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Instant Approval Credit Cards

Applying for a credit card is something that should be thought out and planned ahead of time. The process typically takes weeks, or even months. There are only a select few credit cards that provide instant approval. Chances are you could find a better interest rate and credit card terms with a different credit card that does not offer instant approval. Therefore, it is suggested that you at least compare your options before applying for an instant approval credit card. If the credit card you wanted to apply for already though is an instant approval card then it just serves as a great perk.

The options for instant approval credit cards vary tremendously depending on your credit rating. If you are set on obtaining a credit card then you will want to look for the credit card offers for individuals in your credit rating range. It would be pointless to apply for a credit card for those with bad credit if you have excellent credit. So, make sure you compare the instant approval credit cards that are available and find the one with the best terms and interest rate possible that you believe you would qualify for.

Choosing an Instant Approval Credit Card
As already said, comparing your options of instant approval credit cards is crucial for you to find the best card for you. It is absolutely essential that you compare the interest rate and credit card terms if you want to obtain the best credit card that you can qualify for. Also, finding the right card could mean higher credit card limits, less additional fees, and a better bonus package or rewards program. So, it is definitely in your best interest that you spend some time to compare your options and choose the right instant approval credit card for you.

How an Instant Approval Credit Card Works
An instant approval credit card is applied for online. There is a form that you will fill out with your personal and financial information. When the form is completed it will be processed and you will immediately receive a result on whether you were approved or not. Many instant approval credit card applications are not really instant though and results could take a few minutes or hours to receive.

Benefits of Instant Approval Credit Cards
There are many benefits to applying for an instant approval credit card. The instant approval feature is great as it provides immediate or very quick results on whether you are approved or not. This is very beneficial for a number of reasons. For one, it prevents you from wasting many weeks applying for one card before trying to qualify for a different one. Secondly, if you already know the card you want and know you should qualify easily then it speeds up the process tremendously.

An instant approval credit card application is very useful for those that already know which card they want to get. If you are looking to obtain a secured credit card to build your credit history then the instant approval option will be very beneficial. There is less need to evaluate your application so the decision can be made through their computer instantly or through a quick evaluation within a very short amount of time.

Downfalls of Instant Approval Credit Cards
The major downfall of instant approval credit cards is that most of them are low quality. The interest rate for these cards is typically very high and most of them are tailored to those with poor credit. The instant approval cards that are available for those with a better credit rating are also lower quality on average to most other options of credit cards. There is definitely a good chance that you can find a better credit card if you look at options that do not have instant approval if your credit score is decent.

Should You Apply for an Instant Approval Credit Card?
If you would like to obtain a secured credit card to build your credit history then there is no issue with going the route of an instant approval application. If you are specifically interested in a card that is available with instant approval then it is not an issue either. However, it is highly recommended that you look into the credit cards that are available so you can compare the credit card interest rates and terms that are available to find the best deal possible.

Ultimately, you do not want to just pick the first credit card you see so narrowing your choices of credit cards to apply for based on approval time is not recommended. To close, instant approval credit cards are great for certain purposes but you should definitely know what your other options are before applying for one.

Low APR Credit Cards

The abbreviation APR stands for Annual Percentage Rate. This is the rate that is levied by the credit card company on all outstanding balances. It is a monetary variable charged for the current year. For example, an annual 10% APR will mean that the interest charged on the credit card works to 0.833% monthly. This is the rate at which all balance of payments carried forward to the next month will be charged. The PR is mentioned in the disclosure statement issued by the credit card company.

Suppose a card has an APR of 24% and the cardholder has an unpaid amount of $600, then the credit card will be loaded with an additional amount of $12. This is because the incidence of interest works out at 2% per month, and 2% of $600 is equal to $12. Therefore, this is the amount of interest charged on the outstanding balance carried forward to the following month by the cardholder. This APR may vary with reference to the nature of purchases made as well as the volume and frequency of purchases.

Additional incidence
This feature of APR is expressed as a percentage and conventionally describes the additional incidence of the obligation of payment of interest by the cardholder for not paying his entire dues. This monetary charge has two definitions. One is the nominal rate and the other is the effective APR. The nominal rate is arrived at by multiplying the number of periods of payment with the rate charged for that period of payment in a specific year. It is simply the interest rate charged as a percentage annually, whilst the effective rate is the interest rate compounded and is inclusive of fixed fees.

Influencing factors
There are a myriad of factors that affect the APR, the most predominant is the credit rating of the cardholder. The financial scenario and the prevailing rate of interest in the market will also influence at what level the APR will be charged by the credit card company. There is always a modification and correction made to the Federal Reserve rate, along with the prime rate so as to keep inflation in control and to boost the economy by encouraging borrowing.

Volatility of APR
As a consequence to these corrections, credit cards with low APR today may not enjoy the same low level in years to come. The bleak state of the economy and volatility in the credit scenario warrants even low APR credit cards to have a rate range of 8% to 12% per year. Rare will be the occasion when the credit card will be offered at a lower APR. Today there are companies offering 0% APR but this rate is only for a fixed period of time and on expiry of this period the rate will be hiked up to the usual 20% plus level.

Benefit of high credit rating
Generally, individuals who enjoy a high credit rating will be offered credit cards with a low APR due to a lesser risk of default on payments by that individual. Since the individual enjoys an excellent history of credit, the company issuing the card will find him a safe bet for payment of his dues and may offer him a card with 0% APR or a low APR card. There may be a vast fluctuation in the variables applied for APR calculation which may even reach 50%, meaning that one card may have 0% APR whilst another has 50% APR.

Only balance affected
An important aspect of this APR is that the interest is calculated only on the balance amount carried forward from the previous month, and is not applicable for any new purchases made during the current month. That is unless the balance amount is left unpaid and carried forward to the subsequent month. Due to any unavoidable financial constraints, an individual may pay the minimum amount required in the current month and keep a certain amount as the balance. Then that balance amount will be liable for the APR charges. But any new purchases made within the credit limits enjoyed by him during the next month will not have this APR levied.

Intro offers
With a low APR credit card you can enjoy festival shopping, vacationing to exotic places, or making a purchase involving substantial amounts of money. Such a card will help you to spread out your payments over a period of time with 0% to low interest being charged. These low APR cards can also be effectively used to transfer balances to other credit cards, which may have a higher APR associated with them. Thus, you can save the difference in the interest rates and profit. Introductory offers may range from 0% to a mere 4% for a period of six months to even a year. And even after the expiry of this initial offer, the APR will be low up to a maximum of 15.99%. The introductory rate offered may even cover purchases as well as balance transfers.

HSBC Credit Cards

The HSBC credit card is one of the most popular credit cards and HSBC is the bank that is behind many of the cards that consumers are familiar with including the Orchard Bank Classic Master Card, the HSBC Platinum MasterCard with Plus Rewards, the HSBC Platinum MasterCard with Cash Back Rewards and the HSBC Platinum MasterCard. HSBC credit cards are revered as they typically have no annual fees and offer a number of unlimited awards and benefits. The HSBC Platinum MasterCard is a basic credit card that offers 0% rate on purchases and balance transfers.

The HSBC Platinum MasterCard has no annual fee (terms apply)and a 9% introductory APR on card purchases and balance transfers for 12 months. This is a simple credit card for those who aren’t looking for rewards, cash back or need a secured card.

The HSBC Platinum MasterCard with Cash Back offers a full 1% cash back on every single card purchase and has no caps on earnings or point expirations, meaning the card is unlimited. There are no complicated spending requirements in order to access your cash back and there are no tiers you need to climb through. The card has no annual fee and come with 0% introductory APR on card purchases and balance transfers for 12 months (terms apply).

The HSBC Platinum MasterCard with Cash or Fly Rewards enables consumers to enjoy their travel rewards without the traps that many other cards constrict travelers with. You can earn 1 point for every dollar spent and 25,000 points is the equivalent of a domestic roundtrip airfare with a maximum dollar value of $400.00. You can begin redeeming your travel points once you reach 7, 500. With the HSBC credit card you have the freedom to book your own travel ticket or you can use the travel agency provided by HSBC. There are no blackout dates and no earning caps as well as no expiration date for points. There is a 1% cash back option and a 0% introductory APR on card purchases and balance transfers for 12 months with no annual fee (terms apply).

The HSBC Platinum MasterCard with HSBC Plus Rewards allows you to earn 1 point for every dollar spent with your card. You can redeem your earnings for flights and stays at participating hotels, as well as gift cards from popular merchants with unlimited cash back and more. There are no caps on earnings and points never expire. The HSBC Platinum MasterCard with HSBC Plus Rewards has a 0% introductory APR on card purchases and balance transfers for 12 months and no annual fee (terms apply).

Those who have less than perfect credit can take advantage of an HSBC credit card with the HSBC Secured MasterCard. There is a $35.00 annual fee and a credit line that begins with a $300.00 deposit and goes up to $5,000. The HSBC Secured MasterCard includes easy online access to your account 24/7 and is accepted at more than 25 million locations worldwide.

HSBC provides a number of card benefits to those who are card holders including competitive rates and superior customer service. Card holders can register online at the official HSBC site to manage their accounts online. Those who wish to apply for an HSBC credit card will find that the process is easy and simple and can be conducted easily online after registration.

In addition to the HSBC credit card, HSBC has an online savings account called “HSBC Advance” that has a 0.80% Annual Percentage Yield with no monthly fee and no minimum balance requirement.

Choosing a credit card isn’t a decision that should be made lightly. You should always use credit cards responsibly and make certain that you don’t use rewards cards to try and get points if you can’t handle the monthly payments. HSBC credit cards are known for their rewards as well as low fees. Take your time to choose the best HSBC credit card for your needs.

Orchard Bank Credit Cards

Financial ruin, bankruptcy and bad credit can happen to anyone. When you need to repair or rebuild your credit, you may want to apply for a secured credit card as these are a quick and easy way to get your credit back on track. There are many different secured cards available to choose from, but many prefer the Orchard bank credit cards as they have a strong reputation with many consumers. With Orchard Bank credit cards you can easily qualify for a card based upon your credit history. All Orchard Bank credit cards are issued by HSBC Bank Nevada which is one of the world’s largest financial institutions and has the prestigious honor of being one of the largest credit card issuers. There are more than 50 million customers nationwide.

Those who want to apply for Orchard Bank credit cards will find the process is simple and easy. You can apply online and get approval in less than one minute. The Bank will let you know which card is best for you, based upon your credit score and history. Those with poor or negative credit will most likely be offered a secured card. It’s important to remember, however, that not everyone is automatically approved for secured credit cards and you can be turned down. Additionally, those who already have a credit card will not be automatically rejected by applying for an Orchard Bank card; however, users are only allowed to have one HSBC Credit Card account at a time.

Those who are approved for a credit card should read through all of the terms and services and understand what the annual fee is for the card. Orchard Bank credit cards are used by more than 2 million people and the cards offer 100% fraud liability. That means if you dispute a fraudulent charge, you will receive 100% reimbursement. This is different from prepaid debit and credit cards which are unlikely to reimburse you for fraudulent charges. As Orchard Bank reports to the three major credit bureaus, you can easily restore your credit and watch your credit score rise. It’s important to understand that there are no guarantees you will be approved for an Orchard Bank credit card, as your application will be approved based upon your credit history. Those who are approved, however, should receive their credit card in the mail within two weeks.

There are certain requirements that must be met in order to qualify for a credit card. Those who apply must be the legal age as determined by their state, be U.S. citizens and have a valid social security number. Those who apply for an unsecured card must have a yearly salary of at least $12,000 and have a telephone in their name. The company will pull your credit report and determine your creditworthiness.

If approved for a credit card you’ll need to make certain you understand the various rates and fees associated with the card. When approved for Orchard Bank credit cards it’s important to determine the prime rate. The prime rate is what is used to determine the interest rates on all credit cards that are variable rate accounts. It’s important to understand that the prime rate can continually fluctuate. Make certain to understand the prime rate as your bills may fluctuate each billing cycle due to changes with the rate.

Additionally, there are fees associated with the account if you fail to make your payments on time. Those who are late may be charged a penalty APR, so determine what fees are associated with your account before you agree to take on a new credit card.

Those who have poor credit and are approved for a secured credit card may find that after a period of time their account will be reviewed and they will then qualify for an unsecured loan.