What Is the Difference Between Instant and Guaranteed Approval for Credit Cards?

Alan May15, 2024

What Is the Difference Between Instant and Guaranteed Approval for Credit Cards?  (图1)

Guaranteed Approval vs. Instant Approval

The types of credit tools that qualify for each option are different. Instant approval is provided to consumers with good scores.

This is a form of an unsecured lending tool that demands no deposit. Guaranteed approval cards are typically secured as they are issued to low-credit clients.

Service providers want to ensure the borrower will use the credit card responsibly, so they demand a deposit for guaranteed approval tools.

You can qualify for instant approval and save time if your rating is excellent or good.

You can only qualify for guaranteed approval if your rating is in bad standing. Compare several cards to select the most affordable option that will help you improve your credit over time and be eligible for better conditions.

Ways to Boost Your Chances of Getting Instantly Approved

First of all, you should review your credit report. Do you know your current credit rating? Is it good enough to be eligible for instant approval?

Your credit report might contain some errors that lead to a lower rating. Do your research to seek eligibility criteria and understand if you meet them before you apply for a particular lending tool.

The Bottom Line

Many credit cards in Canada offer instant approval, while there are also guaranteed approval options.

You may qualify for one of these lending tools depending on your current credit rating and monetary needs.

Remember that even if you are approved instantly, you won’t be able to begin spending money immediately. It generally takes about a week for your new card to arrive in the mail, and you can use it.

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