APR and no annual fees, it is certainly an attractive and affordable option.
While this is an instant-use credit card, it is important to note that this credit card can only be applied to purchases made through Horizon Outlet. For those who plan on using credit cards for fair credit with instant approval on apparel, jewelry, accessories, and electronics, this is a good instant credit card approval offer to apply for. Specific details include:
- $500 limit
- Roadside Protection services
- Legal Assistance benefits
- No credit or employment check
Before applying for instant approval credit cards through Freedom Gold, consumers should also consider the monthly membership fee. A monthly charge of $24.95 is placed on the card.
This equates to $300 each year, which may devalue this instant-use credit card.
Indigo® Platinum MasterCard® Review
The Indigo® Platinum MasterCard® is a great option for consumers searching for affordable instant credit card approval offers. With a relatively reasonable APR and the potential to avoid annual fees, it is one of the most user-friendly instant approval credit cards for bad credit.
Photo source: Indigo
There are a few card details that should be considered before applying for instant approval credit cards through Celtic Bank. The Indigo® Platinum MasterCard® comes with the following components:
- Annual fee of $0-$99
- Free online account access
- Custom card design
- Credit reports sent to all three credit bureaus
While the annual fee may be high depending upon your credit score, these instant approval credit cards are valuable tools for rebuilding credit. For those looking for instant approval credit cards for fair credit, the Indigo® Platinum MasterCard® is a worthwhile option.
Milestone® Gold MasterCard® Review
Perhaps the best aspect of the Milestone® Gold MasterCard® is that pre-qualification can be done without affecting credit score. For those who need an instant decision on credit cards that won’t harm their overall credit, this is an easy instant credit card approval process.
While digging into the benefits and requirements for the Milestone® Gold MasterCard®, our review found the following details:
- Instant credit card approval
- Annual fees between $35-$99
- Custom card design
- Online account access and bill pay
Depending upon credit score, the annual fees for these instant approval credit cards for fair credit may be somewhat steep. Still, with a reasonable APR rate of 23.9% and low credit requirements, this is still one of the best instant approval credit cards for bad credit to consider.
PREMIER Forward® MasterCard® Review
When looking for credit cards for fair credit with instant approval, the PREMIER Forward® MasterCard® may have the quickest application process. In fact, instant credit card approval can be given in as little as 60 seconds. For those who value timing for an instant decision on credit cards, this is a valuable component.
Photo source: First PREMIER Bank
There are a handful of key details about the PREMIER Forward® MasterCard® to consider before getting instant credit card approval. These details include:
Applicants must have a pre-existing bank account
- High APR rate of 36.0%
- One-time $95 processing fee
- Annual fee and monthly servicing fee
Although annual fees drop down to $45, it’s worth mentioning that the first annual fee can be as high as $125. After the first year, monthly servicing fees begin to be charged at $6 or $10 each month. Instant credit card approval may be gratifying, but the card itself might not be affordable over time.
Surge MasterCard® Credit Card Review
Consumers who need to give their credit a boost may find that the Surge MasterCard® Credit Card is a great instant credit card approval option. With flexible credit requirements and a quick application process, consumers can expect an instant decision on credit cards.
Photo source: Surge
When analyzing each characteristic of the Surge MasterCard® Credit Card, there are a few key characteristics that stand out. These include:
- $500 credit limit
- Monthly reporting to all three bureaus
- Instant credit card approval
- Free online account access
It’s also worth noting that this instant credit card approval offer comes with a few hefty fees, too. While the annual fee drops from $125 to $96 after the first year, monthly maintenance fees may make it difficult to see the benefits.
A $10 charge is added to the card each month, totaling $120 each year in maintenance fees alone.
Interestingly enough, while the card is listed as unsecured, there are instances where a deposit may be required. Depending upon credit worthiness, instant credit card approval may depend upon a refundable security deposit of $50, $150, or $500.
Those with truly poor credit may want to look at our other top-rated instant approval credit cards for bad credit for a more affordable line of credit.
Total VISA® Credit Card Review
The Total VISA® Credit Card is a good option to consider for those looking for credit cards for fair credit with instant approval. Although the 29.99% APR is above average, if you are looking for an instant decision on credit cards, this is one of the quickest options.
When researching the Total VISA® Credit Card, our review found the following features:
- 60-second response time
- Relaxed credit requirements
- Checking account required
- $89 processing fee required before using the account
Although instant approval credit cards for bad credit typically have higher fees, this particular card has a total of three separate fees.
First, an annual fee of $75 is paid for the first year, dropping down to $48 for each subsequent year. Second, a one-time processing fee of $89 is required in order to activate the card. Third, a monthly servicing fee of $6 each month is applied to the card.
While added fees are irritating, it’s worth noting that they are lower than other credit cards for fair credit with instant approval. Even with the fees, the Total VISA® Credit Card is one of the most affordable instant approval credit cards.
Conclusion – Top 6 Instant Approval Credit Cards for Bad Credit
Looking for instant approval credit cards for bad credit can certainly be an overwhelming process. No one likes admitting that their low or damaged credit score is working against them. In these cases, an instant credit card approval can be helpful when rebuilding credit, as instant credit cards have relaxed credit score requirements.
Still, it is important to keep in mind that instant approval credit cards come with their own sets of rates and terms. Often, these rates and terms are much higher than that of traditional credit cards.
For those who need to rebuild credit and have no other options, the high fees and APR rates of instant approval credit cards for bad credit may be worthwhile.
When searching for the best instant credit card approval offers, take a look at the top instant approval credit cards for bad credit. Each of these cards has been thoroughly researched and analyzed, enabling each consumer to make the right choice for their personal financial future.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.