Credit Card Offers

Highlights

  • Consider applying for a credit card online.
  • Examine how you plan to use your card, before you apply for it.
  • Apply for a secured credit card, if you don't qualify for an unsecured credit card.
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5 Tips for Finding the Best Instant Approval Credit Card

If you seek a fast way to apply and be approved for a credit card, consider applying online. At some Web sites, it is possible to find out in only a few minutes whether or not you are approved for a line of credit. If you receive approval, you may have a new credit card in your hands within a few business days.

There are many different credit card companies for you to choose from. Not only are there lots of credit card companies that will want your business, but each company has a variety of cards. Because of the wide range of credit card products available, it is important for you to consider many factors, so you can find the right card for your needs. Here are some things for you to keep in mind when applying for a credit card:

  1. Think about how you plan to use the credit card. Do you plan to use the card regularly? Do you plan on paying your balance in full each month or will you be carrying a running balance? The likelier you are to carry a running balance, the more important the card’s interest rate will be.
  2. Make sure you consider the costs of the card as well as any rewards that may come your way. Are you taking out the card so you can earn frequent flyer miles or some reward points? Does the card have an annual fee? Carefully consider whether or not you are likely to earn enough reward points to actually qualify for a reward. If you choose a card with a fee, make sure you consider whether or not you are likely to accrue enough miles to earn a free flight or a reward Also pay attention to how long the miles you accrue are valid, before they expire.
  3. Read the privacy policy and all fine print that comes with your card. Pay careful attention to the ‘default’ interest rate. This is the rate that your credit card issuer can raise your card’s interest rate to, should you not make your minimum payment in a timely manner. No one takes on a credit card with the intention of not paying the bill, but it is prudent to know what will happen to you if you miss a payment.
  4. Shop around. There are likely going to be a number of different credit card firms that will offer you a credit card. Look at the annual fee, the interest rate, and any perks that come with the card. Pay close attention to whether your interest rate will adjust, after an introductory period. Check online to see how other consumers rate their experience with any firm whose card you are considering selecting.
  5. If you are turned down for a credit card that you apply for, you should work to improve your credit score. Until your credit score reaches a level that will allow you to qualify for a credit card, you may want to consider using a secured credit card. A secured card reports to the credit bureaus, so it will help you build your credit score.
Quick Tip
Making the minimum payments on your credit cards will kill you, financially. The Bills.com minimum payments calculator shows how much you can save by making more than the minimum payments.
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2 Comments

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  • DA
    Jul, 2012
    Don
    I was advised that I could apply for a secured credit card, and to get more than one. I was also told that I could merely remove a portion of the initial deposit from the first card received to apply as a security deposit for the second card, particularly if I was short on money for the second or even third secured card. Can I actually withdraw the money or portion of it and what are the consequences? Is this treated like a purchase or do I only reduce the credit limit of the card? Do I have to repay that withdrawal or pay interest?
    0 Votes

    • BA
      Jul, 2012
      Bill
      If the person who told you about this scheme of moving funds from secured credit card to secured credit card was permitted represented a credit card issuer, then what you suggested is behavior the credit card issuers allow. However, I doubt they do.

      "Secured" means tied to an asset. A vehicle loan is secured to the vehicle's title. A mortgage is secured by the property. A secured credit card is tied to a cash deposit the credit card issuer holds. If you close the account, the credit card issuer will return your deposit.

      Some credit card issuers allow cash advances on secured credit cards. If you get a cash advance, it will be treated according to the issuer's rules.

      If your motivation for multiple secured credit cards is to boost your credit score rapidly, I would suggest a different strategy — diversity. Go to your bank and get a small signature loan, and repay it on time. Apply for a department store card, make small monthly purchases, and pay the balance on time. Three separate types of accounts, which are called trade-lines in the credit world, will boost your credit score faster than three secured credit cards.
      1 Votes

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