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Instant Approval Credit Card Advice
Getting an instant approval credit card can now be done in less than 60 seconds. If you are in need of credit in a hurry, then the most expedient way is to fill in an application form online. Note however that rushing in without using the power of the Internet to search for the best deal or properly researching charges is ill advised. If you have a good credit history then one of the best ways to take advantage of that is to search online because you can find an instant approval credit card with a much lower than average APR, for example, the Barclays Simplicity credit card has an APR of about 6.8%. There are many credit card comparison sites available on the Internet.
Probably you will want to transfer your balance to your new credit card to take advantage of the 0% APR offers that most cards have. This can be a bit of a compromise as those cards that have a long 0% APR period also tend to impose higher interest rates at the end of that period. Note that with the Barclays Simplicity credit card mentioned above there is no 0% APR period on balance transfers.
A third consideration when searching for an instant approval credit card is the nature of any offers and discounts associated with the use of these cards such as air miles, cash back, travel discounts, meal discounts etc. This is well worth looking into because, dependent upon your situation, you can make some quite substantial savings.
A disadvantage with applying online is that you may miss details about charges associated with the credit card. Check whether there is an annual fee, a handling fee, charges for using your card abroad or unfair exchange rate practices. Always read the list of associated charges before obtaining a credit card. Note that if you have discount credit on your card together with an amount of credit charged at the regular rate then most credit card companies force you to pay off the least expensive credit first thereby making extra money out of you. Nationwide don't do this, they also make no charge for using your card abroad. If you are going to take advantage of a card that has a long 0% APR on balance transfers then it will probably have a short 0% APR on purchases. Never spend on these cards. As mentioned above the credit card company will force you to pay off the least expensive credit first (the balance transfer) whilst it milks you on the purchase interest. Find a separate 0% APR purchase card and use that for any new spending. Never use your credit card to draw out cash, the interest rates are extortionate and there is also a transaction fee.
As a final point, although its much less convenient, you have more chance of successfully obtaining a credit card from a bank if you go into the branch and go through the application process there. In fact its the case with all financial products that applying in person rather than over the phone or via the Internet gives you a better chance of success.
By John Kirkham
Probably you will want to transfer your balance to your new credit card to take advantage of the 0% APR offers that most cards have. This can be a bit of a compromise as those cards that have a long 0% APR period also tend to impose higher interest rates at the end of that period. Note that with the Barclays Simplicity credit card mentioned above there is no 0% APR period on balance transfers.
A third consideration when searching for an instant approval credit card is the nature of any offers and discounts associated with the use of these cards such as air miles, cash back, travel discounts, meal discounts etc. This is well worth looking into because, dependent upon your situation, you can make some quite substantial savings.
A disadvantage with applying online is that you may miss details about charges associated with the credit card. Check whether there is an annual fee, a handling fee, charges for using your card abroad or unfair exchange rate practices. Always read the list of associated charges before obtaining a credit card. Note that if you have discount credit on your card together with an amount of credit charged at the regular rate then most credit card companies force you to pay off the least expensive credit first thereby making extra money out of you. Nationwide don't do this, they also make no charge for using your card abroad. If you are going to take advantage of a card that has a long 0% APR on balance transfers then it will probably have a short 0% APR on purchases. Never spend on these cards. As mentioned above the credit card company will force you to pay off the least expensive credit first (the balance transfer) whilst it milks you on the purchase interest. Find a separate 0% APR purchase card and use that for any new spending. Never use your credit card to draw out cash, the interest rates are extortionate and there is also a transaction fee.
As a final point, although its much less convenient, you have more chance of successfully obtaining a credit card from a bank if you go into the branch and go through the application process there. In fact its the case with all financial products that applying in person rather than over the phone or via the Internet gives you a better chance of success.
By John Kirkham
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