Are you in need of a credit card? What are your credit scores? Irrespective of whether you have good or bad credit scores, there are various financial institutions where you can get instant credit card approval to use at places such as supermarkets, hotels, hospitals, and airports among other places to purchase goods and services. It is safer to use credit cards than cash when shopping for your items or paying for services rendered.
If you have never seen a credit card, you might be wondering what I am talking about. A credit card is a small rectangular plastic card issued by financial institutions that allow you to borrow money from your bank and pay later at the end of the month. Normally, the borrowed money attracts interest so that you pay a higher amount than the amount you borrowed.
There are different types of credit cards that are issued depending on the number of credit scores you have. There are credit cards for bad credit and others for good credit scores. Most financial institutions take a very short time to process credit card applications. You can thus get instant credit card approval for bad credit no deposit within minutes of application. However, the card may take some days to reach your place.
Which are the types of credit cards?
There are two main types of credit cards. We have secured and unsecured credit cards.
i) Secured credit cards
Secured credit cards are kinds of credit cards that require a deposit. You then borrow against your deposit and in case you are unable to repay your debt, your issuer will automatically take the deposit to repay your debt. Some institutions allow you to borrow exactly equal amounts to the amount you deposited while others allow you to borrow a percentage of what you deposited.
Secured credit cards are for people with no credit history and are willing to register a good credit record for future borrowing. Also, people with bad credit history can get a secured credit card to improve their credit scores. Secured credit cards do not require any credit scores.
ii) Unsecured credit cards
Unsecured cards are the ones that do not require you to deposit some amount of money when applying. They require you to have some credit scores when applying. You can have a credit card for poor credit scores or one for good credit scores.
Unsecured credit cards for bad credit with no deposit have low credit limits as compared to unsecured credit cards for good credit scores or higher. Again, unsecured credit cards for bad credit history have low credit limits and higher interest rates as compared to unsecured credit cards.
What is a credit score?
A credit score refers to any number between 300-850 that shows your creditworthiness. In simple terms, a credit score shows your ability to repay a certain amount of loan. In other countries, the scores may have a bigger range.
How are credit scores calculated?
Credit scores are calculated using the FICO score format whereby several aspects are taken into consideration. There are five categories of data that determine your overall credit scores. These include the payment history (35%), amount of money owed (30%), length of credit history (15%), credit mix (10%). and new credit (10%).
Your credit payment history contributes a lot to your final credit score and must be watched closely. The lowest number (300) indicates poor credit while the highest number (850) indicates excellent credit. With a credit score of between 300-579, you can only get an unsecured credit card for bad credit since the range indicates poor credit scores. In summary, credit score ranges appear as follows.
- 740-799(Very good).
Credit cards for excellent credit scores have higher credit limits and attract a lower interest as compared to credit cards for poor credit scores. It takes discipline to attain excellent credit scores.
Does the credit history matter when applying for loans?
Lines of credit and loans are all debts and thus your ability to repay must be evaluated. It therefore, means that your credit scores matter during a loan application process. For instance, most personal loans from a credit union require you to have at least 585 credit scores.
What are some good instant credit cards to use?
The following are some of the best credit cards you can apply and get within a short time. Have a look.
1) Credit One Bank® Platinum Rewards Visa Card
The card has no annual fee and makes it one of the best cards to have since it is economical to use. You will also get a 2% cash back reward on all eligible gas and grocery purchases. Mobile phones, internet, cable, and satellite TV services will also earn you a 2% cashback. Looking at the card, it is one of the best rewards credit cards with no annual fee.
Also, the card is convenient to use since it allows you to choose your due date. You will not be stressed by having to repay your debt on a specific date. Also, you will have free online access to your Experian credit score so that you can monitor your performance. See more
2) Marriott Bonvoy Bold™ Credit Card
Various benefits come with this card once you apply. You will be able to earn 3X Bonvoy points per $1 spent at more than 7,000 hotels participating in Marriott Bonvoy. Furthermore, you will be able to earn 2X Bonvoy points for every $1 spent on other travel purchases. These include airfare, taxis, and trains. Also, get a 1X point for every $1 you spent on all other purchases.
The card has no annual fees. In addition, it comes with an intro bonus of up to 30,000 points. The regular APR is 15.99% – 22.99% which is variable. The card has no foreign transaction fee. You may also receive 15 Elite Night Credits annually, which qualifies you for Silver Elite Status. See more
3) Blue Cash Everyday® Card from American Express
The card has no annual fee. Furthermore, it has an intro bonus of $200. This applies when you spend $1,000 in purchases on your within the first 3 months of the card application. The card gives you 3% cash back at U.S. supermarkets for up to $6,000 per year in purchases, and then 1%.
Also, you will get 2% cash back at U.S. gas stations as well as at select U.S. department stores. Furthermore, you will be able to get a 1% cash back on other purchases. This card has an intro regular APR of 0% on purchases for 15 months and thereafter a 13.99% – 23.99% will apply. See more
4) American Express Cash Magnet® Card
You will not have to pay annual fees with this card since it does not charge any amount as an annual fee. You will also be able to get unlimited 1.5% cash back on your purchases. The cash back is received as rewards dollars and can be redeemed in your statement credit.
Furthermore, you will be able to earn a $150 bonus when you spend $1,000 or more in purchases with your new card within the first 3 months of acquiring it.
Interestingly, the card has an introductory APR of 0% on purchases for the first 15 months of card usage. A regular APR of 13.99%-23.99% will apply afterward. Get the card today and use it to transfer money using the routing number and account number to other people from different banks. See more
5) Wells Fargo Propel American Express® card
Wells Fargo Propel American Express® card has no annual fee. Furthermore, the card offers 3X points across various categories such as gas stations, flights, hotels, and others. Get the card and spend $1,000 in the first 3 months to get a sign-up bonus of 20,000 points. This is equivalent to $200 when redeemed.
The points do not expire as long as the card account remains active. The card has cell phone protection that helps to protect your cell phone from damage or theft. Again, the card has a 0.00% intro APR for 12 months from the date of the account opening. See more
6) Discover it® Cash Back
The card has a 5% cash back on various rotating categories up to $1,500 spend a quarter. Thereafter, the reward is 1% cash back. The card has no annual fee and this makes it one of the best cards to have. Moreover, the card has a 0% Intro APR for 14 months on purchases and balance transfers.
It has a 3% Intro Balance Transfer Fee until January 10, 2021. Thereafter, an 11.99% to 22.99% Standard Variable Purchase APR will apply. Also, up to a 5% fee for future balance transfers will apply. See more
7) Chase Sapphire Preferred® Card
Apply for this card and get a sign-up bonus of 80,000 rewards points for spending $4,000 in your first 3 months of getting the card. Furthermore, the card charges a low annual fee of $95. You can redeem the points for 1.25X value through Chase’s travel portal. Again, you can continue adding to your stash with 2X points per dollar on dining and travel purchases.
With this card, your points are worth 25% more if you redeem them in new categories such as grocery stores and dining at restaurants, home improvement stores such as Home Depot and Lowe’s. Select charitable organizations also count. See more
8) Capital One® Venture® Rewards Credit Card
The card has an annual fee of $95. You will be able to earn 100,000 bonus miles after spending $20,000 on purchases in the first 12 months from account opening. Again, you will still earn 50,000 miles upon spending $3,000 on purchases in the first 3 months.
Moreover, the card earns 5X with Uber Eats until January 31, 2021. It does not charge foreign transaction fees and thus you can spend less outside the US. Also, receive up to $100 credit for Global Entry or TSA Pre® when you use your card. See more
What are the advantages of good credit cards?
Good credit cards come with lots of advantages that will make you enjoy using a credit card. These include;
- Excellent rewards
- No deposit when applying
- Security of your money
- Helps you grow your credit scores
- Sign up Bonus
Can I get a second chance credit card with no deposit?
You can get a second chance credit card with no security deposit from various financial institutions. Some of the most common credit cards for second chance options include the following.
1) Indigo® Platinum Mastercard®
The card gives you the freedom to choose your card design with no extra charge. You can operate the card using your mobile phone with ease. Furthermore, the card has secure fraud protection using chip technology. You will also get an opportunity to grow your credit scores since the card issuer reports to the major credit bureaus.
Pre-qualification of the card will not affect your current credit scores. Use the card to carry out various transactions 24/7. See more
2) Total Visa® Card
Total Visa® Card will require you to pay a program fee of $89 to access the available credit. The card is accepted by merchants across the country and thus you will find it very useful. Also, the card will help you increase your credit scores and qualify for better cards. You can get up to a $300 credit limit depending on your credit scores.
The application of the card will take you not more than nine minutes. Furthermore, the application process is fast and easy and the response is provided in seconds. See more
Good credit cards are wonderful in that they do not require you to deposit any amount of money to get them. Again, most of them have zero annual fees and low-interest rates. A good credit score can help you grow your scores to qualify for a credit card for excellent scores. People with bad credit scores also have a chance to get credit cards.