The recent financial crunch has caused many would be credit issuers to tighten up on approvals for those consumer applicants with less than perfect credit. Even new credit seekers who do not have poor FICO scores, but also have not had the opportunity to establish a good credit profile as of yet are being turned away and treated as high risk applicants.
The problem for people who fall into either of these categories is that they have a legitimate need to either establish or re-establish their good credit profile and raise their FICO score, however without easy access to credit card approvals their ability to accomplish this necessary task is extremely difficult. Ironically, it’s these same card issuers who would like their applicants to have established solid credit histories who will not approve them in the beginning to help them prove that they are worthy of a new card approval. This vicious credit circle affects over half of the households in American today.
A few companies have recently stepped in to fill the credit needs of this growing consumer segment and offer instant online approval credit cards for people with bad credit or no credit history at all. These credit providers will typically issue new credit cards without a credit check and regardless of the applicants past or present credit history. Some of these cards are issued as major brand logo credit cards, prepaid debit cards, secured credit cards and online catalog shopping cards which allow the card holder to purchase household and gift items from the credit grantors web based store.
One such card offered with no credit check is a new Platinum Card that boasts a huge beginning limit of $10,000 for all of its approved applicants, even those with poor credit or no history at all. As long as the applicant is at least 18 years of age and has a valid U.S. checking or savings account, the applicant will be approved. The Platinum Card also features 0 % interest on any unpaid balance and there is no employment verification required for approval. The card does require a minimal initial membership fee, however once the new member is approved, the card issues each user a whopping $2,500 bonus to use towards unpaid balances in addition to the generous starting limit of $10,000.
For consumers who are having trouble getting approved for a traditional credit card with strict income and employment requirements, this particular card for people with bad credit may be a valuable option to acquire a high limit credit card with no credit checks or employment verification.
Having a credit card and maintaining a good credit score are definitely challenging jobs. There are some credit cards which are designed especially for the armed personnel. Having the national flag design and regular contribution to the Defence Welfare Association are some of the privileges these types of cards offers to the armed forces.
Highlights of these credit cards
• Joining fees and annual fees for first year usually will be nil.
• Similarly, joining and annual fees for an add-on member are free.
• Card holders do not have to pay charges for loss/re-issue/replacement of card as well for SMS transaction alerts
• If the card is misplaced or lost, the holder can withdraw cash by cheque - no fee for the service
• Charges for duplicate statement, charge slip retrieval and balance enquiry are nil.
• Dining Delight option - Minimum 15 % discount for dining at specific partnered restaurants.
• Complimentary access available to airport lounges
• Want to include a beloved family member - spouse, children, siblings, parents? - They just have to be above 18 years of age.
• Similar to all bank credit cards, even this card will be PIN protected and equipped with an EMV certified chip. Card holders can remain hassle free while making all kinds of transactions on mobile and other devices as there is less possibility of skimming/counterfeit fraud.
• Reward options may include a visit to a theme park, paragliding trip or going abroad a charter.
• Zero Lost Card Liability - Lost or misplaced the card? Afraid it fell on wrong hands? This liability protects the holder from the moment the loss of card is reported to the customer service. However, terms and conditions apply.
To be eligible for these cards, the card holder should be
• Defence Personnel
• The primary card holder should be between 18 and 70 years of age
• Add-on card holder should have attained the age of 18 years
These cards come with multiple reward points which can be gained by participating in community competitions. Accumulation of more than 1000 points leads to a voucher having value of $50. A card holder can get discounts in multiplexes by just showing proof of the discount voucher.
Or they can avail of free travel (as per the conditions and terms) in a theme park.
In all, these credit cards issued to the armed forces are a boon to their families as they can make bill payments online, book tickets for their favourite show or shop for essential items at multiplexes.