Review of the best instant approval credit cards for bad credit
In the past, surfing the net was quite disappointing. We used to spend a lot of time waiting for a specific page to load, and all of us wished for a better future where the speed of data was faster. But even with so much improvement in the internet, not everything has changed. We obviously want every other thing to be instant and on-demand, and this includes our finances. If for instance, you have poor credit, you may want to improve your credit more quickly and qualify for better loan and credit options. There are different strategies you can use to achieve this, but the faster and most convenient one is the responsible use of credit cards. When it comes to the best instant approval credit cards, you can be approved for the card in a few minutes, but it is also important that you choose wisely.
What is instant approval? How does it work?
When you apply for a credit card for bad credit, you will receive a response on whether you are accepted within a few minutes. Most of these credit cards perform a credit check and the better your credit score, the higher your chances of getting approved. The best Instant approval credit cards can be tempting to most consumers, but just like any other product, it is important that you shop around to find the best credit card that meets your needs. Some of the things to look for are the APR, fee charges and deposit requirements.
Unsecured credit cards
With an unsecured credit card, there is no initial deposit required when opening the account. This may seem to be appealing for consumers who want to rebuild their credit. The following unsecured credit cards for poor credit offer low credit line, making it easier to maintain and responsible use will also help improve your credit score.
- First PREMIER® Bank Mastercard® Credit Card
The card requires a checking account when applying and you can receive the application response in as soon as 30 seconds. You will also receive quarterly FICO score on your monthly billing statements. The card is offered to applicants with poor and good credit. Your credit card behavior is also reported to the three major bureaus on a monthly basis meaning that your credit score will improve if you keep your balances low and make payments on time. The card has several fee charges including annual fees and monthly servicing fees. You will also be required to pay a processing fee during application. The credit limit ranges from $300-$1000 depending on the card terms and conditions. It also has an APR of 36% for purchases.
- Fingerhut Credit Account
The credit card has an easy application process and you can receive response in seconds. Fingerhut also reports the credit card applicant’s information to the three major bureaus and responsible use will lead to positive remarks on your credit report. You can use your Fingerhut line of credit to shop for a variety of items from top brands like KitchenAid, Samsung and DeWalt. The account does not charge an annual fee. The only limitation is that the credit card is only used at fingerhut.com.
- Surge Mastercard®
The card qualified consumers with both attractive and poor credit scores. It has a fast, easy application and just like many other credit cards, your information is sent to the three major credit bureaus. This card can be used in any location that accepts Mastercard®. Cardholders can also access their account through a mobile app. A checking account is required when opening the account. Once you qualify for the card, you will receive an initial credit line of $500. To make effective use of the card, you need to make small purchases throughout the month. Once your statement arrives, it is also important to make payments in full and again, never miss a payment.
- Horizon Gold Card
When applying for the card, there is no credit or employment check done. The card, however, can only be used to make purchases at shop.thehorizonoutlet.com. It has a minimum monthly fee of $25. This card is also unsecured, which means that you won’t have to pay a security deposit. Consumers with credits score of as low as 300 are also allowed to apply. However, the card reports to only one of the three major credit bureaus. Some of the features that make the card attractive include
- Your credit score won’t have an impact when you apply for the credit card
- There is no interest charge on purchases made using the card
While these credit cards do not require a security deposit, those designed for consumers with poor credit tend to have high fee charges, which include the annual maintenance fees. Your credit card limit may also be low, but once you pay on time every month, your credit limit will increase or you can even qualify for a secured credit card.
Secured credit cards for bad credit
A secured credit card requires security deposit when opening the account. The security deposit makes it easier for consumers to qualify for the card, including those with less than perfect credit. The cards work the same way as prepaid debit cards-you pay money before using the card. The only difference is that with prepaid debt cards, you use your own money, not money borrowed from the card issuer. In most cases, the funds you give as security deposit becomes your credit line limit. Here are the best secured instant approval credit cards:
- Green DotPrimor® Visa® Gold Secured Credit Card
The card offers credit lines ranging from $200-$5000. There is no penalty rate. There are also no minimum credit score requirements and consumers with all types of credit can apply for the card. The card doesn’t charge processing or application fees. Responsible use can help boost your credit. The credit card has a fast and easy application. It has a fixed APR of 9.99% and an annual fee of $49. Other features of the card include:
- Auto rental insurance
- Zero fraud liability
- First Progress Platinum Elite Mastercard® Secured Credit Card
When applying for the card, a refundable deposit of between $200 and $2000 is required. The card can be a good option for hotel accommodation, car rentals and every other place where credit is accepted. There is no credit history or minimum deposit requirements. You can get your deposit back once you pay off your balances. The card has an annual fee of $29 and a variable APR of 20.29% on purchases. Other charges include the cash advance fee and foreign transaction fee. First Progress Platinum Elite Mastercard® can be a great option for consumers who had difficulties qualifying for a credit card in the past. Consumers with any credit score are allowed to apply. When the card is responsibly used, you will also be able to build your credit.
- First Progress Platinum Prestige Mastercard® Secured Credit Card
When applying for the card, a fully refundable deposit ranging from $200-$2000 is required. The card reports to the three credit bureaus on a monthly basis and responsible use can help improve your credit. There is no minimum credit score requirement and cardholders can get back their deposit once they pay their balances in full. The card has an annual fee of $49 and a regular APR of 10.24% variable on purchase. It also has a foreign transaction fee of 3%.
- First PREMIER® Bank Mastercard® Credit Card
A checking account is required when opening the account and you will receive an application response in as soon as 30 seconds. Consumers with both good and bad credit card can qualify for the card and responsible use can also help improve your credit. The fee charges include annual fees, processing fees and annual maintenance fees. These fees vary depending on the applicant’s credit limit, which ranges from $300-$1000. The card has an APR of 36% on purchases.
- Total VISA® Credit Card
The card has a fast and easy application process. Application response is received within a few seconds and a checking account is also required when applying for the card. The card is accepted by merchants nationwide, both online and in store across the U.S. The card reports consumer information to the major credit bureaus, and this can help improve your score. It has a maximum credit limit of $300. Consumers with both good and poor credit are welcome to apply. The card also has an APR of 29.99% on purchases and a one-time processing fee of $89. Other charges include monthly servicing fee and the cash advance fee. Some of the benefits of Total VISA® credit card include.
- High likelihood of approval
- It has a simple application and you can receive the application response in seconds
- The credit limit of $300 makes it difficult to overspend
- Used at any location that accepts visa in the United States
- OpenSky® Secured Visa® Credit Card
No credit check is done when you apply for the card, which increases your chances of qualifying. The card is also accepted by millions of merchants countrywide. A refundable deposit of between $200 and $3000 is required, which also acts as your credit limit. Cardholders also receive online education and free newsletter. It has an easy application process and consumer information is reported to the three major credit bureaus on a monthly basis. Responsible use will help improve your credit. No credit check is needed when applying for the card.
- UNITY® Visa Secured Credit Card
The card does not have minimum score requirements and people with bad credit can also apply. A minimum deposit of $250 is required when opening the account. The credit card has a fixed APR of 17.99% and an annual fee of $39. Unity® Visa Secured credit card reports to all the three credit bureaus and responsible use will help improve your credit. Compared to other credit cards, the card offers a high maximum credit line of $10,000. The fee charges are also low when compared to most secured credit cards. Other benefits of the card include:
- It has a quick application process
- You will get a 9.95% intro period on balance transfer. This into period goes for 6 months after opening your account, after which a fixed APR of 17.95% comes in.
- Your security deposit is insured by FDCI
Finding the right credit card for instant approval
Once you apply for a credit card, you may be anxious about whether you will be approved or not. To avoid such situations, you can easily apply for a credit card online and receive the response in only a few seconds. It is also important that you choose the card wisely. Once you apply for a card that you qualify for, it will be much easier to get approved.
Will applying for an instant approval credit card hurt your score?
Pre-approval of cards does not have an impact on your credit score. You will only see the impact when you formally apply for the credit card. Once you apply, your score may drop by 5 points. It is therefore important that you check your credit score before applying for a card and again, only apply for a card that you qualify for.
How long does it take to be approved?
When you apply for a credit card, you have to fill out an application. The information required during the application stage includes your name, address, social security number, monthly housing payments and your source of income. Once you formally apply for the card, you can either be approved within a few minutes, you may be rejected or it can go pending. If the application goes pending, you can either wait to get an answer or call their customer care service. The agent can then review your details and you will receive your response instantly or by mail.
What are other chances of instant approval?
Instant approval credit cards are offered to consumers with both poor and good credit scores. But even if you have good credit and meet all other requirements, your application may still be rejected. An instant approval credit card does not necessarily mean that you are guaranteed of approval.
Why you might be denied a credit card
If your credit card application is rejected, most card issuers will give you a reason. A poor credit score is one of the main reasons. Others include:
- High credit card utilization ratio
If you are using too much of the available credit, it can indicate to the consumer that you do not know how to manage your finances.
- Thin credit file
If you have low or no credit history, the best option is to apply for a secured credit card
- Too many hard inquiries
When you request for too many credit cards in a short period of time, most lenders will assume that you are desperate for cash.
- Negative items on your credit report
If you have negative entries on your credit report like bankruptcy and late payment cases, you may be denied the chance to have a credit card. Negative information usually remains in the consumer’s credit report for up to 7 years, which is very important that you make payments on time every month.
These are just some of the many reasons why your credit card application may be rejected. But most consumers do not get approved due to poor credit scores. The higher your credit score the more attractive you are to credit card issuers. A credit score of 700+ is considered good but if your credit score is less than 659, there are fewer chances that you will qualify for an affordable credit card.
Steps in applying for an instant approval credit card
Consumers have the option of applying for the card online and receive immediate response. To improve your chances of getting approved, you first have to compare your options. Some of the things you need to look for when comparing different credit cards include:
- Fee charges like annual, foreign transaction fees, returned payment fees and late payment fees
- Interest rate including the APR for purchases, balance transfers and cash advances
- Card features. Some cards come with unique features like reward programs, sign up bonuses, balance transfer offers and even purchase protection.
The next step is to check the eligibility requirements. Before approving your credit card, most card issues will consider:
- Your credit history
- Residential status
- And income
If you have a good credit history and meet minimum income requirements, your chances of getting approved will be high. Other cards will only allow you to apply if you are a permanent resident of the United States.
Next, you need to gather all your necessary documents.
You will be required to provide some personal information and attach several documents. The information you have to give includes:
- Proof of identity such as birth certificate, Medicare card or driver’s license
- Personal details including your name, address and contacts
- Proof of employment inform of recent pay slips and employer’s details
Lastly, you can apply for the credit card online. The application process can take less than 15 minutes and response is received after few seconds.
Who should apply for a credit card?
Most young people apply for credit cards compared to their older counterparts. But no matter the age, there are quite a number of reasons why you should have a credit card:
- Credit cards help build your credit
Some people may think that applying for a credit card will only harm their credit, but this is never the case. In fact, your credit score will only be affected if you make payments late or your credit card utilization ratio is high. Otherwise, responsible use can help improve your credit. Since most credit card issuers report consumer information on a monthly basis to the three major credit bureaus, responsible use of the card will improve your credit score within a few months.
- Pay down a large expense
If you want to pay for large expenses like an upcoming medical charge, you can easily do this using a credit card. A zero intro APR card can be the best solution in such a situation.
- Transfer a balance
If you have a balance in your old card, you can transfer the debt to your new card rather than paying interest every month.
- Earn rewards
There are also credit cards that offer rewards on purchases. These rewards can be cash back, points or miles on the amount of money you spend.
The bottom line on instant approval credit card for bad credit application
Applying for an instant approval card is the best way to be approved for a credit card within minutes. Since you also have to meet eligibility requirements to qualify, it is vital that you first compare your options and ensure that all the required documents are in order. You also need to ensure that you maintain accurate information in your credit report. This will increase your chances of getting approved for the credit card of your choice.
- High credit card utilization ratio