Instant Approval Credit Cards Can It Be Really A Wise Choice?

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Instant Approval Credit Cards
Can It Be Really A Wise Choice?

• BY www.newhorizon.org

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Prior to applying for an instant approval credit
card, customers are cautioned against making
hasty decisions.

Since the application process is so fast and
easy, you'll want to spend more time in assessing
what every card offers and compare it with your
personal needs and lifestyle.
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What Are Instant Approval Credit Cards for Bad
Credit?
For individuals who have a high credit rating,
getting approval from the top unsecured credit
cards on the market shouldn't be a problem.
Nonetheless, for those who have a history of
poor credit or with a poor credit score, they
could rely on instant approval from credit card
companies that offer secured cards or bad credit
credit cards.
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SECURED CREDIT CARDS
Secured credit cards are also called "credit
cards for bad credit" or "credit cards with
instant approval" since anyone can get approved
regardless of their credit score. However, the
applicant will be requested to submit a security
money deposit. Thus, in the event of default, the
Issuer can tap in the cardholder's account and
apply the security deposit to pay off the charges.
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Is it really INSTANT?
Instant approval doesn't mean that you can expect
to obtain a credit card on the same day you
submit your application. After submitting your
application online, you can find a response from
the issuer in minutes. If accepted, your credit
card will be sent to you via postal mail and
might arrive on your doorstep within 5 to 7
banking days.
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The Do's and Donts
Check your credit report before applying for an
instant approval credit card. In case you find
errors on your report, do send a dispute letter
to the agency that issued your report and ask for
corrections. Improving your credit score even
by a few points can significantly lower your
credit card APR.
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Never sign up without studying the complete Terms
and Conditions. Focus on the interest rates as
some cards may impose three distinct APRs on
purchases, balance transfer, and cash advances.
Even though the new credit card law limits
credit card companies from raising their rates
without warning, you might end up stuck in a bad
deal if you don't check the fine
print. Moreover, don't submit multiple
applications to various Issuers merely to
determine which one will provide the quickest
response. Doing this will lead to too many
inquiries on your credit report and might only do
more harm to your credit history.
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Is It A Wise Choice?

When used properly, instant approval credit cards
can be great tools for rebuilding poor credit
history. Find a secured credit card which will
report your payments to major credit reporting
bureaus (Equifax,TransUnion,Experian). This
way, as you use your secured card for paying
bills or making purchases, you're also improving
your credit rating one step at a time.
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To know more if instant approval credit card is a
wise choice, read this
https//www.newhorizon.org/credit-info/instant-cre
dit-approval-credit-card/