Easy approval credit cards are a type of financing option for individuals who have a blemished credit report or less-than-perfect credit. Financial institutions which issue the cards are more lenient when it comes to the approval or credit checking process. In some cases, factors such as time on the job, amount of income, history with local utility companies, and a stable residence are good enough to gain approval. In other cases, easy approval credit cards may be issued regardless of these factors or based strictly on the ability to repay any debts.

Easy approval credit cards tend to come at a price for all applicants in comparison to traditional credit cards which are more difficult to acquire. Many of these cards have fees such as account setup fees, and most also include annual fees. Generally speaking, easy approval credit cards have varying interest rates, low credit limits, and strict guidelines for repayment. Few of these cards have low introductory APR’s, so you will jump feet first into whatever interest rate you are assigned. Balance transfers are typically not allowed, and those cards that do allow it will likely charge a hefty fee for the privilege.

On the other hand, most easy approval credit cards will report to all three major credit bureaus when you make your payment in full and on time. The great news is that even if you have experienced an unexpected downturn in your finances or ability to keep up with existing credit accounts, these cards will give you a second chance while helping you to rebuild your credit rating.

If you handle living a conservative financial lifestyle for awhile as you rebuild your credit, then one of the easy approval credit cards may be your ticket to financial freedom. It is very important to remember, however, to never obtain one of these cards if you cannot make your payments. If you are tumbling down the financial hillside at the present moment, taking out more cards to pay off old cards or old debt is not the answer. It is a terrible mistake to assume that easy approval credit cards will keep you afloat for awhile, or that your credit could not possibly get any worse. With the higher fees and interest rates, a default will blast you back to the financial Stone Age! And don’t forget the monthly credit bureau reports, which will reflect your bad money management habits even when given a second or third chance!