The Dangers Of Instant Approval Credit Cards
There comes a time for everyone when you need money and you need it quick. It could be to completely renovate your home, to get away on holiday and take a break from the stress at work or home. More likely in this current economic climate, it could be just so you and your family can stay afloat.
A lot of the time this means reaching straight for the plastic. And if you have a good Credit card history, you can now get a new card through the post within just a week by applying for one of the offers for Instant Approval Credit Cards.
Instant Approval Credit Cards rely on you having a good Credit card history. If you have filed for bankruptcy or have a bad credit rating, it is unlikely that you will be approved the credit card immediately, if at all. Although on the tin it does say that your Creditcards will be instantly approved, you still don’t get your plastic until a couple of weeks later in the post. It just means the process for getting your Creditcards is much quicker than completing a paper form or visiting your bank.
What you Need to Apply
You will need to provide lots of personal details, such as your personal contact details, bank details and employment history. You will also need to provide details of your Credit card history, and details of these Creditcards, especially if you are transferring the balances from these cards to your new one.
Get the Best Rates
Be careful with companies that focus on giving you Creditcards immediately. It’s a hook to draw you in, and so their rates may not be the best. Use one of the good credit card compare websites to check the best deals on the market.
False Promises that your Credit Card has Already Been Approved
Don’t be fooled by advertising from credit card companies claiming that you have already been instantly approved for a credit card. This is completely false advertising as you cannot be approved without completing an application, whether it’s an online application or a paper application to post back to them. Remember that it is very unlikely that you will get any Creditcards instantly approved without a check on your Credit card history.
Check the Credit Card Company’s Credentials
Before you complete your online application, make sure you are using a legitimate credit card company. There may be companies posing on the net as pseudo providers of Creditcards purely to obtain all of your personal information. Check out one of the websites that compares Creditcards first of all to make sure you’re using a provider that is the real deal.
Make Sure your Connection is Secure
What’s even more worrying when applying for Creditcards online is that smaller credit card websites may not have good security systems in place. Hackers or identity thieves may easily be able to get into their databases and make money out of your personal information.
This is not to deter you from applying for Creditcards from one of the smaller providers. To get around it check that the internet connection is secure. Check that the URL or web address when you are completing the form changes to show that it is a secure connection. It should change form http://.... to https://.....
The credit card provider should have information on their website about the steps they take to make sure their website is secure.
Get Financial Advice
If you have a good Credit card history, Instant Approval Credit Cards are a quick way of getting access to money. But you must be careful about getting into more debt. Speak to a financial adviser, or free advice centre for other options.
Victoria Greenwood
vgreenwood@gmail.com
Tel 04 0567 9837
9 March 2009