Guaranteed Credit Card Approval
Guaranteed credit card approval for the bankrupt
The internet makes it easy for anyone to get a credit card. Today, it is possible to get a guaranteed credit card approval online as many banks advertise their credit cards to even people with bad credit. There are various cards that offer credit cards like Barclays and MasterCard.
The terms and interest rates for these cards are not the same, and tend to waver according to the lender, and is also dependant on the financial history of the applicant. People having great credit ratings will not find it a problem to get a credit card at competitive rates, and without any annual fees.
There are also some lenders who offer cash back on purchases, null interest for the firs year of operation and some banks offering low interest on transferred balances. However if you have a bad credit history, you will not be rejected a guaranteed credit card approval, but will have to pay higher interest rates and annual fees.
Two types of accounts
Despite this, it is always better to have a revolving account to reestablish credit after going through bankruptcy. There are two types of accounts you can choose from; secured and unsecured.
The secured accounts require your depositing some money or asset as security for the account. The benefit of opting for a secured account is that you are offered lower rates, at better terms and conditions.
However it is important that if you use these cards, you pay your monthly installments on time, and work at clearing your balance. This is because the bank has the right to acquire whatever security you had placed for the account if you fail to make a few monthly installments.
Unsecured credit cards charge higher interest rates -Instant Approval Credit Cards
In case of an unsecured credit card there is no need of placing any collateral for the account. However some banks and financial institutions tend to charge higher interest rates and annual fees with these unsecured accounts. Moreover, they usually have stringent terms and conditions that have to be met to open an account and more often than not, they usually start with low limits.
The lenders who offer secured and unsecured cards (instant approval credit cards) will report your monthly expenditure and prompt repayment of the credit card balance to the major credit bureaus. So if you are in debt, or are applying for a loan, this will give you a good credit rating, and thus find it easier to get the loan.
Try to get your interest rate lowered
People with an excellent financial history, with scores between 650 to 800 find it much easier to get a guaranteed credit card approval. Their cards come with zero interest for about six months while some other cards charge zero interest for one whole year.
This zero interest can prove valuable if you are considering balance transfers, accumulating frequent flyer miles, free online account management and cash back on your purchases.
However many revolving accounts also penalize customers for even a day’s delay in payments by increasing interest rates and charging late fees. Then there are some cards where the interest rate is lowered if you make a few successive, timely payments.