Apply For Unsecured Credit Cards Online
Unsecured Credit Card Applications
What is an Unsecured Credit Card? This is a question often asked by those who visit our credit dictionary.
An unsecured credit card is a credit card that is not secured by a deposit. Lenders or issuing banks offer credit cards that are not secured with deposits to those who have an average or good credit history standing. In fact, most credit cards are unsecured credit cards. Lenders such as American Express, Chase, Capital One, Advanta, Discover card will lend to those with good credit and not require any kind of deposit or collateral.
An unsecured credit card is basically a loan with no collateral requirement. In addition, the loan does not need to be paid off in full each month. The bulk of the loan can be carried over from month to month with some interest charged each month. The interest charged on an unsecured credit card is generally more than the interest you would pay on a personal loan. But credit cards offer an added advantage over personal loans, they allow the cardholder to buy easily anywhere at any time. This ease of purchase, good record keeping, simplicity and safety as opposed to carrying large amounts of cash make credit cards so desirable.
Because unsecured credit cards are geared toward those with good credit it is possible to find unsecured credit cards with outstanding features such as 0% interest for up to 15 months, high credit limits and high cash back rewards programs up to 6% on some purchases.
Those with a poor or bad credit score may also obtain an unsecured credit card once they have established a good credit history with a secured credit card.
Those with no credit history may also apply online for an unsecured credit card as long as they have records of employment or are students enrolled in higher education.
Both Visa and MasterCard offer unsecured credit cards as well as secured credit cards.
We provide many types of unsecured credit card applications:
It is possible to apply for any of these online and receive instant approval if you have a good credit score.
Differences Between Secured and Unsecured Credit Cards
Both secured and unsecured credit card applications are offered by Visa, Mastercard, DIscoverCard, Applied Bank , Orchard Bank and New Millennium Bank.
There are major differences between unsecured and secured credit cards. The secured credit card requires some kind of a deposit which may be up to 100% of the credit limit on the card. That is to say, if you have a secured credit card with a $2000 credit limit your deposit may be $2000. There are fees for applying for a secured credit card. Most unsecured credit cards have no fees or very low fees. In addition to the application fees charged for secured credit cards there are yearly maintenance fees as well. Many unsecured credit cards do not charge yearly fees. Interest rates are higher on secured cards than on unsecured credit cards.
It is worthwhile to maintain a good credit history so that you will never need to apply for a secured credit card and always enjoy the many benefits of unsecured credit.