Easy Approval Credit Cards Are All the Rage, But Are They For You?

Posted by Jesse Smith

December 11, 2009

Haven’t heard of easy approval credit cards? Well, as the phrase suggests, they are credit cards which are easily obtainable. Even if your application for a “standard” credit card has recently been denied, you may still be able to qualify for one of these cards.

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.

The credit rating necessary to obtain a credit card like the Tribute Gold MasterCard or Salute Visa card is lower than for “standard” credit cards. This is why it is easier to be approved for one of these credit cards. To be approved, the credit card company will review how long you have lived at your present address, annual income, employment status, and credit rating.

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.)

The “standard” credit card and the easy approval credit card offer virtually the same benefits. In addition, the easy approval credit card will allow an opportunity for the card holder to build his or her credit rating through the proper and wise handling of this credit card.

There is a down-side to applying for and using an easy approval credit card. Normally, these cards have higher charges and fees and additional costs such as monthly fees, one-time setup charges, annual fees, as well as 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 summary, if you know that you have a good credit score, it is probably a better idea to apply for a “standard” credit card in order to avoid the significant charges associated with these more easily obtainable credit cards. Adversely, if you have been turned down for a “standard” credit card in the past six months, it is probably wise to apply for one of the easy approval credit cards. Whichever you decide to apply for, be sure that you will be able to make the payments and make them on time.

NCO Ruined my Life. What I Did to Get Revenge. www.myncodebt.com

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