While instant approval and low interest may not seem to go hand in hand, many of the major lenders offering low interest cards do offer instant approval. The catch? You’re going to need good credit to get low interest, so the following cards might be out of reach if your credit history isn’t above average:
- First National Bank of Omaha Platinum Edition Visa – Those with good credit may be approved instantly for this card; others may have to wait. Interest rate as low as 10.99% for those who qualify, but your rate could also be (a still reasonable) 15.99% rate or an 18.99% rate.
- U.S. Bank Visa Platinum – U.S. Bank states that “Many of our checking accounts and credit cards offer instant approval.” Whether this one qualifies, we can’t say for certain, but we are guessing it does. If your credit is good, you could get an interest rate as low as 10.99%. On the other hand, U.S. Bank may also approve you at a different interest rate all the way up to 22.99%, so pay attention if you apply to be sure you’re OK with what’s being offered.
- BankAmericard Visa – Apply here and you’ll “get a response in as little as 60 seconds.” Hopefully that response will be that you are approved at the lowest 12.99% rate available with this card. However, you could be approved at a higher rate, possibly all the way up to 22.99%.
- Capital One VentureOne Card – Capital One “will attempt to provide a decision in 60 seconds or less.” If you are approved instantly and you have excellent credit, you could get a nice travel rewards card with a low 12.99% interest rate. However, if you credit is only average, you could get a rate as high as 22.99%, so watch out. This card offers 1.25 miles/points per dollar charged to the card; miles convert to money, with each mile being worth a penny. (Example: 5,000 miles = $50.) Use your accumulated miles as credit against travel purchases made with the card.
- Capital One Quicksilver – Offers an interest rate as low as 13.99% for this with the best credit histories, but you could be approved at a rate as high as 23.99% if your credit is not excellent. You’ll also get a 0% interest rate on your purchases and balance transfers for the first 9 months you have the csard (3% fee on balance transfers, though). The reward formula on this card is a very simple 1.5% cash back on all of your card purchases.
- Blue Cash Everyday Card from American Express – Offers an interest rate as low as 13.99% but you could also be approved at a rate as high as 24.99% so be careful. Earn 3% cash back on supermarket purchases, 2% back at gas stations and select department stores, and 1% back on everything else.
- L.L. Bean Visa – “Get an instant response” to your application for this outdoor store’s credit card and you could get an interest rate as low as 14.99%. Note, however, that you could also be approved at a 17.99% or 20.99% interest rate. Rewards program allows you to earn points toward $10 L.L. Bean gift certificates.
- Barclaycard CashForward MasterCard – Interest rate as low as 15.99% if your credit history is good enough, but you could be approved at 20.99% or 25.99% if it’s not. Offers 1.5% cash back on all card purchases, plus a little boost each time you redeem your points: 5% of the amount of points redeemed goes into your account to get you started again. According to the application, you’ll “get an instant response” — hopefully an approval.
- Nordstrom Visa Signature – If your credit is good enough, you could get instant approval and a rate as low as 11.90% on Nordstrom purchases and 15.9% on non-Nordstrom purchases, though you could also be approved at a rate as high as 23.90%. This card lets you apply, be approved, and start using the card today. You’ll get $20 in rewards for every 2000 points you earn (2000 points is equal to $1000 in spending at Nordstrom, but you can earn points on purchases outside of Nordstrom, too.)