The idea of an instant credit card doesn't seem so safe at first glance. After all, there is plenty of debt in the world, and much skepticism for new financial ventures that comes with it. Instant credit cards are offers in which can tell you if you are approved in seconds- and are lenient on who may apply.
First, know that a guarantee of approval is almost never the case. Even if an advertisement states pre-approval, there is almost always fine print or a list of requirements that must be met in order to be pre-approved. Don't feel disheartened, however, since there are some credit cards that will even accept those with poor credit.
You may have to find a guarantor for your new credit card if you have a bad credit line. A guarantor is another person, who maintains a good credit line, who will vouch for your responsibility. If in the event you are unable to make your payments, the guarantor will have to pick up the slack. Thus, it could be hard finding a guarantor that will agree to go through with the process.
Perks that come with other credit cards can be obtained through the pre-approval credit cards as well. The perks, ranging from racking up air miles to getting entries into lucrative drawings, are available for even those with less than stellar credit. All you have to do is barter with the financial officer that is working with you- you'll see that it's as simple as bargaining in getting better terms.
Be wary of where you obtain your instant approval credit cards. The safest place in which to do so is to go to a reputed credit card brokerage firm either online or in person. Your choices will be more plentiful online, where tools exist that can match you up with the best offers within seconds of inputting your information. Verify the privacy policy of the company you do business with to verify they won't sell your information.
It's never too late to start building your credit. If you are denied an instant approval credit card, and have no co-signer available, the only way to go from this point is to build your credit. It can take as much as a year or two to rebuild your credit, and this assumes that you do well and do not err on your financial endeavors. Obtain a free credit report online to see where you stand, and if a pre-approval credit card is in your grasp.
Final Thoughts
Accidents happen, but those which involve debt can often be avoided. Be very careful in knowing what your terms of credit are, when you should use your credit card, and always make sure you can pay off all debts before you proceed with using it.
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