Our lifestyles today demand that we need a credit card for most transactions and for all the purchases we make. There was a time when a bad credit rating on your credit report prevented you from qualifying for a credit card. Not any more. Credit card for bad credit holders are designed for people who, due to their bad credit history, are unable to get their application for a regular credit card approved. When applying online, or otherwise, most credit card companies would instantly approve your application today.Instant Approval Bad Credit Credit Cards
In most cases, an instant approval credit card for bad credit holders would be an unsecured credit card. You may not be required to make a down payment, but such unsecured credit cards carry high rates of interest. Over and above that, missed payments on your part may attract severe penalties. However, an unsecured credit card for bad credit holders is a great way to boost your credit rating, provided you use it wisely.When selecting a credit card for bad credit holders ensure that you are not being charged unnecessarily. Unscrupulous issuers would charge a program fee, an account set up fee, and an annual card fee, among others. Genuine companies would charge an annual fee, and little else.While searching online for an instant approval credit card for bad credit holders, you may inadvertently apply for an unsecured card, which is actually a ‘shopping’ card. A ‘shopping’ card is just like a conventional credit card, but you can make purchases only from select vendors, online stores, or online catalogues. With such a bad credit history, it may not be a bad idea, only that you would not be able to use it for purchases at local retail stores, restaurants, or to book airline or motel reservations.
You may be able to get a credit card for bad credit holders from major issuers, such as Discover, American Express and Chase, and through a ‘shopping’ card you, at least, have an unsecured line of credit from select vendors. You can use such cards to improve your credit rating, as your timely payments will be reported to the credit bureaus.Maintain a good credit here onwards by making smart credit decisions. Maintain low balances, do not spend money frivolously, and ensure that you pay your balance each month.