Credit Cards Guaranteed – Facts You Need To Know – Credit Card 101
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Article by Morgan Hamilton
Almost on a daily basis emails can be viewed offering the best deals on credit card rates, zero interest for the first six months, no annual fees and many other perks trying to convince the pubic to have access to more credit. Even those without some of the worst credit scores received pre-approved credit card offers and applications for credit cards guaranteed to be approved.
However, not every offer for credit cards comes from the bank issuing the credit card. When they do send out invitations under the pre-approval headline, the disclaimer is always present, that the approval has been granted to apply for the card, and final approval will be determined after credit approval. Meaning, once they contact the credit bureau, which they cannot do until they receive the card back with the individual’s signature.
Other companies however, will advertise that after filling out their application, they will send a list of lenders willing to offer a credit card, guaranteed. For the most part, they fulfill that promise, even if a majority of lenders on the list are offering pre-paid credit cards. Credit cards that do not require a savings account balance in their bank, unsecured cards, usually require:
* Processing Fee of 50 percent or more of initial credit limit * Annual Fees, which can be nearly as high * Exceptionally high interest rates * No balance transfers allowed * No grace period.
People applying to find out how to obtain credit cards guaranteed are not the ones in the top numbers of the credit rating scale. Typically their credit report has been seriously scarred for reasons other than not wanting to pay. Medical bills, divorce or other problems may have prompted an unexpected and temporary lack of funds, throwing their credit history into turmoil.