If you've had some trouble with your credit in the past, you may feel that there is no one out there who will issue a credit card to you. The good news for those with a poor credit history is that there are a select few providers who will issue credit cards. The two banks that will issue a credit card for bad credit instant approval are Orchard Bank (a division of HSBC) and First Premier Bank. You should know that both banks issue high rates and fees as the individual with poor credit is considered a high risk.
First let's take a look at Orchard Bank's credit card for bad credit instant approval. The minimum credit line issued by Orchard Bank is $300. Some people may get higher lines of credit depending on their credit history. The card charges an annual and application fee for each account. There are 3 different cards issued by Orchard Bank, the Classic, the Gold and the Platinum. The card issuer is Mastercard. For the Platinum card, the annual fee can be anywhere between zero and $59, $49-$59 for the Gold card and $29-$59 for a Classic card. The annual fee is dependent on the users credit history, credit line issued by Orchard Bank and type of card applied for. Interest rates for the Platinum card range from 14.9% to 19.9%, for the Gold and Classic cards the interest rate is 19.9%.
The next card we're going to look at is the First Premier Bank Mastercard. FPB works a little differently than Orchard Bank, in that you need to pay a $95 deposit to be eligible for a $300 credit line. Also, FPB will take a large fee of $75 from the $300 credit line for the annual fee. That only leaves you with $225 to use. Be aware also, that FPB charges it's consumers a huge APR of 49.9% as every account is considered high risk. You can get your $95 deposit back when you close your account with a zero balance.
The last card we'll look at for a unsecured credit card for bad credit instant approval is the Aventium Mastercard. The fees are the same as FPB's Mastercard, a $95 deposit is required for a $300 credit line with a $75 annual fee deducted from the credit line. The annual fee is also a whopping 49.9%. In fact, the reason why the Aventium card looks so similar to FPB's cards is that FPB also owns Aventium.
An unsecured credit card for bad credit instant approval is hard to get with a poor credit history, but these two banks will take a risk against you. Be prepared for higher than average fees and rates and pay close attention to paying bill son time and not going over your limit. It is easy to get into debt with these cards, and you may wan to consider waiting until your credit gets a little better before applying. If you want a higher credit line then you'll want to look at going the secured card route, which involves paying an amount into your account in return for lower rates and fees. Banks that currently offer a secured or prepaid card include Capital One, Wal-Mart Money Card, Green Dot Visa and Pink ACE Elite Visa.