What is your credit score? Have you been paying loans and debts on time? What about your monthly bills? If you adhere to the set deadlines in paying off debts and loans, you set a good credit record with your financial institutions and vice versa. People with bad credit find it difficult to access credit services. However, there are few financial institutions that have instant credit card approvals for bad credit no deposit.
What do you understand by the term credit score? To make you understand what a credit score is, let me describe what it is. A credit score is a numerical representation of a person’s creditworthiness based on the person’s files on loans and debt payments. It helps financial institutions to decide whether to give you a loan or credit and how much. People with good credit scores access loans and credits easily.
Although people with bad credit scores can get credit cards, not every bank will allow that. Financial institutions that allow poor credit people may charge high processing fees that can prove very expensive. However, once you get a credit card, you can do many things that include bill payments, and purchase of goods and services. You can even send money online using a bank account.
Why Do I Need a Credit Card?
Credit cards are very essential in many ways. Contrary to debit cards, a credit card can help you pay for goods and services even when your bank account is dry. It is because a credit card enables you to borrow money from your bank and later pay at the end of the month. However, you have to use money based on your credit limit. Someone with a bad credit card has a small limit of his or her credit.
Secondly, you can use a credit card to send money to people domestically or internationally. Having knowledge of how to transfer money using routing number and account number is critical during the process of sending money. Moreover, you should have an online checking account to facilitate the money transfer process. The recipient should have an account number with a particular bank. If not so, he or she can have a prepaid card account to receive money.
Again, a credit card can help you access money via an ATM. You can withdraw money from the machine anywhere which accepts the card’s service provider. Using an ATM, you can also deposit money into your account.
Who are Service Providers for Credit Cards?
A service provider facilitates the operation of a particular system. For instance, if you are a regular user of mobile phones, you probably know who your service provider is. To bring you closer to the limelight, companies such as AT&T, Verizon, T-Mobile and so on are telecommunication service providers.
Credit Cards, just like debit and prepaid cards require a service provider to oversee the functioning of the card. Cards require networks just like SIM cards to operate. When paying for goods and services, when sending money or when withdrawing money from an ATM machine, there are communications between the recipient banks, the service provider and the sending bank.
When you want to send money with a checking account number to someone else’s account, the service provider must confirm that you have sufficient funds in your account to send the money and then communicate with the sending bank as well as the receiving bank. Currently, MasterCard, Visa, American Express, and Discover are the main service providers in the world. Each one of them has different charging mechanisms for services rendered. However, they operate just the same.
Who Can Own a Credit Card?
People with good credit scores have high chances of getting a credit card as well as a high credit limit. It all depends on your previous history of paying debts. It can be hard to get a credit card if you have been defaulting loan payments.
Anyone with a bank account can get a credit card so long as your bank approves it. Parents can open accounts for their children. Children under the age of below 18 years can have credit cards. For instance, Citi has no age limit when it comes to issuing credit cards. However, parents have to back their children during the account opening.
When children acquire cards, parents are responsible to fund the account since children do not work. The same applies to debit accounts where parents can send money from checking accounts instantly into their children’s accounts or deposit over the counter.
What Should I do if I misplace My Card?
You do not have to worry if you lose your credit card. Today there is advanced technology that ensures high-security measures to safeguard you from fraud. The Chip technology ensures that your card is secured with a PIN. You should never disclose the PIN to anyone.
If you misplace your card, you should contact your bank to disable it, and then proceed to their branch to get a new one. It takes a short time to process for you a new one. Disabling the card minimizes the chances of losing money as there are fraudsters who can use advanced software to hack your account. They then use it to buy goods and services, send money, or even buy gift cards online with checking accounts belonging to you.
How Do I Send Money Using A Credit Card?
The process is simple. So long as your credit account is active, you can send money to someone using an online checking account. You should have the account number of the recipient you intend to send money to. If you are sending money to someone from a different bank, you should have the routing number of the receiving bank.
Upon logging in your account, you navigate to the section about sending money and enter the account number if the recipient and other necessary details as directed during checking. Money sent to an account of the same bank takes a very short time while it can take up to three days for the send money to reflect in the recipient account of a different bank due to processing time.
Which Are The 9 Best Instant Credit Card Approval for Bad Credit No Deposit?
Having done a thorough study on credit cards, I have identified nine best instant credit card approvals for bad credit no deposit. They include the following.
1) Fingerhut Credit Account
The card is easy to apply since no credit is needed. You can apply for the card in minutes. Moreover, Fingerhut Credit will help you to build your credit record if you practice timely payment practices. It reports to Equifax, Experian and TransUnion credit bureaus.
The card can help you to purchase goods and services. Another interesting thing about this card is that there is no annual fee to pay. If you have a bad credit you can qualify for an initial credit line of $300 or even more with time. Some can even go up to $2000. Apply here.
2) Milestone Mastercard
The company does not need a good credit score. If you have in any case defaulted loans in other financial institutions, then Milestone MasterCard will have mercy on you and issue you with a credit card. You will also get access to a mobile application that will help you operate your account online.
Moreover, the company has high mechanisms to protect you from fraud In case you lose your card. Milestone MasterCard reports to the three credit bureaus of the US. You should thus take advantage of that and make your credit records straight. However, there is an annual fee of $35 – $99. Apply here.
3) Total Visa Card
If you have been longing to have a Visa card, then consider the Total Visa Card and start enjoying the purchase of goods and services even when you lack money. Moreover, you will be in a position to withdraw money from the ATM when you need it.
Above all, you have a good chance to build your credit score with time. The monthly payments are easy to manage. The card is acceptable across the whole of the United States of America both at physical shops and online. They need either a bad or fair credit score to approve you. They too report to credit bureaus. Apply here.
4) Capital One Secured Mastercard
There is no annual fee upon getting this card. Be sure to build your score to something good with time. However, you should show your readiness for the same. Although you have to deposit 49, $99 or $200 refundable, it seems that it is free since the deposited money belongs to you. Your credit will rise with time. If you deposit more money, then you increase your limit.
The account is easy to manage all the time using a mobile app and the internet. Send money and buy goods and services with ease just by the touch of your Smartphone. The annual fee is just zero. Apply here.
5) First Access Visa Card
You do not need a perfect score for this credit card. What you have to do is to apply for the card and practice timely payments of the credit. This way, you will improve your credit score to a large extent. Remember the company reports to the credit bureaus of the US. After all, no monthly fees. The card application process takes less than 10 minutes.
The application for this card is secure and happens online. The company has many ATM machines distributed countrywide wide where you can withdraw money for your daily use. Sending money is possible online with this card. See the application details.
6) Surge Mastercard
You have a good chance to build your credit score with Surge Mastercard. The company will always take your credit score to the reference bureaus showing how you make your payments. However, you may fail to achieve a good score if you fail to comply with the payment terms and conditions. The company welcomes even the worst credit scores.
Application is fast and you need a checking account for you to get the card. Moreover, you will be able to access the account online using your phone. It is convenient to use. Do you like it? Then you can apply for it. Apply here.
7) Credit One Bank Visa with Free Credit Score Tracking
The application is fast. You can check if you pre-qualify within 60 seconds. It is such a great card to have. The application is secure. Do not worry about security since the company has high-security details to protect you from fraud. Moreover, you can access your account easily by phone.
Again, track your progress and update your preferences. With this card, you can get 1% cash back on eligible purchases such as gas, groceries, internet, cable and satellite TV among others where terms and conditions apply. Hurry up and apply for the card. Get the card here
8) Credit One Bank Platinum Visa for Rebuilding Credit
The company helps you to check if you pre-qualify without charging you any coin. They are there to help people with bad credit to build their credit to excellent levels. Every month, they report to their credit bureaus about the progress of their customers.
The credit company reviews credit records periodically to see if they can make increments. The communication system for the company is excellent since you can always receive customized alerts via emails or SMS about important issues. You will also receive 1% cash back on eligible purchases. It is a worthy card. Apply here
9) Indigo Platinum Mastercard
First, be sure that the card is highly protected against fraud. By incorporating the Chip technology, the company ensured that you are protected from fraudulent acts of cyber criminals. With no charges, choose the design of your card. Choose which color pleases you the most.
Furthermore, the application is fast. 60 seconds are enough to decide whether to give you a credit or not. Accessing your account is very easy since you only need to log in using your mobile phone via the company’s app. Again, accessing your account is possible 24/7. Wake up even at night and do something in your account. Apply here
Credit cards are very important since they help you to access finances easily. Credit cards for people with a poor credit history are highly commendable since they help the concerned to access financial aid. In order to jack from poor credit levels to a good credit score, you should practice timely payments every month. It helps increase your score. Always learn to operate below your credit line.