There is a commonly-held idea that a credit card is trouble when it is placed in the hands of someone with a bad credit history. The temptation to max the card would surely be too much, and financial state of the cardholder would only worsen. But when seeking Chase credit cards, bad credit borrowers need not worry about such prejudice.In fact, rather than closing the door on credit card applicants with poor credit scores, they have instead opened the door. Through an instant approval program, those who can match the basic criteria can now be granted cards that other banks would surely refuse them.But why has Chase Bank – as well as a small group of other lending institutions, like Bank of America – taken the bold decision to ignore credit histories? And how can applicants expect to get affordable credit cards under these circumstances?Instant Approval and How It WorksIn truth, the concept of instant approval is not something that most lenders would be willing to embrace. After all, risk assessment is a crucial element of loan and credit card applications. The availability of Chase credit cards on this program, however, is based on their knowledge of a market that is filled will honest borrowers who have seen their credit ratings plummet for reasons beyond their control.The idea of the instant approval program is to encourage the economy and to provide those with low scores with every opportunity to rebuild their credit status. So, by providing credit cards to those who qualify, they get a chance to show how disciplined they can be.However, the program is no good if applicants are not given affordable credit cards. For that reason, credit limits on these cards are kept low. The rest is down to sound card management, and disciplined card usage by the cardholder.How Cardholders BenefitJust as with all credit cards, there is a range of incentives and discount schemes on offer to those who secure a Chase credit card through the approval program. The typical incentive is the introductory offer, which provides a 0% APR and no annual fees for the first 6 months. But there are more to enjoy too.For example, there are 0% charges on purchases and balance transfers for that introductory period too, though these do change dramatically once the period comes to an end. Typically, APR becomes 14.99% to 19.99% depending on the card issuer.Of course, the chief benefit of the instant approval program is that the applicants can get approval with the minimum of trouble. All they need to do is have a reliable source of income with a full-time job held for at least 6 months. Then these affordable credit cards are within reach.Applying a Mature AttitudeThe fact that Chase credit cards are available to bad credit borrowers is something of a blessing for that niche, but even Chase will admit that making the most of the opportunity is down to the cardholder. The chance of rebuild their credit rating can be ruined by overspending, not paying the credit card bill on time and showing little discipline.The attitude of the cardholder should be mature, and it is hoped that the instant approval program kicks off a new lease of financial life for cardholders. Some key rules worth making include using the card for bill payment purposes, not for personal, shopping or entertainment purposes.Once this rule is adhered to, the card becomes a truly affordable credit card, and the credit score increases steadily.
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ABOUT THE AUTHOR
Lara Sawyer is the author of this article. She works successfully as a financial advisor with years of expertise on Bad Credit Loans Guaranteed Approval. She publishes informative articles about Guaranteed Bad Credit Loans, home loans, credit cards, auto loans, business loans and others at http://www.fastguaranteedloans.com
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