A basic Vanilla card is basically a credit card without any added features or special privileges and has no annual or monthly fees. The perks of a vanilla card are pretty much the same in each financial institution, while its credit limit largely depends on your creditworthiness. If you have a good credit record, you can get the privilege to obtain bigger credit limits. However, if you have less than perfect credit rating, you can expect the Vanilla card's credit limits to be slightly lower as compared to what you could get by applying for an unsecured card.
Vanilla cards come with low-rate introductory deals, which make the card more enticing for users. These promotional offers last for a limited period of time and give you the chance to build up your credit history. You can start using your new card within a few days and can enjoy benefits like cash back and rewards that can further boost up your card's worth. While you could apply for the Vanilla card, you can also go online and request for the Vanilla card application form.
While applying for a Vanilla card, it is advisable to consider several factors. Your primary concern will be to decide which card best suits your needs and lifestyle. It is important that you are clear on the amount of credit that you would like to get, how much you would spend each month and how you intend to pay back your balance each month. Your credit history will also be considered when you are applying for the Vanilla card.
The Vanilla card provides you the opportunity to earn rewards or cash back, depending on your spending habits. These rewards can be used to purchase any item that you deem to be worthy of buying. One of the benefits of this card is the ability to earn discounts on items that are frequently bought such as groceries and gas. Another is the reward for using your card with a dollar limit. However, before applying for the Vanilla card, you should know your credit limits and other restrictions on Vanilla cards.
With a Vanilla card, you can also enjoy the convenience of having only one set credit limit. In contrast, with an unsecured card, you may be given a different credit limit for different purposes. This would mean that if you spend more money than you have, you may be asked . . . . . . to add additional amounts to your credit limit. Although, the Vanilla card does not require you to carry a balance, its terms and conditions dictate that you pay off your credit every month.
Most of the Vanilla cards come with an interest rate that is higher than the regular credit card rates, which makes the Vanilla card an ideal choice for those who need to increase their credit limits. The higher interest rate is normally justified due to the fact that the Vanilla card will earn a higher interest rate over the term of the account rather than for the first month.