Tips for Instant Credit Card Approvals
In this fast-paced world we live in today, you can do almost anything from anywhere as long as you have internet access and a credit card. In the past, you would have to go through a travel agent to book a vacation, now you can simply log on and purchase a full vacation online. Basically you can buy most any item from wherever you are provided you have a credit card. Back in the day, you would have to apply for a credit card by phone or via mail. It could take weeks just to find out if you had been approved or not. Then possibly another few weeks to actually recieve your new credit card. And while waiting, you would have no credit card. Nowadays, you can apply for many credit cards at once and have almost instant buying power.
Years ago, the actual credit card application process was lengthy and drawn-out. Since the emergence of the internet, everything is totally different. Now, you can apply for multiple credit cards at once. There are many different instant approval credit cards available which can be found by doing a quick search online. But before you go applying for every credit card online, it’s worth it to take a few minutes to compare things such as: the credit card’s interest rate, late fees, grace periods, rewards programs, and application fees.
More and more credit card companies are adopting a reward program that offers a cash back incentive. This means that for every dollar you spend on the card you receive a percentage of the money back as a cash reward at the end of the year. This amount can really add up, if you use that card frequently. Some companies offer rewards such as: enhanced security features, designing your actual card, and low apr’s (annual percentage rates).
If your credit is not good you may think that you can’t qualify for any credit card or loan for that matter. With the economy in it’s present state, it may be true that some financial companies are looking a lot more closely at an applicant’s credit than ever before. However, there are many instant approval credit cards for people with bad credit. These cards can actually play a role in helping the person improve their credit score. The major difference with a credit card for someone with a poor or bad credit rating and someone with a perfect score is a security deposit and/or application fee. This basically means that if you have bad credit, the credit card company may require you put a deposit down and that amount will be what your credit limit is. This means that if the customer gave a deposit of $500, the card’s spending limit would be $500. When you are granted one of these instant approval credit cards, you won’t be able to use it until the security deposit had been received by the card issuer, they will then credit the amount to your card and you could begin using it.
There are other credit cards that may require that you pay an application fee usually ranging from anywhere between $5 to $50 depending on the company. They will then offer you a credit card with a low credit limit, say around $300. If this is the type of credit card you decide to go with, be sure to read the terms which state late fees, annual fees (if applicable), etc. Sometimes, these companies will charge an annual fee and application fee but deduct it from your $300 credit limit. This would reduce your credit limit right away, and by the time you receive your card in the mail, the fees have already been deducted. For example, if your credit limit was $300 and your application fee is $50, and the annual fee is $75, then when you receive your card your actual spendable credit limit would be $175. So, as soon as you get your card you would already be owing the company. This may sound like a rip-off, but for those that have bad credit this may be one of the only ways to get a credit card. And once you pay your monthly bill you would start building your credit. So, basically you would be “paying” for credit.
Regardless of which credit card you choose to apply for make sure read the fine print and the terms section where they state the fees and percentages. If you follow some of the tips you will be well on your way to multiple instant credit card approvals.