Easy Approval Credit Cards Are All the Rage, But Are They For You?
If you haven’t heard of easy approval credit cards, then let me explain. These credit cards are, as their name suggests, easy to obtain. If you have been denied recently for a “standard” credit card, you may actually be approved for an easy approval credit card.
Both First Bank of Delaware and Urban Trust Bank offer easy approval cards. First Bank of Delaware offers the Tribute Gold MasterCard and Urban Trust Bank offers the Salute Visa card. However, with a few quick clicks on the internet, you will come up with a multitude of companies that offer similar credit cards.
Credit cards like the Tribute Gold MasterCard and Salute Visa card are more easily obtainable because the credit score required is lower than for more “high profile” credit card companies. These easy approval credit card companies will review your credit rating, employment status, current income, and how long you have been at your present residence.
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 with almost anything in life that comes easily, there can be a down-side. In this particular case, the down-side is that there are normally higher fees and charges associated with these cards, as well as, substantial annual fees, monthly fees, one-time setup charges, over-limit fees, and higher annual percentage rates (APRs).
You should only apply for an easy approval credit card if you have been denied a “standard” credit card recently. It is imperative that you be sure you will be able to pay the monthly minimum due every month and on time.
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.
In conclusion, it is better to apply for a “standard” credit card if you feel you can qualify, because you will bypass all the added charges and higher fees of an easy approval credit card. However, do go ahead and apply for an easy approval credit card if you have been turned down for a “standard” credit card within the past six months. Whenever applying for any type of credit card, be sure you can make the payments on time.
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