Are Instant Credit Cards Worth It?

Posted by Andy Zain

August 26, 2009

by Andy Zain

If you’ve been to a grocery store recently, you may have been curious about some of the instant credit cards you’d have seen there. Then, however, you probably wrote them off, seeing them as some sort of scam. This is probably a good general point of view to have, and yet you should still be willing to give this credit option a chance.

The word “instant” is tossed around a lot, and you’ll see it in big print in many of those offers you receive and probably immediately throw out. Still, the idea of having a card you can use right away is very appealing, and you might find yourself being tempted to get into something without checking up on all the important points first.

The more you look into things, at least at first, the more it will seem there are only reasons to keep ignoring what you see. First of all, instant rarely actually means instant, and the same is true here. Only certain aspects of the application process happen as quickly as they are supposed to, while others will probably take much longer.

More importantly, when you are able to start using this form of credit, you’ll notice much higher interest rates than what anyone else has to pay. That interest adds up quickly, and for many people, this makes the advantages of having the card not worth it. Even if there is a period with no interest, it will likely end with very bad consequences later.

By now, you might be more sure than ever that you shouldn’t bother with a card like this, but you should still be willing to give them a chance. When you look more closely, you’ll see there are in fact good things about them as well. However, you’ll only get them if you have good credit history, so be sure to give your score an overdue look over.

Like with anything else, you need to be smart and compare all potential offers before coming to any sort of a decision. There are bad ones that will promise you something but stick you with another that’s entirely different. But there are also good ones that really do what they say they will. If you can find these, you’ll be glad you did.

One thing you’ll notice is that the best offers are hard to find, but it’s worth it to go through the search. Because of this, your instant cards might not exactly be instant, but you’ll still get much of what you do from regular cards out of them. If you’re looking for a new payment option, they’re definitely something for you to consider.

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