If you look at any website featuring a variety of credit card products, you will see the category of instant approval credit cards. This is one type of credit card with which applicants can be approved in seconds. Applicants apply for this product over the Internet, and the issuer informs them by email if they are approved. To qualify, you should have been a regular payer in the past. The process may take a long time in some cases, but that happens only rarely. In the typical case, the credit card issuer will need some time to assess your application, unless you have very good to excellent credit. As suggested by the name, you are instantly approved then.
The Platinum Plus MasterCard is the preferred choice of many Canadians. This credit card is featured with an initial interest rate of zero on balance transfers and cash advances. With time (15 months), this rate increases to 17.99 percent. There is no annual fee. Persons with good credit are likely to be approved.
If you have no credit history or a limited one and want immediate approval cards, a good option is the low rate guaranteed secured MasterCard. It goes with a comparatively low interest rate set at 14.90 percent. The same rate applies to balance transfers too. There is annual fee in the amount of $69. The Guaranteed Secured MasterCard is a good choice for persons with poor credit history. It is featured with a slightly lower annual fee, and slightly higher interest rate.
The Low Rate Guaranteed MasterCard is a reasonable option for those with average credit. This is a good product for borrowers who want to establish or improve their credit history and save money on interest.
Even if you have poor credit, you may qualify for instant approval in Canada. The Guaranteed MasterCard is intended for persons with poor credit. Of course, the interest rates are a bit higher – to be specific, 19.80 percent a year. The same rate applies to balance transfers. Holders of the Guaranteed MasterCard can buy merchandise online, rent a car, or simply shop hassle-free. Extras include zero fraud liability and warranty for all products charged to the card.
Although there is a variety of offers on the credit card market, issuers are free to change the terms and conditions. Initial zero interest rates do not last forever. Within a given period of time, the introductory rate is transformed into the standard rate. The card issuer will charge you the default rate if you skip payments or make late payments. This can also happen if you exceed your credit limit. After the promotional period, the standard rate on balance transfers will be levied on new as well as outstanding balances.
On many of these cards, the interest rates increase by 5 percent if you make more than one late payment within 12 consecutive billing cycles. It will drop by the same 5 percent if you make regular payments over twelve billing cycles.
Choosing between different instant approval cards, then visit this credit guide.
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