Quick Credit Card - Time To Go Fast Plastic?

January 1st 2024 see's the launch of the Quick Credit Card. Our own branded Credit Card with out own logo. We are not yet taking applications for this card, but you can be added to our mailing list to be contacted as the launch date approaches.

When people hear that Credit Cards are an expensive way to borrow, they may not necessarily be correct. Comparing Prime Credit Cards to Prime Loans would be a distraction, in these circumstances, the credit card is always going to be the more expensive way to borrow. Rates for a Prime unsecured loan start around 8.0%, where as prime credit cards can be as low as 15%, but that is still almost double.

When it comes to Subprime borrowing though, Credit Cards are competitive and in a lot of instances, cheaper. The average APR on a loan of £1000 for a Subprime Customer is going to be about 80% over the year. The average rate for a Subprime Credit Card is more often than not going to be around 45%. Both are expensive, but the Credit Card is half as costly.

The reason people believe Credit Cards are more expensive is that customers don’t pay them off, they keep balances higher. Whereas a loan would be repaid over a year, the average Credit Card borrower will typically run the balance of their card towards the higher end of their credit limit.

Borrowers who are disciplined, make over payments and pay their balances off, will find that Credit Cards are cheaper in a lot of cases.

The Quick Credit Card is a credit card offered by Quick Loans and could prove to be the ideal financial aid for the vast majority that struggle to get credit.

Like the majority of credit cards already out there, it can help people to make imperative and important purchases on the spot and work out finances later.

There are many advantages to being a credit card holder in general, namely the fact that you can purchase things and payment will exit your account later, and preferably after a payday. There is also a good level of protection with a credit card.

Credit cards give you the freedom to not be ruled by the finances in your current account. Used with care, credit cards can increase spending prowess and give you the ability to make larger purchases than you’d normally be able to make. You are then able to repay the balance over a set period of time in easy to manage chunks. People often use credit cards for things like paying for washing machines or expensive televisions etc – all pricey items that you may not necessarily have the money in the account to pay for up front. A credit card in this instance comes into its own. You can make the purchase and pay off small amounts until the tab is cleared.

One thing that many people are unaware of is that having a credit card could also help you build up a positive credit history if you use it wisely, and pay it off in full and on time. Many people assume that if you have poor credit or have a history where you haven’t been the greatest at managing finances, then a credit card could be the worst thing for you and will ultimately make your financial situation worse – this isn’t necessarily the case, though.

If a person can prove that they can regularly pay off their credit card in full and on time, this will help to undo some of the ill-judged previous financial mishaps and will help to eradicate them to show a better financial history.  Of course, if you cannot make a guarantee that you will be able to pay off the final amount on the credit card when due, this will make a financial situation much worse and could leave you in a cycle of debt hard to get out of. Only take out a credit card if you are able to make payment when due.

Credit cards are ideal for protection and delaying payment to a more convenient time, but they can quickly add to a debt problem if a person isn’t careful.

Not having a credit card, could ironically, make your credit score worse. It's a cyclical argument, people can't get credit until they can show they can repay credit. People that have never had a credit card often find it difficult to obtain credit from other places because not having one makes their credit score lower than having one and having had made repayments ontime, meaning they are deemed risky to other lenders – so, despite how bizarre this situation may sound, it is actually very worthwhile having one and utilising it regularly.

Finally, credit cards are also ideal for emergencies. We’ve all been there. A boiler breakdown or a car breakdown always occurs when you least expect it and when funds are at their lowest. With a credit card, payment can be deferred until a payday has come or extra funds have gone into the account. The emergency situation can be rectified immediately, so you don’t have to put off the repairs until you have the money – simply put the balance on the credit card and pay it off when due when the sufficient funds have made it to the account.

Credit cards just make life so much easier and the Quick Credit Card is no different. It has favourable rates and unlike many other card providers, irrespective of previous history, chances are you will be eligible for this financial option.

We believe that everyone deserves the right to finance, regardless of past errors of judgement. We also wholeheartedly believe that everyone deserves the chance to put right any mistakes they may have made financially in the past (as let’s be honest, it’s easily done) and have a fresh start. A credit card is a good place to start building up that reputation again as it’s easy to keep track of and is also ideal to get into a routine of paying off on a set date.

Applying for a Quick Credit Card is quick and easy and chances are you’ll be accepted, irrespective if previous financial history. A credit card is the way forward when it comes to managing finances and a Quick Credit Card, with all its benefits, offers a great way to get into the habit of good money management.

Approval criteria's linked to both credit cards and unsecured loans are extremely secretive processes and it's unlikely there will ever be a definitive answer to this question. Anecdotal evidences seems to suggest that it is easier to be approved for a Credit Card than it is a loan.

There could be many reasons for this though, it isn't a clear picture. A lot of people who apply for a Card, will already have loans on the go, and this may affect their applications.