Credit Cards that Won't get you Declined
Posted at by ifydcat on category CreditMore and more people are being declined for credit cards in todays current economic climate. The credit lending criteria has become far more strict in the last 18 months, whereas In the past you could get accepted online in a matter of minutes by supplying simple information like name, age, address, employment and income.
This has all changed since the credit lending climate changed. Credit Card companies are reducing their risk to borrowers by introducing high APR credit cards with low limits. These are easier to get accepted for and if with your good credit rating in the past has no guarantee of being accepted today you may want to opt for one of these if you are financially squeezed.
One of the more popular credit cards is the Vanquish Credit Card which says on its website that if you are new to credit or have a bad credit rating then this may be the card for you. The APR is sky high but the chances of you being accepted are pretty good. The Vanquis Visa Credit Card is there to help you if you a new to credit so if you are trying to build some sort of credit history then this may be the route to go. These cards have a fixed limit to protect you and the card company. As they say some credit is better that no credit at all.
These cards are not only aimed at people with bad credit ratings because as mentioned even good credit ratings won’t guarantee you are accepted. This is a growing market and you will find more and more credit card companies launching these types of cards. The Suns Tuxedo Card is another such type card however this is a prepaid card. You don’t require a bank account and your salary or wages can be paid directly into it. It can be used in a normal ATM all over the world as they are backed by Mastercard.
There is no question about it these Credit Card companies are making a fortune by charging APR’s of 39% which works out out a rather healthy profit margin when you consider the interest rates are in single digits. Saying that if you are in a poition where you need some form of credit and being declined is the order of the day, these types of credit cards may help you in the short term.
Emphasis on the short term!