An unsecured credit card is a standard credit card. It is usually issued to those who have a good
credit history and have repaid the accrued debt on time. Credit limits are determined on an individual
basis, and may be raised or lowered based on payment performance. An unsecured credit card is basically
a pre-approved loan, with interest rates higher than a similar personal bank loan.
A merchant card or a catalog card is another type of an "unsecured card," which really isn't a credit
card. This card allows you to purchase products from a specific catalog, store, or vender only. If you
need an unsecured line of credit only to buy gifts, this type of card can be useful.
- One of the best ways to improve your credit score if you make consistent on time payments.
- No prepayments & you are only required to make payments monthly.
- If your future plans involve buying a home or car, this card can help you achieve loan approval.
- They allow you to establish (or re-establish) credit after it has been damaged.
- Report your credit history to the bureaus.
- Instant Approval!
- Low fees and some have no annual fee at all.
- Online account to monitor your account activities.
- Cash back bonuses
- Earn reward points for airlines, hotels and more!
- Accepted almost anywhere you go!
|
- Easy to accrue too much interest debt if you don't pay off balances quickly.
- If you have bad credit or bankruptcy, it is not likely you will get approved.
- If you don't have perfect or near perfect credit, it is unlikely you will get approved for a Platinum Unsecured Card.
- You may have to start with a limited credit card, one with a low limit, if you have bad credit.
- You may have to pay an application fee.
|
"Thanks Academy! We recently refinanced our home with an 'A' credit rating. Your service will save us thousands of dollars in interest on our home loan. I am telling everyone I know about your service. Sincerely,"
Play >
