Sometimes, availing a credit card becomes an emergency matter, that’s the time when instant approval credit card gets so much importance. You may need it to get enrolled for discount membership at branded store, to book a hotel room or to make online transactions within less time. These kinds of cards come with typical criteria that must be met to avail instant approval. Getting aware of features and limitations of these cards can assist you in deciding which type of instant approval card is appropriate for you.
• Starwood Preferred Guest Credit Card: It gives approval within a minute to customers who have an outstanding credit history. Using Starwood Preferred Guest Credit Card, customer can avail one reward point for every dollar he spent from his card. A customer can trade his points at more than 30 airlines or he can earn adequate points which can be spent at hotels to get free night stay. This card doesn’t charge any introductory fees in first year but from second year onwards a customer has to bear $45 annually, with interest rate of 13.24%.
• American Express Preferred Rewards Gold Card: This kind of credit card gives approval in 60 seconds. For spending $500 in initial 3 months, a customer can avail 10,000 additional bonus points. Customers don’t need to pay any fees during first year but from second year onwards they need to bear $125 every year. Customer’s credit limit is adjusted as per the way he manages his previous credit limit. Customer can avail one reward point for every dollar spent, which he redeemed on entertainment, travel or shopping purchases.
• First Premier Bank Gold MasterCard: This kind of instant approval card gives credit to those who have poor credit history. Customer can get instant approval and built up his credit score over the period of time. However, this card also comes with higher charges which include $95 program fee, $48 annual fee, $84 monthly servicing fee and $29 set up fee. As these charges are part of customer’s credit limit, the actual credit limit available for customer is quite low.
If you want to apply for instant approval credit card, it is essential to know the benefits and charges associated with them in prior time. Above comparison will help you in understanding the pros and cons associated with credit cards of different companies.
