A lot of aspects of the lending industry have changed thanks to the development of the Internet, and online transaction capabilities. Speed is just one of the differences, but another is the simplicity in getting loan and credit cards. In fact, some Chase credit cards can now be approved instantly, with no credit checks at all.It may seem illogical that a credit card can be secured without a credit history being examined, but Chase bank is one of a few US banks to have introduced an instant credit card approval program. Basically, criteria has been cut to facilitate the program, with proof of income the only condition.The move is also hoped to positively affect the economy, but chiefly it is to allow cardholders an opportunity to properly manage their finances again, recovering credit reputations and rebuilding financial statuses in the process.What Instant Approval MeansThe incentives that come with Chase credit cards are designed to lower the overall cost of the card. But for bad credit borrowers, the main attraction is not the lower costs, but the fact that approval can be given at all. Financial emergencies can be dealt with, for example, even if the credit limit is quite low.But what exactly is on offer through an instant credit card approval program? For a start, there is no waiting around to learn whether the application has been approved or rejected. And even if the limit is only around $1,000, depending on your situation, approval opens the door to good card management, and to improve the credit score.Of course, recovering credit reputations takes time, but if the card is managed properly, then in 12 months, sufficient improvement can be made to see the card limit increased. Disciplined cardholders can lift themselves out of their financial mess too.Benefits For CardholdersIt is no secret that Chase Bank has one of the widest selection of credit cards in North America, and that Chase credit cards include some of the most attractive incentives on the market. In fact, their cards are recognized to be significantly less expensive compared to cards from other banks.All card issuers have introductory offers designed to attract applicants, with 0% APR and no annual fees commonly offered. But, for the first 6 months, there are also to 0% charges on purchases and balance transfers. It is no different with cards granted through the instant credit card approval program.However, when the term of the introductory offer ends, then there are changes to the situation. For a start, the APR rate is charged at between 14.99% and 19.99%, depending on agreed terms. These rates are high, but as a method of recovering credit reputation, the option is still a good one.Role of Card ManagementOf course, with a Chase credit card, cardholders could still slip further into financial trouble. That is why Chase offers some sound advice to their customers, recommending a limited use of the cards secured as part of the instant credit card approval program.There is, they stress, time to develop a good card management habit. Getting a second chance is a golden opportunity for recovering credit reputation, so it is best to restrict card usage. For example, us it to pay for bills online, rather than to finance impromptu shopping trips. And when being used for shopping, adhere to a strict budget. In fact, it is a good idea not to carry the card in your wallet until the situation improves.
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ABOUT THE AUTHOR
Joycelyn Crawford is the author of this article. For more information about Easy Loans for Bad Credit and Bad Credit Home Loans please visit her site http://www.easyloanforyou.com
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