Why were Credit Cards with Instant Approval for Bad Credit a Hit?
An Instant Approval Credit Card is very much desired desired by consumers who have bad credit and find it difficult if not impossible, to get approved for unsecured credit cards. To the great delight of the consumer, credit card companies worked out a system of instant approval. The consumer would receive an immediate response after completing an online application form. He/she never gave a thought to the fact that instant approval was contingent on good credit ratings.
From the perspective of the credit card company offering Instant approval Credit Card, the consumer was an ideal candidate for high account set-up fees, high annual fees and exorbitant annual percentage rate, the reason being that each of these variables are inversely related to the credit score of the consumer.
Moreover, the consumer could be charged an over-the-limit fee despite the credit card company allowing the consumer to charge more than what was initially intended on the Credit Card.
Of course, who can forget the variable interest rate balance transfer fees, that were levied on allowable balance transfers? All this added up to the consumer's tab while benefiting the credit card company in terms of additional fees.
The above mentioned fees and unjust interest rate hikes have been clamped down by the 'Credit Cardholders' Bill of Rights', that was signed onto law in May 2009.
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