Merchandise Cards or Catalog Credit Cards Offer Guaranteed Approval and Huge Credit Limits - NO SECURITY DEPOSIT REQUIRED!
Whether you have bad credit or no credit, it doesn't matter. Catalog cards offer guaranteed approval. You can use these cards only to purchase merchandise within their catalog. The benefits of obtaining catalog cards are:
Large unsecured credit lines
Help improve or build credit
Purchase quality merchandise while building up your credit
If you have been turned down for a loan or credit card because your credit report didn't show any "*comparable credit" then these cards are for you! Catalog cards tend to have credit limits ranging from $5,000 - $10,000.
* when a bank ask for comparable credit they are basically saying that if you want a loan for $5000 you should have had an unsecured loan or credit card for that amount in the past that shows a favorable repayment history
Advice for Applying for a Catalog Credit Card
Pick a credit card that matches your needs and budget. Take the time to compare the interest rates, credit limits, fees and charges, payment terms and other conditions imposed on various programs. That way, you will most likely choose a catalog credit card that carries the most reasonable features.
If you wish to jumpstart or rebuild your credit history then, you should see to it that you pick a card issuer that will report your credit and payment activities to the major credit bureaus – Experian, TransUnion and Equifax.
Pay close attention to the rate of interest, and check whether it is fixed or variable. Always remember that although a variable rate credit card usually comes with a low introductory APR, the rate can suddenly shoot up depending on the changes in the Primary Rate. Hence, it will still be best to lock in an affordable rate on your catalog credit card.
Bear in mind that spending beyond your credit limit can cost you great deal of cash in the form of overdraft charges and declined transaction fees. It can also inflict further damage to your credit history. So, try to spend within the limit or cap imposed on your account.
Review the fine print of your credit card program before signing your contract. That way, you can understand the terms and conditions that will apply to your catalog credit card and you can avoid having regrets, later on.
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