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 approval and instant use. 

Find out how no-deposit credit cards with instant approval and instant use work and what you may need to consider before applying.

What you’ll learn:

• Credit card issuers may 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.

• Seeing if you’re pre-approved can give you quick insight into potential card options without harming your credit scores.

Instant-approval credit cards allow cardholders to quickly find out if they’re approved or denied. Instant-use credit cards enable cardholders to use their cards almost immediately. But not all instant-approval credit cards offer instant-use capabilities. And deposit requirements can vary too. 

Here’s a little more detail:

With instant-approval credit cards, the issuer provides an approval decision soon after you submit your application. Sometimes the decision can come within minutes. But even if you’re approved, you may still have to wait for the card to arrive in the mail before you can use it.

If your application is approved, some issuers let you use your new account right away. You don’t magically get a credit card in your hand. But while you wait for one in the mail, you might be able to access your credit line by using a virtual credit card number or a digital wallet.

Credit cards that don’t require a security deposit are known as unsecured credit cards. Cards that require a deposit are known as secured credit cards. The deposit is one reason secured cards are easier to qualify for.

You may be able to get an instant-approval, instant-use credit card with no security deposit. But that depends on multiple factors, including the card you apply for and your credit history.

Applying for a credit card typically involves a hard credit inquiry. Credit card issuers that advertise no credit checks could ask for other information to evaluate applications. Instead of reviewing creditworthiness, the issuer may check employment history or ask for proof of income. These types of cards might also require security deposits.

There’s no way to guarantee that you’ll receive instant approval for a credit card. But there are steps you can take before you apply:

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 score is with CreditWise from Capital One. It’s free for everyone, and using it won’t hurt your credit scores. You can also check your credit reports from the three major credit bureaus—Experian®, Equifax® and TransUnion®—or at AnnualCreditReport.com. 

2. See if you’re pre-approved. Seeing if you’re pre-approved for credit cards could show you whether you meet the initial criteria before officially applying. Getting pre-approved typically doesn’t impact your credit score.

3. Use credit responsibly. This means making on-time payments and staying below the credit limits on credit cards you already have. The Consumer Financial Protection Bureau recommends keeping your credit utilization ratio under 30%.

When applying online for a Capital One credit card, you could receive a decision within minutes. Keep in mind that if more information is needed, it could take longer. Once you submit an application, you can expect a written response within seven to 10 days after Capital One reviews it.

It’s possible to receive near-instant approval for and use of an unsecured credit card. But 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 impacting 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.