Find Instant Approval Credit Cards – New Credit CARD Act Rules in February
Posted on | February 10, 2010 | No Comments
The new credit CARD act rules will take affect in late February 2010. On February 22nd, 2010 we are going to see drastic changes in the credit card industry. If you are looking to find instant approval credit cards then you may have to actually receive an offer rather than going online and applying. It will no longer be the case that subprime borrowers will get great offers anymore.
After the credit crisis credit card companies have drastically changed the way that they do business. It is no longer the case that anyone who applies for a credit card will qualify. If you do not have a decent credit score you are going to find great troubles in getting a low interest rate credit card. Unfortunately, this is not going to change in the near future.
The credit CARD act was created to help consumers by not allowing credit card companies to increase interest rates without notice. Sadly, this has caused many credit card companies to take action before this act becomes law. If you have looked at your credit card statements lately you have probably noticed that your interest rate has increased.
Credit card companies are staying ahead of this legislation and are increasing interest rates before the act becomes law. Some borrowers who have credit scores above 720 are finding that their interest rates are up to above 20%. If you are looking to find instant approval credit cards please be aware that your interest rate could be high.
Author: Mike Garner
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