Instant Approval Credit Cards
There may be some confusion about what an instant approval credit card really is. Some people may think that they will get an instant approval when they submit their application, regardless of how bad their credit history is. Unfortunately that isn’t usually the case.
Instant approval credit cards mean just that; you get an instant approval (or denial) online after applying. Most, if not all credit card companies now offer a secure website where you can apply for an instant approval credit card. You would enter the information requested, and then based on your credit, you will either get an instant approval, or an instant denial.
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Prepaid Credit Cards
Prepaid credit cards are usually used by people who have poor or no credit as a way to build good credit. The way it works is that on a prepaid credit card, money is deposited into the account and charges are taken out of that balance.
Technically, it isn’t really a “credit card” since you have no credit line with the prepaid card. You can use prepaid credit cards anywhere you’d use a normal credit card. What’s nice about it is that you can spend the money you have in the card without worrying about going into debt since you’re really only spending the money you put in there in the first place. It’s like a checking or savings account and there are no interest charges.
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