|
||||||||||
No matter what your credit, there are numerous options for instant approval credit cards online. As for all credit cards, however, be aware that the benefits of these cards vary depending on your credit score.
People with good or excellent credit can get instant approval for several regular bank credit cards with great benefits. For people with bad credit, the instant approval card options are fewer, and for the most part, consist of prepaid credit cards. Here are our picks for the best instant approval cards:
Instant Approval Cards for People with Excellent or Good Credit
American Express Blue Cash
For consumers with good credit, American Express rolls out the red—or rather Blue—carpet with the Blue Cash card. In a credit market where the average cash rebate hovers around 1 percent, Amex Blue Cash cardholders can earn up to 5 percent cash back on supermarket, gas station, and drug store purchases and 1.25 percent cash back on all other purchases.
Please note that the high cash back rates don’t step into effect until the cardholder has charged $6,500 to the card for the year. Charges before that first $6,500 earn 1 percent back on supermarket, gas, and drug store purchases and .5 percent on all other purchases. Cash back is awarded in the form of statement credit each year at the anniversary of the card opening date.
Blue Cash currently offers a six-month 0 percent APR on purchases and it is one of the few Amex cards not featuring an annual fee, further boosting its attractiveness. After the 0 APR intro period expires, the purchase APR jumps to 17.24, 19.24 or 21.24 percent depending on the cardholder’s creditworthiness. At rates like that, be sure to pay the card balance off in full each month to avoid high interest charges.
American Express Zync
The Amex Zync is actually a charge card, not a credit card, which means that cardholders are required to pay off their balance in full each month. The upside is that you won’t have to worry about paying high interest on outstanding card balances. (Over time, Zync cardholders in good standing will ‘earn’ the ability to keep balances on the card from month, should they so desire).
The Amex Zync card is an avant-garde alternative to the traditional rewards credit card. The way Zync works is simple: the card starts out at a $25 annual fee and earns 1 Membership Rewards point per dollar spent. For an additional $5 to $25/year fee, cardholders can boost rewards earnings by adding on rewards “Packs,” which allows them to earn double points in categories where they make frequent purchases. For example, the frequent traveler can add on the “Travel Pack” for an additional $20 in annual fees to earn 2 points on every flight or car rental purchase. Some rewards packs—such as the Eco Pack—are free of charge.
Some of the rewards packs also come with exclusive perks. For example, the $5/year music pack not only awards double points on concert ticket purchases, it provides the cardholder with exclusive access to music artist interviews, backstage tours, and sound checks. Points can be redeemed for travel, merchandise, gift cards, and more. Zync currently comes with a 10,000 bonus points intro offer (rewarded after your first purchase)—the equivalent of $100 worth of rewards.
Instant Approval Cards for People with Fair or Bad Credit
The instant approval options for people with bad credit tend to mainly be prepaid credit cards. The best prepaid cards offer all the benefits of credit cards at a low cost, such as the ability to shop online, make plane or car reservations, and so on, which are essential in the modern economy. Please note, however, that prepaid cards don’t give you access to an actual line of credit, since you have to load money onto the card in order to use it.
When applying for a prepaid credit card, it pays off to do your homework, as many come with high fees. Here’s our pick for one of the best prepaid credit cards:
Mango MasterCard Prepaid Credit Card
The Mango MasterCard Prepaid is delightfully free of fees, such as the activation fees or transaction fees charged by many other prepaid credit cards. The monthly fee is a reasonable $4.95 a month; even better, for cardholders who load more than $500 a month, the fee is waived.
Loading money onto the account is free as well if it is done via a bank account, online, or via direct deposit. Loading cash with select retailers will cost you a $4.95 fee. In addition, cardholders pay a $2 fee for cash withdrawal in addition to the ATM fees.
Please note that all Mango MasterCard services are electronic or happen online, so before applying for this card, make sure you’ll be comfortable with receiving electronic statements and checking your balances online or via a mobile phone.
