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Bad Credit Credit Cards.
Fast 3 to 36 Month Online Loans
Guaranteed Approval Bad Credit Credit Cards
It is not easy to get bad credit credit cards in Australia with instant approval. The GFC has increased the fear of credit providers for applicants with high risks. As a result, credit checks are becoming a necessity leading to less guaranteed approvals.
In guaranteed approval for credit cards, applicants get approval without a credit check. While they generally have a higher interest rate, a reduced limit on credit cards, and not as many features as the regular credit cards.
They are often called easy approval credit cards. This is because the credit provider does not conduct a credit check and there is a much easier approval. This is why applicants with bad credit prefer to take this option rather than a personal loan.
Secured Credit Cards
In North America, secured credit cards are very popular. While in Australia, there are no secured credit cards currently available.
Secured credit cards approve every applicant just like guaranteed approval credit cards provided you have enough property equity or you can make a bank deposit. Since the credit cards are secured using a property such as a house or you have made a large deposit in the bank then it is less risky for your credit provider if you default in payment.
To set up a secured credit card may be quite expensive because of the necessary title approval it also includes charging high fees. One of the common ways for rebuilding your credit rating if you have a poor record of repayment is to get a secured credit card because your repayments are communicated to credit bureaus. If after a year, you maintain consistency in repayments, your credit rating would improve.
What Are The Alternatives?
The major reason a lot of people prefer guaranteed approval credit cards rather than same day payday loans & other payday loan alternatives is because they have a poor credit history. However, these secured credit cards are not currently in Australia, what other options do you have?
For a start, apply to see your credit file, get this copy to know what it tells about you. If you find out any errors, ensure that they are corrected and begin to work towards improving your credit score. If you have existing credits; home loans, personal loans, or any other loan, ensure that you are paying your repayments promptly.
If you can’t achieve this, you can talk to your creditors about finding other means, consult a financial advisor for more options or you can work it out with a debt consolidation loan. If you have any challenges with paying off your credit card, you may want to apply for a balance transfer credit card. This will help you save on interest and you can start repaying your debts.
If your situation is that you have no credit history or a poor one, your bank may be able to get you a credit card if you discuss your situation with them. Also First Credit Cards like ANZ First Card which is less difficult to get for those who have no credit history, or if you are just getting started with credits. Unfortunately we do not offer no credit check loans
Instant Approval Credit Cards
While instant approval credit cards may have some of the same features as guaranteed approval credit cards, they do consider credit checks. With instant approval credit cards, you can apply online with an outcome in 60seconds.
Note that, they may involve higher interest rates and lower credit limits with a credit check somehow but not with the same methods for rating like that of the standard cards. If you are interested in instant approval credit card, check out the following options;
- ANZ Low Rate
- ANZ First Credit Card
- ANZ Platinum Credit Card
- Westpac Low Rate Credit Card
- ANZ Frequent Flyer Black Credit Card
- Virgin Atlantic Velocity Flyer Card.
Store cards are like instant approval credit cards because the store provides instant approval. A lot of people own a store card as their first credit card. However, when you are applying for a credit card, confirm the interest rate because it is often higher than standard cards. If you find yourself in this case, ensure that you pay off your credit balance at the end of each month so that your interests don’t pile up.
Last word on Bad Credit Credit Cards
Finally a common feature for instant and guaranteed approval credit cards is the no or little consideration for credit checks. For credit card companies, they prefer that you have a good credit score. They do this to determine if you will have better management of your credit in the future from your records.
Defaulting in debts and chasing the borrowers increase the costs for the credit providers. To reduce these losses and to retain offering lower interest rates, they have to reduce providing people with bad credit credit cards. So, as a potential applicant, you must check to confirm if a no credit check credit card is what you want.