No-deposit credit cards with instant approval and use

When applying for a new credit card, you might be drawn to an option with no security deposit, quick approvals and instant use. 

Before you apply, it’s helpful to understand what people mean when they talk about “instant approval credit cards with immediate use,” so you know what to expect. 

What you’ll learn:

• Credit card issuers approve online applications within minutes or seconds.

• Thanks to virtual credit cards, the account may be available to use instantly.

• Credit cards that don’t require security deposits are known as unsecured credit cards.

• Checking whether you’re pre-approved for cards can give you quick insight into potential card options.

Some issuers may require cardholders to wait for physical cards to arrive in the mail. But others let cardholders use their new account as soon as their application is approved. These are commonly called instant-use credit cards.  

If an issuer offers an instant-use card, it usually requires a virtual credit card or a digital wallet.

You may want to do some research to find out whether an issuer offers instant-use cards. There are also instant-approval credit cards, which let applicants know whether they’re approved for a card within seconds or minutes.

You may be able to get an instant-approval, instant-use credit card with no security deposit, depending on factors like your credit history and which card you apply for. 

A credit card that doesn’t require a security deposit is known as an unsecured credit card. Credit card issuers typically use a borrower’s creditworthiness to determine whether they qualify for a card. So it’s generally easier to get approved for an unsecured credit card if you have good credit scores. 

A secured credit card requires a refundable security deposit. When used responsibly, secured cards can be a great way to build credit.

Applying for a credit card typically involves a hard credit check. Credit card issuers that advertise no credit checks will still typically conduct some kind of assessment before approving applications. But instead of checking your credit, the issuer may check your employment history or income. And credit cards that promise no credit check could come with hefty fees and interest charges.

There’s no way to guarantee that you’ll receive instant approval on a credit card. That said, some credit card issuers could determine whether you’re approved for a credit card within seconds or minutes. 

Whether you’re building credit or already have excellent credit, there are a few steps you can take before you apply for a credit card with instant approval:

1. Monitor your credit. If you know your credit scores, it can help you identify what card might be right for you. One way to check your credit scores is with CreditWise from Capital One. You can also check your credit reports from the three major credit bureaus—Experian®, Equifax® and TransUnion®—to dispute any fraud or errors and make sure you don’t have any late payments hurting your credit. You can access your credit reports at AnnualCreditReport.com.

2. Get pre-approved. Seeing whether you’re pre-approved for credit cards could show you whether you meet at least some of the initial criteria before officially applying.

3. Use credit responsibly. This means making on-time payments and staying below your credit limits on credit cards you already have. The Consumer Financial Protection Bureau recommends keeping your credit utilization ratio under 30%. Paying off your statement balance each month can help you keep your credit utilization ratio down and avoid interest charges.

It’s possible to receive near-instant approval and use for an unsecured credit card. But remember: It’s a good idea to be cautious with any company claiming to offer guaranteed approvals or no credit checks. 

If you have good credit and apply online, you may be able to get approved for a credit card quickly. And you might even be able to start using the account right away.

If you’re new to credit or searching for your next credit card, Capital One can help: 

• See if you’re pre-approved for credit cards without harming your credit scores. 

• If you’re looking to build your credit with responsible use, explore cards for people with fair credit. 

• Earn unlimited 1.5% cash back on every purchase, every day, with a cash back rewards card. 

• Monitor your credit report and score with CreditWise. It’s free for everyone, and using it won’t hurt your credit score.