Where to Find Instant Decision Credit Cards

Credit Cards for Adverse Credit Customers and the Self-Employed

Apr 10, 2009 Asa Ghaffar

The self-employed, as well as those with adverse credit, are likely to find that instant decision credit cards are few in number. These credit cards may be of interest.

People who are self-employed, especially if adverse credit is a problem, are far more likely to be anxious with regard to the outcome of a credit decision. Fortunately, there are instant decision credit cards available to self-employed or adverse credit customers. As with all adverse credit financial products, they are likely to attract a high APR to under-write the increased risk posed to the lender. Pre-paid credit cards operate differently as the consumer is using their own money.

Instant Decision Credit Card Types

Self-employed and adverse credit customers have a more restrictive range of instant decision credit cards available. Those with adverse credit can re-build their credit rating with the Capital One Classic Visa credit card, Aqua Visa credit card and Vanquis credit card. Others may wish to choose from a range of pre-paid credit cards.

Capital One Classic Visa Credit Card

The Visa card provided by Capital One is an instant decision credit card available for individuals that are seeking to improve their credit rating. It offers both the self-employed and adverse credit customer a maximum credit limit of £2,500. Customers are charged 34.9 per cent on any unpaid balances, which is the most competitive of the instant decision credit cards out there. If an account is well managed, the credit limit may be increased after a period of 4 months.

Aqua Visa Credit Card

The Aqua Visa credit card isn't as well known as the Capital One card, but it offers adverse credit customers an opportunity to get credit and improve their credit rating. At 35.9 per cent, the rate of interest is only fractionally higher than the Capital One card. The Aqua Visa credit card has a limit of £2,200. Adverse credit customers will benefit from 51 days interest-free credit and no management fee.

Vanquis Credit Card

The Vanquis credit card charges adverse credit customers 39.9 per cent, but there is no annual fee. The credit limit on this instant decision credit card is based upon affordability. Those choosing to make the minimum monthly payment will enjoy 56 days interest-free credit which is useful for self-employed people that have a less consistent revenue stream.

The Adverse Credit Pre-Paid Credit Card

A pre-paid credit card is ideal for the self-employed or those with adverse credit. It is the equivalent of an instant decision credit card because there is no credit check; this means that a credit card application is guaranteed to be accepted even for those with the worst adverse credit. A customer loads money onto a card and incurs a fee for this. As there is no credit limit because people are using their own money, no interest is ever paid.

Consumers that have missed or made late payments on credit agreements are able to choose from a range of adverse credit instant decision credit cards. Others with adverse credit may prefer to opt for a pre-paid credit card. Try not to make too many applications for credit as these show on personal credit reports for a period of 12 months.

Individuals that have signed-up to credit agreements prior to April 2007 should check to see whether an illegal credit card or unenforceable loan agreement is in place. This could lead to the debt being written-off, adverse credit entries being removed and an improved credit rating.

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Instant Decision Credit Cards

Adverse Credit