Setting Limits Teaches Healthy Spending
CoOwners have the option of setting spending limits and managing controls for Participants to help them spend safely and learn smart money habits. Owners can even receive real-time spending notifications. Participants 18 and older can order their own physical card, and Owners or CoOwners can order them for Participants under age 18.
Oakstone Platinum Secured Mastercard
- No minimum credit score requirements! We invite all credit types to apply! No processing or application fees!
- Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
- Helps strengthen your credit with responsible card use. Reports to three national bureaus
- Fast, easy application process. Choose your credit line and open your Personal Savings Deposit Account to secure your line.
- Nationwide Program though not yet available in NY, IA, AR, or WI
- Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined.
- See website for additional Oakstone Platinum Secured Mastercard® details
For Flat Rate: Td First Class Travel Visa Infinite Card*
Some people want to earn points when they travel, as well as on an ongoing basis. If this sounds like you, then the TD First Class Travel Visa Infinite Card is our top choice. You can rack up TD Rewards points throughout the year and then easily make a redemption through Expedia for TD. With this card, youll get 3 points per $1 spent on all your everyday purchases and 9 points per $1 spent when you make online purchases through Expedia for TD. That means youre earning a 1.5% and 4.5% return respectively in travel points. Expedia For TD is just like the regular Expedia platform, so youll have no problem finding ways to redeem your points.
With the annual fee of $120 rebated for the first year and a welcome bonus of up to 80,000 pointswhich has a travel value of up to $400 when you book travel purchases through ExpediaForTD.comthis is one of the best travel credit card offers available right now.
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Best Low Interest Credit Card
If you carry a balance on your credit card from month to month, you shouldnât be chasing rewards â you also shouldnât be paying a high interest rate. The True Line Gold Mastercard from MBNA currently offers the lowest fixed interest rate for purchases in Canada at 8.99%, which is half the interest rate of the typical rewards credit card. This card does have a $39 annual fee.
Why we like it:
This card stands out for the fact it offers the lowest fixed interest rate on purchases and balance transfers in the country. So, whether you anticipate youâll carry a balance or are looking to consolidate and pay off high-interest debt from other cards, the True Line Gold Mastercard can help you save a considerable amount of money on interest long term.
Fraud protection and access to 24/7 customer service.
Unsecured Cards For Bad Credit With Pre
Unsecured credit cards are what most people think of when they think about credit cards in general. An unsecured credit card doesnt require a deposit for approval and may help you build credit over time. Some unsecured cards also offer special balance transfer interest rates so that you can pay down an existing credit balance more quickly.
The following companies offer credit card options to borrowers with bad credit while keeping upfront costs to a minimum. You can see whether you prequalify before applying for the card on each issuers website by following the Apply Here buttons below. If you choose to apply, you should receive an instant approval decision.
Preapproved credit cards for bad credit that include rewards programs are rare, especially when paired with competitive terms. The comes very close to a standard unsecured card for people with good credit while still being a second chance credit card option for those with bad or fair credit.
Also Check: Www.lowesvisacredit.com
The Best Instant Approval Credit Cards In Canada
By Winston Sih on June 8, 2021
If waiting stresses you out, consider one of these credit card options. In some cases, you can be approved on the spot and even start purchasing with your card right away.
The approval process for a new credit card can feel punishingespecially if you have to wait several days for confirmation and for your card to be mailed to your home. Luckily, many credit cards now offer instant approval, making the application process much quicker and much less stressful. After filling out an application with details on your personal background, the card providers website runs its checks and lets you know within minutes if your application has been approved or rejected.
If youre approved with the information youve provided, your application is expedited for credit checks, card printing and mailing. And you can expect to receive a welcome package containing your card in five to seven business days.
As a safeguard against fraud, at times an application may go under manual review, in which case the file gets forwarded for verification, sometimes taking an additional two to three business days before a final decision is made.
As banking processes become increasingly digital, more credit-card applications are moving online, and more issuers are offering cards with applications that can be quickly approved.
Here are the best instant-approval credit cards you can apply for right now.
Maintain Your Credit History Age
It may not seem very important, but 15% of your FICO score is determined by the age of your credit accounts. Credit bureaus want to see accounts as old as seven years to give you full credit for account age.
The thinking is that you are a steady person, financially speaking, if you can manage long-term relationships with credit accounts. In other words, you want to keep your old credit cards active, even if for only one transaction per year.
Account age makes up 15% of your credit score. Dont cancel old cards when you replace them with new ones. Canceling cards reduces your average account age and maybe even the age of your oldest account, both of which can hurt your credit score.
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What To Do If You Arent Approved
If your application for a new credit card gets denied, dont panic. Though the hard inquiry necessary for the application may affect your credit scores, getting denied doesnt further hurt them. The impact on your credit may be small and can improve over time.
Secondly, check your credit reports to make sure all the information is correct. If not, youll want to dispute any errors.
On top of that, make sure your credit utilization the amount of available credit you use is below 30%. Youll also want to verify your payments are on-time and paid in full to keep your credit in good shape.
If you really think the credit card company made a mistake in rejecting you, consider calling the companys reconsideration line to make your case. Theres no guarantee this will work, but it cant hurt to try.
You Can Receive Unique Credit Card Offers
If youve received a credit card offer that says pre-qualified or pre-approved, that likely means your credit score and financial history match at least some of a card issuers criteria for pre-approval. It also means youre more likely to qualify for better interest rates than card-seekers who arent eligible. Also, since pre-approval means a card company wont ding your credit score when you request offers, you can browse all of an issuers card options. This makes you likelier to score coveted perks, like 0% introductory APR, introductory bonuses, and appealing cash back rewards.
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Process Of Getting An Instant Approval Credit Card
If youre interested in applying for an instant approval credit card, follow this process to ensure a streamlined application and approval.
Research Your Options
There are a few instant approval credit cards available. As such, take some time to compare them before deciding which one to choose. When comparing card options, assess the following factors:
- Fees. Theres usually a cost associated with holding a credit card, including annual fees, foreign transaction fees, and balance transfer fees.
- Interest rate. Look at the purchase rate, cash back rate, and balance transfer rate to see where you can save.
- Perks. Many credit cards come with perks, including rewards programs, welcome bonuses, and travel insurance.
Find Out If You Meet The Minimum Requirements
Generally speaking, credit card issuers will want to make sure you meet certain criteria, and as such, theyll look at the following:
Which Credit Cards Give Instant Approval
All of our reviewed cards give you an instant decision when you attempt to prequalify if an instant approval credit card means approval within a few minutes. The surest instant approval credit is secured. It is an easily obtainable guaranteed approval credit card and provides the quickest approval, but the approval is subject to the receipt of your security deposit.
Prequalification can proceed quickly because the issuer does, at most, a soft credit inquiry. If you do successfully prequalify for a card, you can then complete the full application form and, for unsecured cards, submit to a hard pull of your credit. Final approval may occur instantly, but if your credit is particularly bad, the process may stretch out as the issuer seeks additional information.
Another way to get instant approval is through a prepaid card. Unfortunately, a prepaid card is really a debit card, not a credit card.
Also Check: Cabelas Credit
Capital One Quicksilverone Cash Rewards Credit Card
- Earn unlimited 1.5% cash back on every purchase, every day
- Earn cash rewards without signing up for rotating categories
- Be automatically considered for a higher credit line in as little as 6 months
- Monitor your credit profile with the CreditWiseÂ® app, free for everyone
- $0 fraud liability if your card is ever lost or stolen
- No limit to how much cash back you can earn, and cash back doesn’t expire for the life of the account
- Help strengthen your credit for the future with responsible card use
- Get customized alerts and manage your account with the Capital One mobile app
What To Do If You Don’t Pre
If you were denied, it’s not the end of the world you still have options. After all, pre-qualification only looks at part of your finances. An official credit card application provides the lender with more information on your financial situation.
Here are some actions you can take if you didn’t pre-qualify for a card:
- Apply for the card anyway. While this is an option, you most likely have slim chances of approval. Still, an official application takes more factors into consideration, such as income and employment status, which may improve your odds. Just beware that each application you submit results in a hard credit inquiry and may lower your credit score by a few points.
- Try to pre-qualify for different cards. If you were denied pre-qualification by one card issuer, try another and you may have better luck. Since it doesn’t hurt your credit score, you can submit multiple pre-qualification forms to increase the chances you’ll pre-qualify.
- Improve your credit. Take some time to work on raising your credit score. Practice responsible credit behavior, such as making on-time payments and using a small amount of your credit. If you don’t have a credit card yet, ask a family member with good credit if they’ll add you as an authorized user. This allows you to piggyback off their positive credit. After you’ve seen improvements in your credit score, try to pre-qualify again.
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How Long It Takes To Get Approved For A Credit Card
There’s so much anticipation when you’re filling out a . From the moment you start filling in the application all the way up to when you click the submit button, you probably have three big questions going through your mind: Will I be approved? How much will my credit limit be? How soon will I find out whether I’m approved?
The amount of time it takes to get the answers to these questions depends mostly on how you submit your credit card application.
Apply For Your Preferred Credit Card
Once you know the right card for you, then you can apply.
The best way to apply for pre-approved credit cards is on the issuers website. You will have to input basic information like your SSN, address, and annual income.
If you find it hard to pick a card, consider filling out a pre-qualification form to see whether you have a higher chance of approval.
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Do Prepaid Cards Offer Instant Approval
All you have to do to get a prepaid card is to plunk down the money to fund it. You can consider them instant approval cards in the sense that the vendor will accept your money. But prepaid cards are very different from credit cards.
Prepaid cards are similar to debit cards but dont require you to have a bank account. They allow you to spend the money you load onto the card instead of whipping out cash or a check. There is no credit limit because there is no credit just load the amount of money you want.
Groceries, pharmacies, box stores, and other retailers sell prepaid cards. You can load prepaid cards at retail locations, online, over the phone, and even at some banks and credit unions. You can add money with cash, a check or money order, and direct deposits.
Our favorite prepaid card is the PayPal Prepaid Mastercard®. You can fund it from your PayPal account and earn cash back on purchases you make with the card. Because its a Mastercard, its accepted everywhere Mastercard is accepted. Visa prepaid cards are also available.
There are a couple of knocks against prepaid cards despite their instant approval. They dont establish or build credit. Moreover, they are often saddled with many fees that reduce your card balance. They may charge fees for each purchase, reload, deposit, withdrawal, or by the month, among other possible fees.
Use A New Credit Card To Improve Your Credit Score
If your goal is to get a new credit card to help rebuild your credit, you need to know and understand how your credit score is determined in the first place. Lets take a closer look at the five factors that make up your FICO credit score:
- Payment History: 35%
- Length of Credit History: 15%
- New Credit: 10%
As you look at these factors, its easy to see what your next steps should be. Most importantly, you should strive to pay your credit card bill and all your other bills on time every month. Also, you should keep your debt to a minimum since the amount you owe in relation to your credit limits makes up 30% of your FICO score, which is also known as your credit utilization ratio.
Since any credit card you get with bad credit will likely have a low credit limit to begin with, youll need to be especially careful not to max out your credit limit, and to pay off your balance as much as possible each month to keep your credit utilization ratio low.
The length of your credit history can also be boosted if you keep older credit accounts open and in good standing, and you can keep your score high in the new credit category by refraining from opening too many new accounts.
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How To Use Your First Card To Build Credit
Now that you know how to apply for a credit card with little credit, here are some tips for using that card to build your credit history and score.
- Make payments on time. Stay on top of your monthly payments by setting up auto payments or calendar reminders.
- Maintain a low balance. Keep your credit usage below 30% of your limit or less.
- Keep your card open. The best way to build credit history? Time. Make sure your account stays open, even if you don’t use it much.
What Credit Score Do I Need To Be Approved For Credit
While theres no general minimum score needed to obtain a credit card, each card has its minimum acceptance requirements. Those requirements can sometimes be vague, though, and meeting those standards doesnt guarantee acceptance. Thats because your credit score is just one factor used to determine your eligibility for a credit card.
Dont know your score? Here are a few free ways to find it. FICO and VantageScore are the two most common credit scoring models used, so make sure its one of those scores youre receiving.
A top-shelf card with the richest rewards and greatest benefits will require not only excellent credit but also a solid proof of income and a low debt-to-income ratio.
On the other hand, some secured credit cards offerings that require a refundable cash deposit that equals your credit limit dont require credit checks for acceptance. But keep in mind that some of these cards will reject you if you have a pending bankruptcy the court hasnt yet discharged.
But if your needs are simple and you arent as concerned with all the bells and whistles or you dont want to fuss with the annual fee that often comes with many popular rewards cards you have options with almost any credit score.
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