When you apply for a credit card online you’ll often get a quick response. Some card providers can even give you card approval within minutes if you already have an existing bank account with them. If you’re successful, this the closest you can get to an “instant approval” credit card in Singapore.
Use this guide to find out what you need to know to increase your chances of success when applying for an instant approval credit card.
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Credit cards that offer “instant” approval are designed to give you a response as quickly as possible when you apply online. With this type of application, the credit card issuer will have a system in place to assess key details from your application and credit report within a few seconds. The result is that you get a response almost instantly.
After that, a provider may ask for additional documentation such as payslips and bank statements to proceed with the application. Just keep in mind that, once the final outcome is decided, you may need to wait up to 10 business days (this varies from provider to provider) to get your card in the mail. There may be circumstances when you can use your card sooner. For example, if you were to take out a digital credit card which can be used immediately after activation.
How to apply for instant credit card approval in Singapore
An instant approval credit card offers you a simple way to apply online and receive your credit card as soon as possible. To improve your chances of instant approval, though, there are a few steps you’ll need to take to make sure you’ve completed your application properly.
Step 1. Compare your options
It’s important to compare your options before applying. Rather than basing your decision on the fact that you could potentially receive approval within one day, make sure to consider the different credit card rates and fees that may apply, including the purchase rate, cash advance rate, annual fee and any promotional rates of interest. You should also weigh up other features that may add value to the account, such as rewards and complimentary extras. Make sure that you can afford the card it offers the extra features that you need to manage your credit.
Step 2. Check the eligibility requirements
You won’t receive approval at all if you don’t meet the eligibility requirements. Some of the criteria you’ll be expected to meet include:
Age. You have to be at least 21 years of age to apply for a credit card in Singapore.
Good credit history. Most banks only accept applicants who have a good credit history with no evidence of defaults. Other details, such as late payments or other recent applications for credit, could also have a negative impact on your credit score.
Residency status. Depending on the card, you might only be able to apply if you’re a Singaporean or Permanent Resident. Some banks do offer cards for foreigners, so you can use our guide to compare your options.
Income. You may need to meet a minimum income requirement to receive approval for the card.
Step 3. Collect the necessary documents and information
When you apply for a credit card online, you’ll be required to provide a number of documents and personal information before you can receive instant approval. Usually, this includes:
Proof of identity. You’ll be asked to provide proof of your identity such as your driver’s licence, birth certificate or NRIC/Fin card.
Personal details. You’ll need to provide your full name, residential address and contact details.
Employment and income. You’ll need to provide proof of employment and income, including the details of your employer and recent pay slips. If you’re self-employed you’ll need to provide your accountant’s details and if you’re retired, you’ll need to provide evidence of your funds and assets.
To ensure a smooth and quick application process, make sure you have these details on hand before you begin your application.
Step 4. Apply online
Once you’ve compared your credit card options, confirmed you meet the eligibility criteria and organised the necessary documents, you can begin your secure online application. This should only take around 10 to 15 minutes if you have all of the relevant details handy. Once you’ve submitted your application, you may be contacted by the bank for further details.
Can I get an instant approval credit card with bad credit?
You’ll only receive instant approval for a credit card if you meet the eligibility requirements and provide all of the relevant documents. If you have a bad credit score or are unable to meet the eligibility requirements, your application may be declined or result in “conditional approval” – a term which usually means you’ll need to provide further details before you can get your credit card fully approved.
If you already have bad credit, then it will be more difficult to get approved for a credit card straight away. What’s more, every application you make will be listed on your credit file and could add to your bad credit rating. So if you’re worried about your credit score, you can work on improving your credit score or consider an alternative form of credit.
Instant approval credit cards can help you get your credit card sooner. As instant approval credit cards still require you to meet the relevant eligibility requirements, it’s important to compare your options and prepare your application before submitting it to improve your chances of approval.
Zyane Tan is an associate editor at Finder. An experienced copywriter and content creator, Zyane enjoys writing on a wide array of subjects. When she’s not busy typing away, she’s reading and musing over a pint.
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