Guaranteed Approval Credit Cards with $1000 limits for bad credit no deposit is the latest in a long series of products designed to help those with less than perfect credit. The basic premise of these cards is that the credit card company will approve your application, but then they will require you to make a deposit of at least $1000 before they issue your card. In return for this deposit, they are giving you a credit line equal to the amount of your deposit. This means if you do not pay off your balance by the end of the introductory period, you can lose your no deposit bonus and your credit limit will be lowered to the standard credit limit.
The use of these credit cards for bad credit is highly lucrative because many people have no money to invest and are stuck with bad credit. With so many individuals applying for these types of cards, it is difficult to find companies that actually approve credit applications for bad credit. However, there are companies that specialize in this niche, and that is where you should be looking.
These specialized credit card companies know exactly how to market to those who have bad credit, because such a targeted audience is very profitable for them. This is why they offer such perks as instant approval, zero fee card transfers and rewards programs. They also offer special cash back offers for the most responsible cardholders. If you have poor credit but are still capable of paying your monthly bill on time, you may be a prime target for one of these cards.
Finding a card company that offers such cards for bad credit is not difficult. All you need to do is search on the Internet for a specific brand of credit card. Once you find a handful of them, you may wish to apply for more than one, so that you can get a variety of cards under the same account. You may also want to start a separate account for each month, as well as a separate spending account.
Some credit card companies offer special credit cards just for transfer customers. For instance, American Express credit cards may be eligible for transfer if the customer has a job with the company. Also, MasterCard and Visa cards may be eligible for transfer. If you have other accounts with those credit companies, you can check with each one to see if they also offer these programs. In addition, you may be able to transfer your balance from another account.
However, if you are interested in getting an unsecured card, you must be sure that you can pay off your balance each month. You will need to qualify for the cards from the banks or card companies, and your credit score will be used to determine this. The higher your score, the more likely you are to get a card from an unsecured credit card company. If your score is low, don’t worry; there are still unsecured credit card companies out there for people with bad credit.
Credit card consolidation is another option that you can use if you have less-than-perfect credit. If you own multiple credit cards, all with balances on them, you may find consolidating them into one credit card beneficial. All you would have to do is transfer your balances to the new card and you would be good to go. The one drawback to consolidating your credit cards is that it can make your credit score lower. This isn’t usually a problem unless you consolidate with a card with a low interest rate. Otherwise, having your balances paid off each month can be beneficial to your credit score.
These are some of the options you have if you are looking for cards with no deposit for people with bad credit. Make sure that you carefully read the terms and conditions before signing up for the card. There are many perks to be had if you have good credit, such as low interest rates, but these come at a price. If you don’t mind paying a few extra dollars a month to keep your credit score in good shape, then by all means sign up for these cards.