Friday, December 22, 2006

Are Guaranteed Approval Credit Cards Right for You

By Morgan Hamilton

Not a lot of people have heard about guaranteed approval credit cards. This is because these cards are a rather new idea when it comes to credit cards for people with bad credit or no credit. Those who have tried to get credit for the first time or tried to get credit with a bad credit history are aware that it is a difficult, if not impossible task.

Credit card companies offer cards to those who are most likely to pay for them because they do not like to risk the chance of not getting paid. Fortunately, they came up with guaranteed approval credit cards to help those who are in need of credit.

Traditional credit cards and guaranteed approval credit cards are quite similar. Both of these types of cards have a major credit card company logo and can be used wherever the companies’ credit cards are accepted. Unlike secured credit cards, these cards do not require a deposit or the person to open a savings account.

A person usually has to agree to upfront fees and charges made to the credit card in order to get a guaranteed credit card. The person also has to agree to let the credit card company charge a processing fee and annual fee to their card.

The initial credit limit is usually low and the remaining balance will be less than $75, once these fees are charged to the card. This entails that a card holder has to pay off these fees in order to really be able to charge much to this type of credit card.

Another form of guaranteed approval credit cards is the secured cards, which may turn out to be a better option. However, a person has to have money upfront, to open a savings account that becomes his card balance. Most secured credit cards require a minimum amount for opening an account, while a few secured cards allow a the person to spend all the money without worrying about large fees.

A person with no credit or bad credit can build a good credit history through guaranteed approval credit cards. Comparing the different cards and choosing the most suitable one is the key to getting the most from guaranteed approval credit cards.

A credit card company may offer a traditional credit card to those who keeps their credit cards paid up and in good standing. This indicates that the time spent in using a guaranteed approval credit card is well worth it in the end.

Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Apply Online for a Credit Card, including assistance with the American Express Small Business Credit Card. Get the information you are seeking now by visiting www.findqualitycreditcards.com.

Wednesday, December 20, 2006

Consumers 'hit by store credit card offers'

Nearly a quarter of British consumers are using high-interest store credit cards to finance their Christmas shopping, it has been claimed.

Research published today by Alliance & Leicester (A&L) reveals that 23 per cent of people use credit cards, despite the fact that in some cases they have to pay interest at a rate of nearly 30 per cent for the privilege.

The A&L survey suggests that many customers are unaware of the high interest burden they assume. Over half of those using the cards do so only because they were offered them by an in-store sales assistant.

"Christmas costs can really add up, and some of the offers pushed at us by sales assistants in connection with their store cards can seem really tempting. The real costs of these 'discounts', however, may be with you for a long time as interest payments stack up," Richard Al-Dabbagh, senior personal loans manager at A&L, warned.

High interest-charging store credit cards are currently under investigation by the Office of Fair Trading (OFT).

Despite today's findings from the A&L survey, data released today by the British Bankers' Association shows that consumer credit lending remains constrained.

Source inthenews.co.uk

Thursday, December 07, 2006

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