Have you ever come across an advertisement or a bank offering you the possibility of applying for credit cards without proof of income and immediate delivery? This financial product is one of the most common, but you are actually risking great danger credit cards without proof of income and immediate delivery.
Do you want to know more about it? Then keep reading because I will explain everything to you so that you do not have any problems with it.
What are credit cards without proof of income and immediate delivery?
The first thing you should know about credit cards without proof of income and immediate delivery is that I am talking about a financial product. That means that are offered by banking entities. However, you can also find them through credit issuers.
They are characterized because these cards They do not require the person requesting them to provide proof of their income. In other words, you do not need to have a payroll or tax return to apply for them and be granted them.
They also have lower credit limits, especially since, as they do not verify income, the issuers usually do not lend you a large sum of money. However, the interest rates are much higher, and this can have a negative impact on the return of what you have spent.
In addition, you should also know that they contain a number of additional charges. The most common are maintenance or issuance fees, which increase the cost of what the user has to pay.
What advantages do they have?
While the article is about the dangers of credit cards without proof of income and immediate delivery, there is no doubt that, for many, there may be advantages when applying for this type of card.
You'll see, The fact that it is quick and easy to request them can help people to solve their expenses quickly. Since they don't ask for any detailed documentation about your financial solvency, or any document proving that you have income, you don't have to worry about being rejected; in fact, it's difficult for them to do so.
The only thing you might think would prevent you from getting cards is being on a bad debt file. But you should know that in many entities that is not an impediment.
How to apply for cards without checking income
If you are interested, the requirements that almost all entities usually ask for are the following:
- Be at least 23 years old.
- Have an active bank account.
- Not being (or maybe) in bad debt files.
- Provide documentation about your identity and how you will repay the loan.
With that you can already request it. Of course, You must keep in mind that each bank may have different requirements. Therefore, if you see that your bank does not grant it to you or they are too demanding with the requirements, you could always ask for it from another more permissive bank. Although you should be careful, and I will explain why below.
The danger of credit cards without proof of income and immediate delivery
Now, is it really a good idea to apply for one of the credit cards without proof of income and with immediate delivery? Is it as good an idea as it may seem at first? Well, the truth is that it is not always like that. Let me explain.
As you have seen, this type of card has a limited credit limit. In addition, you have fairly high interest rates. Apart from some fine print that you have to read very carefully.
All of this can make you get into debt in such a way that it takes you years to get out of this credit., because as you pay, the rest of the debt can continue to accrue interest, and that means you never stop paying unless you can pay it off suddenly.
To this you must also add another important problem and that is the Commissions and hidden costs. You see, when you apply for one of these cards you will find that the fees are quite high for issuing, but also for maintenance. In some cases, some banks even charge for carrying out transactions, such as withdrawing money from ATMs.
These may not be clear at first, or they may not even tell you. They do have to be specified in the contract, but you have to read it very carefully, as they are often hidden.
Another problem to take into account is the negative impact that requesting a of these credit cards without proof of income and immediate delivery. Since these do not require proof of income, basically anyone can apply for them.
And that's not the problem, the problem is that, If everything is not managed well, you can accumulate debts or non-payments and make your credit history negative. Which, in the future, may result in you not being granted loans or mortgages, even if you have paid off the debts in the end.
Finally, I must also talk to you about security. You may not know this. But many of these cards may not be as secure as others, so they could be cloned or cause other problems. For example, it may stop working, in which case you would have to pay more for the issuance of another card, for maintenance...
In conclusion, these types of cards can be very interesting and can get you out of a tight spot. But if you don't organize yourself well, you can find yourself with a bigger problem. Because the debt can accumulate and you won't finish paying it off for a long time, which will affect your finances as well as the possibility of applying for another financial product.
For all these reasons, you should take into account the dangers involved when applying for a credit card without proof of income and immediate delivery. Have you ever applied for one? Have you escaped the "trap" that can be created if you do not manage yourself well? We'll read your comments.