Instant Credit Card Approvals - How to Avoid Fees
Instant credit card approvals slicks are sweeping the Internet. Nearly anyone with outstanding credit can apply for these cards and receive a response in minutes, or sometimes-even seconds. The annual fees, interest rates, balance transfer fees, and other fees all vary on the credit cards, therefore contrasting and comparing is wise while seeking credit lines.
Annual fees - Many card issuers or banks often waive the annual fees, yet the card issuers will add the fees in a clause, therefore check the Terms & Conditions, fine lines, and other information before accepting the cards.
Interest Rates - The interest rates are often available upfront. Credit cards issued from banks offer revolving lines of credit, which 2% of the interest is levied, while the outstanding balance is repaid monthly. The actual rates of interest paid yearly can be right around 24%. This is an important issue to understand: if you roll over payments on credit cards, you may pay interest rates of up to 25% and more on a yearly basis.
The Annual Percentage Rates (APR), is the interest rates, which are often fixed or variable. The interest fixed rates and variable rates differ, therefore understanding your plan is essential for getting the lowest rates.
Grace Periods are important to understand also. The grace periods are what determines the fees and interest paid on the instant approval credit cards. Many banks issuing credit cards will offer a 25-day grace period before attaching interest to the card balance. This means that if you purchased a 0 item on your card you won’t pay interest on the balance, if paid before the grace period ends. If you pay the balance after the grace period, likely you will pay late fees and higher rates of interest.
Other Fees - Many credit cards charge fees on cash advances, balance transfers, etc. Therefore, read clauses, stipulations, Terms & Conditions, fine lines, and all other information before accepting a credit card.
Three Types of Credit Cards
Overall, there are three types of credit cards: house cards, bankcards and travel and entertainment cards. The bankcards are obtainable through banking institutions or card lenders. Most times, you receive a MasterCard or Visa. The Travel and Entertainment credit cards come from American Express, Diners Club, and so forth. These cards are accepted only in designated areas. The house cards include Wal-Mart Cards, Sears, Pennies, and so forth, and these cards are only accepted in the named stores. Still, you can apply for American Express, Gold Cards, and more through common credit card companies or banking institutions.
Conducting research is wise, yet it is nothing if you do not compare and contrast the instant approval credit cards. Many sites are available with information relating to instant credit card approvals. The secure sites will put you in touch with card issuers who specialize in helping you find the best credit cards online.
About the Author: For more information regarding instant approval credit cards, Allan Roberts recommends that you visit CreditCardAssist.com.