The fast life we live today requires a different approach than before. We have tons of needs that we address daily and we need tools to help us live a better and modern life. Credit cards are one of these tools that help us with this fast pace we live.
Unlike the other loans and standard credit card applications, the kredittkort på dagen or the fast-approved credit cards usually have different terms. You need to know exactly what they are and what the card issuers provide so that you know if they are worth getting or you should avoid some of them.
A credit card is not a piece of metal or a piece of plastic that should be used by all means. It can be truly dangerous to spend money without knowing the consequences. There’s nothing free in this world, and getting loans and borrowing money means you always must return them.
When you get a fast credit card approval, you’re getting particular terms that you must know what they mean. We’re here to help you make the right choice. We will tell you what you need to know before going with any one of them. Go on to find out what you need to mind when choosing a fast-approval credit card.
1. Have your credit score in order
The credit score can make a difference between getting a good interest rate or something that will not be worth acquiring. Additionally, if you have a too poor credit score, you might even not get a credit card at all. The better score you have, the better the chances to get better terms you have.
Those that will have a perfect credit score can apply and get interest rates that are below the average, but if you have a poor credit score you’ll get a card with disastrous rates. For example, having an 85% credit score means you’ll get over 25% interest rates in most banks.
This might be different for cards that are issued the standard way, but if we’re talking about the fast approval ones, then the interest rate is the first that is going to suffer the consequence of getting one fast. The APR of over 25% is common for many financial companies, so don’t be surprised when they hit you with these kinds of numbers.
2. Do they offer a 0% interest rate for some period?
No matter the credit score and what financial company we’re talking about, you should always opt for a 0% interest rate for at least 12 months. This is a common practice for many banks, so why not get the best of them? If you can get it, then why waste the opportunity?
After this period, the rates will vary as we talked about them above. The APR will depend on many things, like the credit score, but also the company’s policy to impose high-interest rates or lower ones. You should opt for those that are lower, of course.
If you see that some companies provide fast approval on their credit cards, but they don’t have a grace period and a free interest rate policy, then you should go to another place and look for a card that will have one. This is a great feature and there’s no logic to lose the chance to get one.
3. What’s their standard interest rate?
You might feel like we’re talking about interest rates only, but the truth is that this is the most important part of having a new kredittkort. The standard interest rates of companies providing credit cards can vary from a low 9% and go up to 30%.
The latter one is a terribly high rate and you should be aware of the fact that this is going to drain your budget entirely if you don’t pay enough attention. Spending some $10,000 with an annual rate of 30% means that you’ll lose a ton of money.
That’s why you must be careful and be sure that you’re spending adequately, but more importantly, that you’re getting a card with a perfect interest rate. In this case, even if you are late with the payments, you’ll still not suffer too much from being late with it. Still, if you manage not to overspend and pay off what you borrowed, you won’t have trouble with the interest rate at all.
4. What’s their cashback policy?
Nearly every credit card issuer offers a reward for their users that are spending money through their cards. The rewards may vary from one reward per year, or a constant reward depending on the intensity of spending. In other words – the more you spend, the more rewards you’ll get.
Look for those that are going to provide more than the competition. Some will provide more rewards than others. You want those that will give you the best options. The more rewards there are, the happier you’ll be with your kredittkort.
One of the most popular reward systems is the cashback idea. The cashback is an option to give those who spend more money back in their pockets. For every dollar spent, you get a particular percentage back in your account. Most of them are around 1% when you’re applying for fast approval, but some can go even more.
If the company providing the service has no rewards, or nothing seems interesting to you, then you should look for something else. Not everyone is the best option for you personally. Some of them will have a poorly arranged reward system, but others will give you something that you truly desire.
5. Do they have an annual fee?
Some companies will not ask for a fee to service your account, but others will. Some will ask for unbelievable amounts compared to those that will do this for free. You want to pick those that ask for nothing. There’s no need to pay someone something that’s completely not logical.
If you see that the amount you should be paying every year is a couple of hundreds of dollars, then you understand that this is not the best idea for a credit card. If the competition says that they’ll do it for free, then go to the place that will. Learn more about the annual fee here.
These few points explain what you need to mind when searching for fast approval when applying for a credit card. The same-day approvals are great, but they come under different terms that are not always as suitable as those when you get for the standard applying and approval times.
The terms are different and this is why you must pay attention to the issues we talked about above. You need to see what are the terms and think about whether they fit your needs or not. Compare the competition and see what you’ll get and what you’ll lose.
In most cases, by choosing one thing you’re going to lose something else. It’s your job to understand what is the most valuable thing for you, and what isn’t as important. When you decide what can slide and what draws the line, make the choice and apply.