Easy Approval Credit Cards Are All the Rage, But Are They For You?

December 6, 2009 by Jesse Smith
Filed under Credit

If you haven’t heard of easy approval credit cards, then let me explain. These credit cards are, as their name suggests, easy to obtain. If you have been denied recently for a “standard” credit card, you may actually be approved for an easy approval credit card.

Two easy approval cards which are offered are Tribute Gold MasterCard and Salute Visa card. These are offered by First Bank of Delaware and Urban Trust Bank, respectively. You can find many, many more by doing a quick internet search.

Credit cards like the Tribute Gold MasterCard and Salute Visa card are more easily obtainable because the credit score required is lower than for more “high profile” credit card companies. These easy approval credit card companies will review your credit rating, employment status, current income, and how long you have been at your present residence.

You may be wondering right now why some credit card companies are offering these types of credit cards. Well, it’s pretty simple really. These companies understand that many consumers, especially in these financially difficult times, have below-average credit scores and to not offer these consumers credit cards would mean disregarding a large section of the country’s purchasing population. Additionally, the younger portion of our population may have lower credit scores because they have not yet had the opportunity to build a credit history.

These easy approval credit cards provide the card holder with virtually the same benefits which a “standard” credit card owner would enjoy, such as purchase power for goods and services, as well as, online purchasing and ATM cash withdrawals. Additionally, these credit cards allow the card holder to rebuild their credit rating through sound financial practices, such as paying their bill on time.

Of course, as with almost anything in life that comes easily, there can be a down-side. In this particular case, the down-side is that there are normally higher fees and charges associated with these cards, as well as, substantial annual fees, monthly fees, one-time setup charges, over-limit fees, and higher annual percentage rates (APRs).

Because of the additional charges and higher fees, it is wise not to apply for one of these cards unless you have already been turned down for a “standard” MasterCard or Visa credit card. Additionally, if you do decide to apply for one of these easily obtainable credit cards, be certain that you will be using the card appropriately and will be able to make all payments in a timely manner.

A secured credit card may be an option for you if you feel that you will be unable to keep up with the payments of an easy approval credit card. One benefit of secured credit cards is that you may only spend the amount which you have “deposited” for use. In other words, you deposit money to be loaded onto the card and that, then, becomes your credit limit.

If your credit is good, go ahead and apply for a “standard” credit card. This will prevent your having to pay the additional charges and higher fees of an easy approval credit card. If you have been turned down in the past six months for a “standard” credit card, then apply for an easy approval credit card. One thing to remember when applying for either card is to make sure you can make all the payments and make them on time.

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