Pre-approved, acceptance guaranteed credit cards
These credit cards may sound like the instant approval credit cards that many with bad credit are chasing, however they may not be exactly what the applicant expects. The term pre-approved in this case means that if the applicant meets the relevant criteria needed they will be eligible to receive the card, likewise the guaranteed is based on the applicant meeting certain criteria and the criteria for pre-approved, acceptance guaranteed credit cards actually is not altogether different to the application criteria of every other credit card on the market except that the minimum annual income may be slightly lower .
The other likely criteria for pre-approved acceptance guaranteed credit cards will include: being employed for a further six months, having a minimum time as an Australian resident and/or a minimum time at your current home. Unfortunately, simply meeting the criteria doesn’t mean that a credit card will be approved, however. If you have a poor credit rating your application could still be rejected for a for pre-approved, acceptance guaranteed credit card. In this case a secured credit card may be the best option.
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In order to be approved for a secured credit card, an applicant would need to make a deposit to be paid to the credit card lender – this is the security against the risk the lender is taking. In this situation, an applicant is not actually using a traditional credit card as the deposit is likely to equal to the amount of the “credit” limit. In this case the credit card is actually more like a debit card, with annual fees attached and higher interest rate. It is useful to show that one with a poor credit history is redeemed.
Another option for applicants with poor credit is the prepaid credit card. These are ideal for applicants who have or have had bad credit and need the convenience of visa or mastercard in order to buy online or via phone as these are essentially debit cards. These credit cards are no risk, as they are like a gift card with either a MasterCard or Visa logo on them. You do not need to meet any criteria in order to get one of these cards and your credit rating, either good or bad, does not come into play either. They also do not have any annual fees, however these will in no way prove that your mindset with regard to credit and your credit rating has changed. As you can see pre-approved, acceptance guaranteed credit cards are not necessarily what they seem.
