Instant Approval Credit Cards

They’re a popular financial product, but are instant approval credit cards literally immediately available if you want to get one? Before we tell you more about these cards, we need to dispel whatever confusion may arise from their name.

First off, instant approval credit cards – or 60 second approval cards – do not guarantee instant approval. The way it usually works is you fill out an online application and get approved in the space of 60 seconds if you’re eligible, or obtain one from the storefront.

How do instant approval credit cards work?

The vendor carries out a quick credit check with one of the credit rating agencies and you get a decision based on your credit history. If your card is approved, you should normally receive it in the space of one or two working weeks.

Instant approval credit cards can offer an interest-free period on purchases for the first several months, but may also charge a higher interest rate later on.

What do I need to get an instant approval credit card?

There is a range of eligibility requirements for getting an instant approval credit card. We’ve listed some of the most common approval criteria below.

  • You’re 18 years of age or older and have a driver’s license or another form of ID.
  • You have a good credit rating. Usually, this means an above average credit score from one of the four main Australian rating agencies.
  • You’re a permanent Australian resident. You might only be able to apply for a credit card if you are living in Australia on a permanent basis. However, some Australian banks are happy to issue instant approval credit cards to non-Australian residents with more than 9 months remaining on their visa.
  • Your minimum annual income. Depending on the type of credit card you are applying for and the relevant provider, this amount can vary from $15,000 p.a. when you apply for a lower-register credit card to $75,000 p.a. and above when you apply for a premium card.
  • Your employment status and the details of your income and expenses. As per the general rule, banks tend to look more favourably on credit card applicants with secure employment.

Bear in mind that you will only receive an instant approval credit card if you meet the approval criteria and provide all the necessary information.

What are the pros and cons of instant approval credit cards?


  • They’re a good option for low income earners. Instant approval credit cards can be beneficial if you are a student or don’t have many other financial options.
  • You can keep better track of your expenses. If you don’t make excessive purchases, the lower-limit instant approval cards are good for keeping your finances in check.
  • You might pay less or no interest during the introductory period. Low interest rate or interest free cards can also be available to you in the space of 60 seconds if you meet the requirements. That way you can save on interest if you’re disciplined with your repayments.


  • You could potentially pay high interest later down the track. Interest on purchases and cash advances vary between credit cards. If you get a card with a higher interest rate and you don’t pay the monthly balances in full, you might rack up a significant amount of interest debt.
  • You may have to pay fees and charges. You might have to pay application and account fees depending on the type of instant approval credit card. You may also need to pay late fees if you don’t make repayments in a timely manner.
  • You could spend more than you can repay. Maxing out your credit card is an ever-lurking danger, particularly if you spend money that you don’t have or are unable to make payments on time.

Are you looking at getting a credit card you can afford – straight away? Compare credit cards right here, right now!

Ready to look for a better deal? It’s easy to compare with us.

Compare credit cards