Why sign up for instant approval credit cards?
Getting approved for a credit card is not easy – you need to have a high credit score to start with. Unfortunately, 30 percent of American adults have a poor credit score. That is a staggering number.
Fortunately, there are many instant approval credit cards for bad credit that you can apply for, which have less stringent requirements for credit scores. There are two types of bad credit credit cards – secured and unsecured credit cards.
When it comes to secured credit cards, you’ll have to put up a security deposit as collateral. This means your credit limit will be the same as the deposit. This is a good option in case you fail to qualify for an unsecured credit card.
Unsecured credit cards are the best types of credit cards for bad credit. They don’t require a security deposit and are not easy to qualify for. These cards also carry higher interest rates.
One thing that would certainly help when applying for easy credit cards is to get pre-qualified. Getting pre-qualified for the credit card means getting a “soft-inquiry” done by the credit bureau, and does not hurt your credit score like “hard-inquiries” do.
Things to know before applying for instant approval credit cards
There are a few things to be kept in mind when applying for instant approval credit cards for bad credit.
- What’s your credit score? If you’re going to be applying for an easy approval credit card, you should, first of all, know your credit score.
- Next, what do you want the card for? If it is a short-term loan that you want, not a credit card to make purchases, then you’d be better off applying for a bad credit personal or business loan.
- You should have a good idea of your credit and the improvements needed to be made before applying for easy credit cards. Do you have a low credit score? Find out by asking for a free credit card report. You can ask for a free credit card report from any one of the three credit reporting agencies once every 12 months. Go through the credit report very carefully and study the details on it; find out what’s hurting your credit score. You should sign up for a credit monitoring service for help on understanding your credit report.
- If you find yourself falling behind on your credit card payments, then it would make sense to switch to a prepaid debit card.
- If you want to acquire “bad credit – credit cards”, then you shouldn’t apply for travel cards, rewards cards or cash back cards.
Here’s a look at the best unsecured instant approval credit cards for bad credit…
Credit One Bank® Unsecured Platinum Visa® is a great choice for unsecured bad credit credit cards. You don’t need to pay any security deposit with this card. This means you don’t have to pay the credit card company anything up front. You can get a range of cash backs and other rewards on certain purchases – this is what makes this card interesting as it is uncommon to get rewards with unsecured poor credit – credit cards. You will be sent a free monthly credit report and will have access to text and email notifications of any payments to be made.
Indigo® Platinum MasterCard® is a no-frills instant approval credit card for those with low credit score. It is a simple, basic card without any frills such as a rewards system. This card will help you get back on track with your finances and establish a good credit score in quick time. You can apply for this card even if you’ve suffered from a bankruptcy in the past. This is one of the simplest cards out there, and effective because it focuses on the basics, such as rebuilding your credit and maintaining low credit utilization.
Nothing damages your credit as much as bankruptcy does. Milestone® Gold MasterCard® is recommended to those who have major issues with their credit and have suffered from bankruptcy as well. You won’t need to make a security deposit to access this card, and can apply to pre-qualify – this way you can have a soft inquiry, not a hard one and become a cardholder in quick time. You will have free access to your online account with this card and extensive fraud protection.
Total VISA® Unsecured Credit Card is a top-rated unsecured bad credit credit card, which is highly recommended because it offers a much lower annual fee following the first year. There are two issues with this card though – the prohibitive free structure during the first year and low initial credit limit. You should make sure that your purchases are below $300 with this card. There is a reason for such a low credit limit – it is to ensure that your balance stays healthy and your credit utilization is low.
Here’s a look at the best secured instant approval credit cards for bad credit…
Discover it® Secured Card – No Annual Fee is our pick for the best secured instant approval credit cards for those with moderately poor credit issues. If your credit score is very low, then this card is not for you. You will need to pay up the money for the security deposit upfront. There is no annual fee needed to be paid and no cash back rewards either. The advantage is that the security deposit is fully refundable provided the results of a review made by Discover after 8 months of use are in your favor. Antivirus for Linux OS
USAA Secured Card® American Express® Card is targeted at members of the US armed forces. If you are a serving member of the US armed forces or a veteran, you can get many perks with this card such as a 4% APR for 12 months. If you are stationed abroad, you will have access to a $0 foreign transaction fees. This is a secured card for those with low credit score, so you will need to pay at least $250 as a security deposit. The credit limit is $5000.
It’s hard to choose the right “instant approval credit card” for those with low credit score when there are so many choices available in the market. The best card will be one that comes with low fees, a reasonable credit limit and gives you an opportunity to build your credit score so that you can get back on track.