Platinum Guaranteed Credit Card - How Unsecured is It?

Typically, what bad credit consumers are finding online when they search for an instant approval or guaranteed platinum credit card, are "Shopping" cards. Unknowingly, many of these consumers apply thinking they are getting a true-to-life platinum credit card, because they are being marketed as a "Platinum Unsecured Credit Card". In actuality, these cards offer an "Unsecured line of credit".

What's the difference?

An unsecured line of credit is the ability to do purchases on credit, and to re-pay complete time. Sounds just like a typical credit card, right? Wrong. The difference is that the issuer allows purchases only from a choice vendor(s), either from an online resource or through an offline catalog.

While this type of credit card offers the ability to do purchases on credit like a typical credit card, it can't be used for making purchases at local retail stores, restaurants, nor to book airline or motor hotel reservations. And it certainly doesn't offer any type of balance transfer from existing credit cards, nor cash back or rewards as offered by major platinum credit card issuers.

So why are shopping cards being marketed as platinum credit cards? Mainly because they offer a high unsecured line of credit, like those major platinum credit card issuers offer to new members with a just credit rating. For example, the USA Platinum Plus shopping card offers a $7,500 unsecured line of credit, whereas typical unsecured credit cards (the type that allows purchases anywhere the card is accepted), offer a limited credit line. When compared to the Rewards660 Card; an unsecured credit card for people with troubled credit, it offers only an initial $250 unsecured credit line.

The benefits of a platinum shopping credit card?

If you have got bad credit, such as as as late payments, bankruptcy, or no credit score, it's not likely you'll get approved for a platinum credit card from major issuers such as Discover, American Express and Chase. But a shopping card accepts most anyone with no credit check. And although it doesn't offer the fringe benefits such as as as frequent circular miles or cash back, some guaranteed platinum credit card issuers offer other rewards, such as free wares when you accept the card. You can't utilize the card for purchases beyond those allowed, nonetheless you do have an unsecured line of credit to make purchases from the issuer's vendor(s). This tin be helpful, particularly during modern times when you need credit but can't get it, like during Christmastide or to purchase birthday gifts. Also, many of these cards will report your timely payments to a major credit agency to assist you better your credit score so one twenty-four hours you may measure up for a true-to-life platinum credit card.

As with any online application, appliers should read the full Terms and Disclosure before applying, so they will cognize exactly what is being offered, plus any fees that may be charged.