Many are wondering about secured credit card with guaranteed approval. When seeing an advertisement about this card, mostly you will automatically think about a credit card that everyone can get. The issuers of credit card will have some requirements that all applicants must fulfill before they are qualified to get the guaranteed approval secured credit card.
First of all, you must understand the meaning of guaranteed approval before applying for this credit card. Each card issuer has requirements every new customer must fulfill. This approval in term of credit card means you are going to be approved if you meet the conditions. Fortunately, the conditions usually are minimal.
Several issues of guaranteed approval secured credit card will only require their new applicants to submit contact info after name, proving income in specified level, and have checking account. When there is card issuer claiming to offer a guaranteed approval, you just need to see the entire requirements which help you to be approved.
Let’s Comparing the Easy Approval and Guaranteed Ones
As we know, not the entire issuers of credit card are offering guaranteed approval secured credit card. However, those issuers usually use a language which implies the easiness to be approved. Some banks who use phrases such as “no minimum score” usually offer guaranteed approval credit card.
In addition, you may be interested to apply but then being denied to get guaranteed approval secured credit card. Yet, the odds offered by those issuers are better than the ones offered by the other providers. Besides the secured cards, some issuers are offering guaranteed approval for unsecured cards. Unfortunately, these cards are still for those with good credit history.
In fact, unlike guaranteed approval secured credit card, the guaranteed unsecured one does not require security deposit. Sadly, many those cards are for online-catalog. This mean the card can only be used to make purchases at special online outlets.
Moreover, those who see guaranteed approval offered by issuer of unsecured card must be careful in reading the terms. You must first understand what they are going to face, so you can decide to apply for guaranteed approval secured credit card or guaranteed approval unsecured credit card. Compare both cards first to see which one is better.
Unlike secured one, the unsecured card usually has interest rates and fees that are much higher. If that’s the case, secured card will be better choice for many. Most unsecured cards come with simple requirements and eligibility like you will see below.
First, you must be eighteen years old or older. It is the standard rule of most financial products. Second, you should agree to the conditions and terms, as well as having the valid method for payment (like checking account or debit card or credit card). Third, just prove that you are able to make monthly payment. You must pay the enrollment fees. However, if you cannot fulfill one or more requirements above, you might want to apply for another type, guaranteed approval secured credit card.