Individuals with poor credit ratings must have found it difficult to obtain a credit card in Australia when compared to those with good credit records. This post is for you if you've ever found yourself in a position where you need to apply for a credit card but are afraid of being rejected due of your bad credit history.
Credit cards are crucial for every business or individual to manage finances. Most often, people with bad credit find it difficult to get a credit card in Australia. No credit check credit cards instant approval in Australia can get them back on banking track.
By the law, lending institutions must adhere to a set of criteria, and if you apply without first reviewing their eligibility requirements and are turned down, your denial will be permanently recorded on your credit report. Keep in mind that rejected applications on your credit record will leave a bad impression on future lending institutions to which you may wish to apply.
However, there are still some options for individuals in such situations. Second chance credit cards can help them out in this case. These credit cards are second chance meaning, they might be secure or unsecured depending on the issuer.
No credit check credit cards are best in this case because you will have most privileges that a standard credit card has.
That said, in this article, I will show you the best no credit check credit cards which you can apply for and get an instant approval within no time in Australia.
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What is No Credit Check Credit Card?
No Credit Check credit card is simply credit card that does not require a credit check, as the name implies. Payday loans are the only No Credit Check credit available in Australia. Personal loans and credit cards with no credit checks are accessible in other countries, however they are not available in Australia.
What are Instant Approval Credit Cards?
Instant approval credit cards are exactly what they sound like. Instant Approval Credit Cards are frequently only offered online due to the short response time. It can take up to five minutes to apply for this type of credit card, with a 60-second response time.
Isn't it straightforward and practical? Candidates should not expect good results because the response time is virtually instantaneous. Instant Approval Credit Cards will still do a credit check during the application process. Specific factors, such as income, job, and payback history, will be exposed. Let's take a closer look at what applicants should consider before applying for an Instant Approval Credit Card.
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Can I Get an Instant Approval Credit Card With No Credit Check?
Getting approved for a credit card when your credit score is low can be difficult. After all, your credit score will play a significant role in the approval procedure. However, this does not rule out the possibility of obtaining a credit card in the future. While no no credit check credit cards with immediate acceptance are available in Australia, you can still apply for a credit card online even if you have low credit.
All you have to do now is locate the appropriate financing services. Credit checks are legally required in the financing business since they serve as preventative measures in the event that an individual is pushed into an even worse financial condition as a result of accumulating debt.
More lenders are prepared to give credit cards to those with bad credit these days, as long as they meet their qualifying requirements.
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5 No Credit Check Credit Cards Instant Approval Australia
Getting a no credit check credit card in Australia shouldn't be that tricky if you are well informed.
That said, here are some no credit check credit cards instant approval in Australia.
1. American Express Low Rate Credit Card
With the Low Rate Credit Card from American Express, you get exactly that: minimal frills for a 'no frills' fee. However, it has enough redeeming features for some users to make it a perfect card. It offers the ideal annual cost, a low ongoing purchase interest rate, and some restricted but still valuable insurance coverage.
When you apply for the American Express low rate credit card, you should expect an approval response instantly.
2. ANZ Low Rate Credit Card
The ANZ Low Rate is a conventional credit card with few extra perks, but it's a great deal if you're wanting to save money.
If you apply for a new ANZ Low Rate credit card, you'll get a 0% interest rate on balance transfers for the first 30 months, with no balance transfer fee. You'll want to pay off your entire debt before the introductory period ends, because any remaining balance will be charged interest at the cash advance rate, which is presently 20.24 percent p.a.
This card has a low purchase interest rate of 12.49 percent per annum and no annual fee for the first year (saving you $58).
When you apply for the ANZ low rate credit card, you should expect an approval response instantly.
3. Bendigo Bank Low Rate Credit Card
The Bendigo Bank Low Rate Credit Card is a combination of benefits, providing you with all you could ask for in a low rate credit card. This card has your back, with a 0% intro rate for the first 20 months (for those who apply before July 31, 2022), a low 11.99 percent reversion purchase rate, a very affordable $45 fee, and up to 55 interest-free days.
While other low-interest cards can catch you off guard with their 0 day interest term, this card offers up to 55 interest-free days, giving you almost two months to pay off your debt before incurring any more fees.
Bendigo Bank also has a unique interest option in that the interest is charged when you receive your statement rather than when you make the transaction, which saves you money on interest.
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You're in luck if you want to share your credit card with someone else because there's no price for having multiple cardholders, allowing you and someone else to use the same account.
For those wishing to get a handle on their existing credit card debt, the card offers a limited time 0% p.a. balance transfer offer for up to 20 months (purchase interest rate of 11.99 percent p.a. applies thereafter). Be advised that there is a balance transfer cost of 2% of the transferred balance, and a balance transfer limit of up to 80% of your approved credit limit.
When you apply for the Bendigo bank low rate credit card, you should expect an approval response in 3 days.
4. Westpac Low Rate Credit Card – Cashback Offer
With a $59 annual fee, this low-rate card gives up to $400 rewards in the first few months.
The Westpac Low Rate Credit Card is ideal for those looking for a low-cost account with basic features. You can also get $100 cashback on your account if you apply as a new customer by June 30, 2022, and spend $1,000 on eligible purchases each month for the first four statement periods after card acceptance.
This no-frills credit card also features a low purchase interest rate of 13.74 percent p.a. and interest-free days if you pay your amount in full by the due date on each statement.
When you apply for the Westpac low rate credit card, you should expect an approval response instantly.
5. Bank of Melbourne Vertigo Visa
This is a basic credit card with an extremely low 0% interest rate on balance transfers for the first 32 months and no annual fee for the first year.
The Bank of Melbourne Vertigo is a good choice for those who wish to keep their credit card charges low and don't need a lot of bells and whistles. If you have a credit card that you wish to pay off, the lengthy balance transfer offer allows you to save money by paying 0 percent p.a. interest for 32 months and paying no balance transfer charge if you apply by June 30, 2022 and submit your balance transfer request with your application. It also has a $0 annual cost (usually $55) for the first year.
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What to Consider Before Applying for a No Credit Check Credit Card Instant Approval in Australia
If you've finally decided to apply for a new credit card despite your bad credit, there are a few things you should think about doing before you submit your application.
- Take Initiatives to Improve your Credit Score — Even if it's self-evident, teaching yourself to do things to help raise your credit score will show lenders that you're making an attempt to get out of debt slowly and that what happened in the past should not reflect your current financial situation. Also, review your credit report on a regular basis and submit any problems to the credit bureau for investigation so that they can be corrected right away.
- Begin Paying Off Existing Credits or Loans — Repaying your loans on time in recent months or years can show lenders that you've been keeping up with your payments and have a consistent history of meeting your loan term payback obligations.
- Show Lenders You Have a Steady Income — Showing to your lenders that you're in a financial position to consistently meet monthly repayment terms is vital since, under responsible lending standards, they must check these first before approving your application. If you're on a contract, it's preferable to have contracts with your employer that last longer than a year rather than having many employers in a short period of time.
- Start Saving Money — It's important to show lenders that you've started saving money and that you'll be able to repay your credit card if they decide to offer it to you, even if it's only a small amount.
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How to Check Your Credit Score
You can check your credit report for free once a year from one of Australia's three major credit reporting bodies (Equifax, Experian, or illion).
Additional checks may incur additional fees. If you discover any inaccuracies or mistakes on your credit report, you should correct them as soon as possible, as the errors may affect your credit rating.
Factors That Can Damage Your Credit Score
Knowing what can damage your credit score can be very important for your finances. Here are some factors that can damage your credit score.
- Not paying household or utility bills on time.
- Late and missed repayments on your existing personal loans and debts.
- Not checking your credit report for errors.
- Applying on credit that could be riskier, such as payday loans.
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Final Thoughts on No Credit Check Credit Cards Instant Approval Australia
It is really hard to get a credit card in Australia with bad credit. However, don't consider yourself beaten by your bad credit. You can still get on banking track. You can even apply for and get an instant approval credit card in Australia without hassle. You just need to be well documented making sure your comply with all the eligibility requirements to get the no credit check card.
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