A credit card is a tool that allows customers to borrow money from a bank. Credit cards can come with fees (i.e initial fees, interest rates(, but they can also come with reward points or cashback points. In most cases, the customer has a grace period of about 25-30 business days to pay the borrowed amount back. If they fail to do so, the credit card company may charge them an interest rate when they pay the money back. There are hundreds of different credit card options for customers to choose from. It is important to do your research before signing up for a credit card so that you can make an informed decision about which credit card to sign up for.
Preapprovedtotal.com is for the Total Credit card which is an unsecured credit card. Unsecured credit cards are the most common type of credit cards. Unsecured means that the bank giving out the money does not require a security deposit from the customer before approving them for the card. If the customer fails to make their payments, no property can be taken away from them.
The Total Visa credit card does require the customer to have a checking account before it is approved.
The first benefit to signing up for Total is that the application process is very fast. The customer will find out if they are approved for the card minutes after they complete their application.
Perhaps the greatest benefit of having a Total credit card from preapprovedtotal.com is that this card is designed for those customers who have poor credit and are trying to build their credit score. Those with poor credit scores often need to apply for credit cards that easily approve applicants and have no security deposit requirements. This allows the customer with poor credit to be able to add to their credit report every time they make a payment. If the customer always makes their payments on time, their credit score will continue to rise. However, having a fast approval and no security deposit leads to notable disadvantages of having that credit card as well.
Compared to competing credit cards, the Total Visa card has several disadvantages. First of all, it has an initial fee just to sign up. Once approved for the credit card through www.preapprovedtotal.com, the customer has to pay $89 as a start-up fee. To add to the expenses, the customer is required to pay a $75 fee after the first year of having the credit card. That fee amount jumps to $123 after the first two years. When compared to the majority of other credit cards available on the market, these fees are higher than average. It is important to note that many credit card companies do not have any monthly fees at all.
Another major drawback of the Total credit card is that it has a very high-interest rate. The annual percentage rate for the credit card starts is 34.99% which is an unusually high-interest rate in comparison to other cards. Before customers apply for this credit, they should research their finances to see if they can make their monthly payments in full amount. Making the full amount of the payments due will help them avoid the high-interest rate set by the Total Visa credit card.
Also, the amount of money the credit card allows the customer to spend is fairly low in comparison to competing credit cards. As state through www.preapprovedtotal.com, the Total Visa allows for a spending limit of $225. $225 can be helpful in covering some small monthly payments. However, Credit Cards are usually valuable in times of emergencies. Many accidents or emergencies will require a lot more than $225 to have in hand.
The Total Visa Credit card also requires a fee of $29 just to add an authorized user to the account. Adding authorized users is not recommended unless the customer trusts that user. Paying a $29 fee every year does not seem appealing especially because that extra user is not able to earn you any kinds of rewards or benefits for using the credit card. This fee is also higher than average when compared to other credit cards. Many credit cards do not even require a fee for adding an authorized user to the account.
The Total Visa Credit card also comes with late fees and returned payment fees attached to it. It is not uncommon for credit card companies to charge customers for late or returned payments. However, the Total Visa credit card has a fee of up to $40 which is slightly higher than the average late fee of $33.04. Also, making late payments can defeat the purpose of why the customer with poor credit opened the credit card in the first place. If their goal is to improve their credit score, they should be avoiding late payments at all costs. Other miscellaneous fees that the Total Visa credit card has included a $3 fee per page if a customer wants to request a duplicate copy of their account statement. Other companies such as Chase allows customers to print out as many bank statements as they wish for free. Also, there is a $35 fee for choosing the expedited delivery option if you want your credit card mailed to you.
Another huge disadvantage of the Total Visa card is that customers are not able to use it at gas stations or out of the country. The creators of the Total Visa have banned the use of the card at these locations to reduce the risk of money being stolen. Gas stations are usually one of the first places thieves that steal credit cards go to because the fuel pumps place a hold on your credit line.
It is safe to say that the Total Visa credit card is primarily useful for those individuals with poor credit. Customers with a decent credit score can be approved for credit cards with much lower fees, lower interest rates, and higher spending limits. However, for someone looking to improve their credit, the www.preapprovedtotal.com is not a bad option because it is very easy to be approved for. The customer finds out if they are approved within minutes. Also, having a fairly low spending limit forces the customer to not overspend. That way they have a greater chance of making their payments on time. Truly, while the Total Visa credit card is a decent option for those customers whose primary goal is to improve their poor credit score.