Almost all of the major credit card companies and banks offer instant approval platinum credit cards. Historically, platinum credit cards were considered the best credit cards. These cards often had low annual percentage rates, high limits and better benefits. Today, however, many of these credit cards are pretty much run-of-the mill despite their platinum status.
Platinum Cards Explained
A platinum credit card is identified as more elite by its label; platinum is one of the rarest metals, and banks and credit card companies would prefer if you associated that specialness to their cards. The uniqueness of platinum credit cards derives from their strict approval rates. Acceptance of a platinum credit card application typically requires a better than average FICO credit score, for example 680 or higher, a large income and a clean credit report.
Many times, banks offer instant approval platinum credit cards. For these cards, approval is given or denied immediately after an application is submitted online or over the phone. Instant approval sometimes results in a response that the lender could not decide your application based on the basic information your provided. In this situation the lender will investigate your credit report and score more thoroughly before making their decision and notifying you of your application's denial or approval.
Instant Approval Platinum Credit Cards
Each of the major credit card companies offer at least one, and more typically two or three, instant approval platinum credit cards.
Visa Platinum Cards
On its website, Visa lists only one platinum credit card which provides applicants with an instant response: the First National Bank Platinum Edition card. This card has no annual fee, provides cardholders with extended warranty protection for products purchased using the card and gives holders a discount for all car rental agencies.
Visa, however, is affiliated with companies that offer platinum credit cards with instant approval. These cards include BCB Bank, Simmons, BB&T and Wells Fargo. You cannot apply for these cards on the main Visa website, but must instead apply for them on the respective company's website.
American Express Platinum Cards
The American Express Platinum Card promises a response to an application within 60 seconds of its submission. This card, however, is the traditional American Express card, with its entire balance being due each month. There is no pre-set spending limit, but the company charges a $450 annual fee to cardholders. Like Visa, American Express is affiliated with other cards that promise instant approval. These cards include the PenFed American Express card and Hilton HHonors. These cards have a spending limit, but no annual fee. You can apply for these cards directly on the Pentagon Federal or Hilton website.
MasterCard Platinum Cards
MasterCard offers the most platinum cards with instant approval on its main website. Available cards include the Capital One Classic Platinum credit card, Capital One Platinum Prestige card and the Citi Dividend Platinum Select Card. The Classic Platinum card is offered to individuals with basic credit, Platinum Prestige for individuals with good credit, and the Dividend Platinum Select card for individuals with excellent credit. Each of these cards promises a response to an application within 60 seconds, regardless of whether the application is submitted online or over the phone.
Your Platinum Card
The most important decision when choosing a platinum credit card is not which is the most prestigious, but which saves you the most money. When selecting a platinum credit card, choose the one with the lowest interest rates, best benefits and little to no yearly fees. Also important are the card's security features, such as its protection against fraud. Instant approval is a benefit to you during the application process, but should not compensate for a high interest rate or other negative attributes.
