Apply for a Credit Card Here: Has Convenience Gone Too Far?
Contributed by Kris Olds
Just because you can apply for a credit card in your pajamas doesn't mean you should
To apply for a credit card, all a consumer needs is a computer, a social security number and a phone number. That combination of seemingly random items can open the door to purchasing, privilege and potential. But should those things come with a cost? Has our culture become too dependent on the here and now? Instant gratification has it's moments but what about in terms of credit cards? In the early stages of credit a consumer had to really prove their worth in order to apply for a credit card.
With the amazing growth of technology, an approval that used to take weeks can now be reached in less than 60 seconds. One would think that's a good thing. But is it?
Apply for a credit card today and save 15% (but pay 29% to pay it off)
One of the more frequent locations for instant credit card approvals is at retail locations. A store may offer "their" credit card with the bonus of a percentage off purchases made with the card that day. While this is a great plan if a consumer is planning to pay off their purchases immediately, interest rates from smaller lending operations, like retail outlets, tend to be higher than through the major credit card granting institutions.
Whereas an initial reward or bonus may be appealing, the responsible credit card consumer needs to look at the big picture and see if a benefit is truly beneficial. In the case where a consumer has a plan and commitment to pay off their balances before the high interest can sink in, some smaller lending institutions offer benefits that can truly help out a consumer.
