Friday, March 17, 2023

What’s The Easiest Credit Card To Apply For

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Compare Credit Cards You Can Apply For Online

How to Apply for a Credit Card in 4 Easy Steps

If you meet the eligibility requirements and provide the necessary information, you can receive a response within 60 seconds when you apply for one of the credit cards below:

  • NAB StraightUp card. This card charges a monthly fee based on your requested credit limit of between $1,000 – $3,000 and no interest.
  • ANZ Low Rate card. Apply online for the ANZ Low Rate card to get a response in 60 seconds.
  • Westpac Low Rate card. A card with a low interest rate on purchases and a simple application process.

Self Credit Builder Account + Secured Visa Credit Card: Best Low Apr Card For People With No Credit

Why we picked it: This hybrid financial product, which starts off as a credit-builder loan and could transition into a secured credit card , touts a low APR for the no credit category.

Pros: You can avoid having to put down the upfront security deposit required of most traditional secured credit cards, as youll be making three monthly installments payments instead.

Cons: Youll pay a one-time account fee of $9 to $15, which varies by the product. Plus, youll have to wait at least three months to have access to your secured credit card.

Who should apply? Thanks to its relatively low APR, this non-traditional credit-building loan/secured card could be a good fit for someone who may carry a balance.

Additional info on the Self Credit Builder Account + Secured Visa® Credit Card

Security Bank Fast Track Secured Credit Card

;Monthly income requirement:;None

;Annual fee:;PHP 2,000 to PHP 4,000

;Interest rate:;2%

Security Bank Fast Track application requirements:

  • 21 to 65 years old
  • Home or office landline number
  • Government-issued ID
  • Accomplished application form
  • Accomplished holdout agreement form
  • Security Bank savings account with at least PHP 15,000 hold-out amount or time deposit with at least PHP 100,000 hold-out amount
  • For foreign residents: Work permit, Alien Certificate of Registration, or embassy accreditation papers

Security Banks Fast Track program;is a secured credit card that guarantees 100% approval for both new and existing clients of the bank. To get a Security Bank credit card without having to submit income documents, simply open a deposit account with the bank and deposit the required minimum hold-out amount for your collateral.

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Example: Compare Low Interest Rate Cards And Standard Cards

Suppose you regularly carry a balance on your credit card. Your current credit card has an interest rate of 21% with no annual fee. You want to pay off your balance in one year and are considering switching to a low interest rate card with a 9% interest rate and a $50 annual fee.

Table 1: Compare the total cost of your current credit card with a low-rate card over a one year period

Type of credit card
$199 $4,249

In this example, you’ll pay $273 less in interest with the low interest rate card. This is even with the $50 annual fee. Keep in mind that this example assumes you don’t use your credit card while you paid down your balance.

Examples: Estimating The Value Of Rewards And Benefits

Whats The Easiest Credit Card To Get With No Credit

To help you figure out if a cards rewards program is worthwhile, estimate the potential value of the rewards you may earn in a year and then subtract the annual fee.

These examples are for illustrative purposes only. The examples assume you pay your balance in full each month and dont use your card for cash advances or cash-like transactions.

Example 1: Grocery rewards

Your credit card has a $25 annual fee. For every dollar you spend, you earn 10 points at the grocery store. Every 10,000 points gets you $10 off your grocery bill.

In a year, you make $4,000 worth of purchases with your credit card you’d earn $40 worth of rewards.

The rewards are worth $40, but after you factor in the annual fee of $25, your total benefit is $15.

Example 2: Cash back rewards

Your credit card has an $85 annual fee. You get 1% cash back on purchases.

In a year, you make $4,800 worth of purchases using your credit card. At the end of the year, you receive $48 back.

Because the $85 annual fee is higher than the $48 reward benefit you receive, this credit card isnt worth it.

Example 3: Car rental insurance

Your credit card has a $110 annual fee. Your credit card offers car rental insurance for up to seven days each year.

You rent a car for seven days. The rental agency charges $20 a day for car insurance. Without your credit card coverage, you’d pay $140 for car rental insurance.

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Best Guaranteed Secured And Unsecured Credit Cards For Bad Credit

A guaranteed credit card means that you are very likely to be approved even if you have bad credit. The issuer reports your usage to the credit bureaus so you can use these cards to rebuild your credit score.

One popular guaranteed credit card is the Refresh Financial Secured Visa. Capital One also has a selection of three guaranteed cards that may suit your needs.

What Types Of Credit Cards Are Easy To Apply For

There is no guaranteed way to get approved for a credit card but meeting the card’s eligibility criteria improves your chances of approval. You’ll usually find that premium cards with lots of perks have more requirements than cards with more basic features. With that in mind, here are some types of credit cards that may have lower eligibility criteria:

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What Do You Need To Get Instantly Approved For A Credit Card

  • You must be a permanent resident or Canadian citizen
  • You must be the age of majority
  • You must not have a history of bankruptcy if youre applying for an unsecured credit card
  • A good credit score will increase your chances of being approved, whether youre applying for a secured or an unsecured card

Instant-approval applications require accurate information that matches any previous background information the provider or bank may already have on file , your social insurance number, employment and income information, and other optional information. The more information you provide, the more effectively the approval process can verify that you are indeed well, you!;

If youre approved instantly, the system will expedite your application for proper credit checks, though you may still be contacted for further confirmation of other details. Shortly after, your card will be printed and mailed to the address youve indicated. All cards require a credit check or score pull, with the exception of applications where you already have an established history with the institution, or when the credit card youve applied for is secured, meaning you would have provided a security deposit.;

The Difference Between Secured And Unsecured Credit Cards

Whats the best credit card to apply for after clearing my credit?

Secured credit cards are backed by a required refundable security deposit, which reduces the lender’s risk and makes it easier for people who don’t have creditor who have bad creditto qualify. This typically makes them easier to get than unsecured cards, which have no such requirement. Some card issuers don’t even require a credit check for their secured cards.

The credit limit on a secured card is usually equal to the security deposit. You may also be able to send a larger security deposit if you want a higher limit. With unsecured cards, the issuer may determine your credit limit based on your credit history and the information from your application.

Your security deposit won’t go toward your monthly payments: You still have to make regular payments or you could be charged a late payment fee and wind up with a late payment on your credit reports. Because payment history is the most important factor in your credit scores, you don’t want that to happen whether you have a secured or unsecured card.

If you stop making monthly payments, the secured card issuer may close the account and keep the security deposit to cover the unpaid balance and fees. An unsecured issuer may send your account to collections, or sue you for the remaining debt.

When it comes to using your credit card, secured and unsecured cards work the same waymerchants might not even know if your card is secured or not.

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Who Can Apply For A Credit Card

First, who is eligible to get a credit card? There are several requirements an applicant must meet to apply for a credit card in the United States. The most crucial factor needed is that the applicant must be at least 18 years of age.

Applicants between the ages of 18 and 21 must also provide proof of income. The CARD Act of 2009 introduced this requirement, as many card issuers were unscrupulously offering credit cards to college students with no means of repaying the debt they incurred. Those between 18 and 21 without proof of income must list a co-signer on their application.

Other essential requirements include:

  • Proof of citizenship or residency: Many credit card issuers require those applying to be a U.S. citizen or a resident alien with a Social Security Number .
  • Credit score: Many credit card issuers have specific credit score requirements for their credit cards. The easiest way to know what credit score youll need to apply is to browse our resource page.

Looking For Other Easy Instant Approval Cards Compare Prepaid Cards

A prepaid card works similar to a debit card in that it requires that you first load money onto the card before you can start spending. Prepaid cards are re-loadable cards that you can use for purchases wherever credit cards are accepted. Since your credit score wont be affected when you use a prepaid card, they are usually fairly quick and easy to apply for. Youll also have some of the same conveniences that using a major credit card offers such as earning cash back rewards.

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Capital One Platinum Credit Card

  • Be automatically considered for a higher credit line in as little as 6 months
  • Fraud coverage if your card is lost or stolen
  • Use online banking to access your account, even from your smartphone, with our mobile app
  • Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you’re all set
  • Pay by check, online or at a local branch, all with no fee – and pick the monthly due date that works best for you
  • Get access to your account 24 hours a day, 7 days a week
  • Help build your credit through responsible use of a card like this
  • Fair to Average Credit Recommended
  • Annual Fee: $0

Must Reads: For more info on the Capital One Platinum Card, see our insights on its benefits and why it’s one of the best cards for limited or no credit history.

While it is not a rewards-earning credit card, the Capital One Platinum serves the purpose of building or rebuilding credit and has a high chance of initial approval.

How Can I Get A Credit Card If I Have No Credit History

What

There are cards designed for people who are new to credit. Sometimes, their issuers want you to have a checking account, and they may require a refundable deposit of at least $200. Here is what you need to know about getting a card when you dont have a credit history.

  • Check your credit. Youll want to know exactly where you stand and track your progress as you start to build credit. You can pull your credit reports for free at least once a year via AnnualCreditReport.com and you can get a credit score for free or for a nominal fee through various websites. Learn how to get your credit score.
  • Look into a credit-builder loan. Check with your local financial institution about these small loans, which are designed primarily to help you build your credit. A local credit union is an excellent choice. You will likely need to open a checking or savings account with the institution.
  • Consider a secured card. The fastest and easiest way to build credit is with a credit card, and a relatively easy card to land is a secured card. Thats because you put down a refundable deposit that is used to secure your credit limit. Just make sure the card issuer is going to send your credit habits to the credit bureaus.
  • Research, then apply for one card. With your score handy, look at cards you are likely to get, checking annual fees and any other charges that might be incurred.
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    Selecting A Rewards Credit Card

    Generally speaking, cards that earn you points are usually best used for travel redemptions. These cards will likely give you other ways to cash out your points, but the majority of the time, you get the most value for your points when redeeming for travel. Similar to cash-back cards, you want to pick a card that gives you the most points on the categories you spend the most money. You also want to figure out what type of travel you prefer; you could get an airline-branded credit card or a hotel-branded one. There are also credit cards that allow you to redeem for any type of travel. Regardless of what you go with, you need to know how the reward programs work so you can maximize your points.

    American Express Instant Cards

    All Amex cards have the ability to receive an instant card number once your identity is validated. If you’re approved for a card and are eligible for instant access, you’ll receive your card number, temporary four-digit card identification number and expiration date that allows you to use the card anywhere American Express is accepted.

    Take note that Amex co-branded cards may only be used with the brand until you receive your physical card. For instance, a temporary co-branded Delta Amex card may only be valid at Delta.

    Here are some Amex cards offer the ability for an instant card number:

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    Understand Why You Were Denied

    Youll get a letter stating the reason why your credit card application was denied.; This could be related to your credit report or credit score. If youve missed payments, have debt or tend to carry a high credit card balance, you may have a tough time getting approved for a credit card. You could also be denied for forgetting to fill out important information in your application or if you dont meet all the eligibility requirements.;

    Research Methodology: How We Got To Our Top Picks

    Should You Apply For a Credit One Bank Credit Card? | Easiest Unsecured Credit Card | Soft Pull

    We evaluated 269 credit cards for bad credit to identify the top products in this category. Core criteria we considered in our analysis include:

    • Costs and fees: Credit cards for bad credit often carry upfront costs, including annual fees and security deposits. They also sometimes carry hidden fees for items like replacement cards. We gave more weight to cards with lower and/or limited fees.
    • : Credit cards for bad credit often carry higher interest rates, given applicants generally represent more of a credit risk. However, we still evaluated whether a cards APRs were competitive for this category and how they stacked up relevant to the current industry average.
    • Rewards: Although a poor credit score wont let you get top-notch rewards, several options here allow you to earn on your spending.
    • Added benefits: Many cards offer the ability to increase your credit limit, tools to track your credit score, added security, regular reporting to the major credit bureaus and more. Some of these benefits can really help you build your credit score.

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    How To Get A Credit Card With Bad Credit

    If youve made a few financial mistakes or dont have a credit history, you may be wondering if its even possible for you to get accepted for a credit card. It is, but here are a few steps you can take to increase your odds of approval.

  • Check your credit report. Before you begin browsing and applying, its important to know where you stand. Even if your credit is poor, knowing how close you are to having fair credit allows you to decide whether you should apply now or wait until youve given your credit a boost and have better options. The 3 major credit bureaus are legally required to give you a free credit report at least once per year. You can request yours online, by phone or by mail.
  • Dispute any fraudulent or incorrect activity. If your credit score is surprisingly low, you may want to do some investigating. Its possible that fraud or mistakes are wrongfully affecting your credit. If you find mistakes, be sure to dispute the incorrect items on your credit report.
  • Pay down any debt if youre able. One of the major factors that go into your credit score is your . A high utilization ratio can lower your credit score, so its a good idea to pay down existing balances before you apply for a new credit card.
  • The cards at the top of this page have low credit requirements. Secured credit cards are another great option for applicants with bad credit. They require a one-time, refundable security deposit and some even offer rewards.

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