Guaranteed Credit Card Approval

A guaranteed credit card approval is possible when applying online as banks advertise to businesses, students, and even for people with bad credit. Terms and interest rates vary by lender and are usually dependent upon financial history. Someone with good to excellent credit will probably not have any difficulty obtaining competitive rates and no annual fees. Some of the current advertised interest rates online start at around 8.99% and go up from there. Some lenders offer cash back on purchases, zero interest for the first year, and low interest on transferred balances from other revolving accounts. A guaranteed credit card approval for people with bad financial history usually means paying a higher interest rate and annual fees. In addition, some of these have other fees associated with them. 

Reestablishing credit is a good reason for a person to consider applying for a revolving account. Some consumers have gone through bankruptcy and may be trying to reestablish their financial history. Offers for a guaranteed credit card approval online may be a way to do this. Lenders offer both secured and unsecured accounts. Secured accounts require that the consumer open an account by depositing money into a secured checking account. The balance in the account is the balance on the card. The good thing about this type of account is that the consumer is less likely to charge more than he or she can afford. Lenders that offer secured and unsecured cards will guarantee reporting monthly to the major credit bureaus. An unsecured card is not linked to a checking account but does usually start out with low limits. 

People with good to excellent financial history usually have scores from 650 to 800. A guaranteed credit card approval usually starts out with zero interest for at least six months although some offers include zero interest for the first year. Some of the perk offers include zero interest on balance transfers, a percentage of cash back on retail purchases, frequent flyer miles, and free online account management. Most revolving accounts do penalize customers if they are even one day late on payments by raising interest rates and charging late fees. Some lenders will lower the interest rates back down after the customer has made several succeeding payments on time. Lenders have other perks for specific types of accounts. These often offer cash back on gasoline purchases and double rewards for purchasing gift cards. 

Accounts that are offered online for small businesses are usually based upon the individual financial history of the owner of the business. Most of these types of offers for guaranteed credit card approval are based upon the applicant having good to excellent financial history. The perks for these types of accounts are often based upon specific retail establishments. Many of the retail establishments are common ones that are used by businesses for rental cars, travel, entertainment, office supplies, and so on. Annual fees may not be applicable but that largely depends upon the bank offering the revolving account. Some wave the annual fee for the first year only. The limits for spending are usually higher on business accounts compared to consumer accounts. 

Students can easily find offers online for revolving accounts tailored to their needs. A guaranteed credit card approval offers perks that appeal to college students. Cash back or reward points for purchases on video rentals, record and book stores, restaurants, travel, movie theaters and cash back to shop online. Most lenders that offer student revolving accounts have lower spending limits and higher interest. This is because most students have not been able to establish financial history. Getting one of these cards is a good way to do that. Students need to remember that it is easy to acquire too many accounts and eventually ending up in debt. The best thing to do is to get just one, keep the limit low, be sure to make the payments on time every month, and get one that reports monthly to the major bureaus. "Happy is the man that finds wisdom, and the man that gets understanding" (Proverbs 3:13).

Another type of revolving account that offers a guaranteed credit card approval online is prepaid debit cards that can be used like credit cards. The spending limit is based upon how much cash a user puts on the account. This type of revolving account can be loaded with cash at many retail establishments or by direct deposit through an employer. These are considered an alternative to having a bank account. A user can enroll in a program to help build financial history or repair financial history through some online lenders. If a user opts to pay his or her bills through the prepaid account then the lender will report the payment history to a national credit reporting agency. Setting up direct deposit to the card usually means paying no fees. Not setting up direct deposit will mean paying a small amount each month that is dependent upon which type of account is chosen. 

Offers online can be very tempting because of the guarantees that are included. A consumer looking for a revolving account should use caution when choosing the right one. There are some that advertise a guaranteed credit card approval that are loaded with all different types of fees including extremely high late fees, over account line fees, and high interest charges. Those that have annual fees usually charge them immediately to the account. Some have activation fees and monthly maintenance fees. The spending limit may be based upon the current balance owed which means that if an account only has a $200 spending limit and the annual fee is $150 that charging more than $50 could cause a person to end up with over the credit line fees. When shopping for a charge card do some research and remember to read the fine print.