Instant Credit Cards

The most common type of instant credit cards are the ones you apply for in store. People can actually walk into a store like Target with absolutely no money at all in their wallet and walk out with thousands of dollars worth of merchandise. In fact these stores often encourage you to buy more than you really wanted to with your new instant credit card. These stores often offer zero percent or extremely low interest on your first purchase with your instant credit card. Sometimes they even offer 6 months or more same as cash.

The instant credit card deals often look so sweet it’s difficult for people who already have a nice collection of credit cards to decline the offer. We get to thinking we can save money on interest and don’t even have to pay for months. This is the kind of thinking that encourages credit card debt.

This is one of the reasons the credit industry likes to offer instant credit cards with same as cash offers. They know many of us will forget to make any payments until the same as cash offer expires. This allows them to collect the high interest we didn’t read about in the fine print.

If you are a shrewd consumer you can take advantage of the instant credit card industry. By paying off your instant credit card before you receive your first bill you can actually purchase items in a 6 month or even 1 year time frame without paying a dime of interest. This is the bait though so remember that.

The down side to these types of “no credit check credit cards” is the extremely high interest rates and fees. If you decide to get this kind of no credit check credit card make sure you fully understand the agreement terms and don’t miss any payments. That’s when the interest goes sky high and your credit rating goes down.

If you pay these kinds of no credit check credit cards completely off every month you can avoid the high interest rates. If you keep your balance below 20% of your available credit you will begin to establish a better credit rating. This means if you are allowed $2,000 credit you should never exceed $400 per month. After a year or two of maintaining good credit practices you might be able to get a credit card with a much more comfortable interest rate and lower fees etc.

No credit check credit cards are basically something that don’t exist but there are close alternatives that can help you establish a better credit score so you can get better credit cards down the road.