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The best thing in life is not to require or use a credit card ever but today's lifestyle brings out the need for a credit card in many different ways. The possibility of acquiring a credit card with a Bad Credit Credit Cards Instant Approval is meagre but Secure Credit Cards are definitely a viable solution to this problem. These cards can be acquired only after bearing some costs like application fees, processing fees and annual fees. Instant Approval Card Applications are responded to the applicant within 60 seconds of submission online. Such applications are accepted only for those customers or those business owners who have an excellent credit rating and a good credit history. Such cards are secured with a deposit held in an account that are generally interest giving accounts on the deposited amount which in turn is used in the event of default of payments by the customer. These cards have minimum deposit limits and maximum withdrawal limits. The amount being used in cases of default depends on the kinds of creditors. Few use it in case of severe delinquency that is past five to six months and few use it in case of a single default also. There are some eligibility norms that have to be fulfilled to get the Secure Cards. Things like income proof and age proofs need to be submitted with the application forms in spite of the deposit for the credit limit this is a mandatory requirement of the card companies. Some companies also require a checking or a savings account to be opened with their banks before providing the credit. The credit limit issued is always less than the amount deposited in the account which is generally a percentage of the amount deposited. The annual percentage rate (APR), is the given interest rate that is applied to balances that can be carried beyond the grace period allotted. A higher interest rate leads to a high finance charge applicable on the balance carried forward. Generally a limit of up to $100,000 is available on Secure Cards which is secured by FDIC - Insured Business and Savings Account Deposit. The payments made by the customers are reported to the credit bureaus to provide to their customers a credit rating which is a useful tool for future credits. The Secure Credit Cards can also be converted into unsecured cards after a given period of regular payments which is prescribed differently by all banks. The unsecured cards generally have low fees or they are totally free of cost with a low interest rate and lesser restrictions for the eligibility criteria.
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