You can apply for most credit cards online these days but often even though the application only took a few minutes to complete you are still left waiting for a week or so to find out whether or not you are approved. For those with fair credit getting a credit card can be hard enough, the wait to find out whether or not they have actually managed to can be excruciating.
Instant approval credit cards for fair credit eliminate that agonizing wait. Apply online for these cards and in most cases you will have an approval decision in a matter of matters, whether it is the answer you were hoping for or not.
How do companies offering credit cards with instant approval make a decision so fast? The decision is actually made by the bank computer and is based primarily on your credit score, plus a match of your social security number, mailing address and phone number. Before actually mailing out the credit card, the card issuer will do a double-check on information you submitted, and will also make a decision about how high a credit card limit to issue, information that will not be given to you during the instant approval process.
One word of warning – it is not wise to apply for more than one or two credit cards within a certain period of time. Doing so can affect your already delicate credit negatively, especially if you are not approved for the cards you apply for.
If you are wondering which instant approval credit card you should apply for his a little information about some of the best of them:
Chase Freedom Visa
CBS Moneywatch voted the Chase Freedom Visa the “Best overall Card” for 2011 and for very good reason. This is a card that while it is attainable by those with fair credit offers a reasonable rate of interest and is backed by customer service that is renowned for its excellence.
There is an initial 0% APR offered on this card for the first six billing cycles but even after this introductory rate has expired it only rises to a very reasonable 11.99-20.99, excellent rates for a card that is offered to those with less than great credit.
The fact that the Chase Freedom Visa is a cash back credit card, and a very good one at that, is just another reason that it is such a great card for those with fair credit to apply for. All purchases earn 1% cash back but the certain purchases earn a very generous 5% cash back depending upon the month. Confusing? It is not really. Each month certain spending categories are designated by Chase and purchases made in any of them earn the increased cash back rate until the period expires. In addition if you spend $500 in total on your Chase Freedom Visa in the first three months you receive $100 cash back automatically.
When you decide it is time to redeem your rewards you can do so in the form of straight cash – as a check or direct deposit to your bank account. Alternately you can choose to redeem them for gift certificates for use at select merchants.
Discover Open Road Card
This is a great instant approval credit card for fair credit for those people who – as the name suggests – spend a lot of time on the road. All purchases are rewarded with 1% cash back but all of those made at gas stations or restaurants earn a more generous 2% cash back. There are no limits to the amount of cash back that can be earned on an annual basis and rewards can redeemed at any time after you account balance reaches $25 and be issued as a check or as a direct deposit to your bank account. In addition after you receive instant approval for the Discover More card when it arrives in the mail so does a gift certificate for $75 redeemable at Restaurants.com.
In terms of basic numbers the Discover More card stacks up against other fair credit credit card offering very well. Cardholders enjoy an APR of 0% for the first 12 billing cycles after which the APR is assessed at between 11.99 and 20.99% . There is no annual fee and there is no application fee either.
Chase Slate Card
When it comes to paying interest on credit card purchases, consumers with credit of all kinds have always faced something of an all or nothing proposition. Pay their balances in full and on time every month and avoid paying interest or make payments that are short of their outstanding balance usually due to budgetary concerns and end up owing interest on all purchases from the moment the charge is made until the moment that it is paid of in full. The Chase Slate card was designed to try and help those with fair to good and excellent credit deal with that dilemma more easily.
With the Slate card, Chase offers something called Blueprint that essentially allows you to pay off some of your purchases within the grace period while extending payment on others. In this way, cardholders can designate a portion of their Slate card bill to be paid off at the end of the month and thus avoid paying interest on everyday purchases like coffee, groceries or gas while still carrying a balance for bigger ticket items they have purchased (furniture, vacations etc.)
Those with fair credit are offered a 0% APR for the first six months of card membership (the period is longer for those with good credit) but that is still helpful for those looking to pay as little interest as possible.
The biggest advantage of the Slate card for most people is that it does allow them to make larger purchases and pay them off over time without being hit with huge interest fees. The fact that such a useful credit card is available to those with only fair credit is a surprise to some, but at least it is a welcome one!