Easy Approval Credit Cards: They’re All the Rage
Haven’t heard of easy approval credit cards? Well, as the phrase suggests, they are credit cards which are easily obtainable. Even if your application for a “standard” credit card has recently been denied, you may still be able to qualify for one of these cards.
Two companies which offer easy approval cards are First Bank of Delaware, which offers the Tribute Gold MasterCard, and Urban Trust Bank, which offers the Salute Visa card. However, by performing a quick internet search you will amass a large number of web sites which offer credit cards similar to these.
The credit rating necessary to obtain a credit card like the Tribute Gold MasterCard or Salute Visa card is lower than for “standard” credit cards. This is why it is easier to be approved for one of these credit cards. To be approved, the credit card company will review how long you have lived at your present address, annual income, employment status, and credit rating.
So, are you interested to know why credit card companies are offering this type of credit card? Well, in the business world, it’s just a good business decision. The “standard” credit card companies will not approve credit for people who have below a certain credit rating, which leaves this large group of consumers without the purchasing power of a credit card. Additionally, there is a segment of the population who have not yet had the opportunity to build a credit score. This would be the young people who have just or just recently reached the age of majority.)
These easy approval credit cards provide the card holder with virtually the same benefits which a “standard” credit card owner would enjoy, such as purchase power for goods and services, as well as, online purchasing and ATM cash withdrawals. Additionally, these credit cards allow the card holder to rebuild their credit rating through sound financial practices, such as paying their bill on time.
Of course, as you may have surmised, there is a down-side. These easy approval cards, while providing a segment of the population with credit, also bring higher annual percentage rates (APRs) and additional costs, including one-time setup charges and monthly and annual fees.
Because of the additional charges and higher fees, it is wise not to apply for one of these cards unless you have already been turned down for a “standard” MasterCard or Visa credit card. Additionally, if you do decide to apply for one of these easily obtainable credit cards, be certain that you will be using the card appropriately and will be able to make all payments in a timely manner.
If you feel an easy approval credit card is not for you because you don’t have a regular income or you are unsure you will be able to keep up with the minimum payments, you might consider a secured credit card. Secured credit cards will only let you purchase an amount equal to or less than you have “deposited” for use on the credit card.
If your credit is good, go ahead and apply for a “standard” credit card. This will prevent your having to pay the additional charges and higher fees of an easy approval credit card. If you have been turned down in the past six months for a “standard” credit card, then apply for an easy approval credit card. One thing to remember when applying for either card is to make sure you can make all the payments and make them on time.
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