Bad Credit Scores Won’t Be A Problem with Instant Approval Credit Cards
Applying for a new credit card can cause some anxiety especially if you have no way of knowing whether you’ve been approved or not. No problem, that’s exactly what an instant approval credit card is made for. It is set up provide you some feedback about your card application status after you apply.
Apart from immediately informing you of your application’s status, instant approval credit cards also offer other benefits. Before filling out the application form, you have to be aware of those benefits and other card features. Below are three important features you should look for when applying for an instant approval credit card.
APR and interest rate
As you fill out a credit card application form, you will find that it provides a 0% annual percentage rate (APR) in its introductory period. During this period, you’re not required to pay interest, whatsoever. However, regular interest charges will be in place eventually. Know what the regular APR is as this will guide you on your purchases and card usage.
Incentives and rewards
A lot of instant approval credit cards provide rewards and incentives. Use the card often and earn cash backs, or join a travel program and gain travel rewards. If you come across a card whose incentives appeal to you, read the fine print beforehand. This will give you a clear picture of the terms and conditions behind the program.
What are the fees involved?
There is a certain amount of fees that an instant approval credit card can charge you. You may be charged annually for the use of your card and will pay for late fees late fees due to missed payments or for going over your card’s credit limit. This is the reason why it is so important to examine and understand the fine print as it will inform you of other extra charges you’ll encounter when you apply.
Having decided on the card to apply for, you need to accomplish an online application form. Be prepared to give out some personal data about yourself and your financial status. You may answer questions about your earning capacity, current job status, your Social Security number, and housing situation.
After submitting the application, you will know within less than a minute if you have been approved for the card or not. You will be informed through email, so you have to check your account right after applying to know the result of your application. Credit card companies will verify your FICO credit score, a rating system used by credit reporting agencies to assess your credit standing. If you’ve got a good score, then you’ll be approved immediately.
Even if you garnered a relatively low score, there’s a chance you can still get your application Okayed. There are a number of cards designed specifically for people with below average credit ratings. Look for this card if you think your score is too low or if you’ve had credit troubles in the past.
The instant approval credit card will provide valuable information regarding your card application status right away. Once you’ve been approved, your actual credit card will be delivered to you by mail and you will be able to start using it that very same day.
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