If you’re interested in getting a credit card, how exactly can you apply for one and get it?
Presently, there are tons of credit card options available on the market. Whether you prefer one that provides a cashback or one that guarantees zero percent on purchases you make, it is important to understand what to consider when you intend to apply for a credit card.
But first, here are the steps you’re required to take in order to apply for a credit card:
- Choose a card of your choice
- Go ahead verify your credit score
- Check your eligibility status via the eligibility checker
- Assess the offer
- Complete the application
To make the entire process absolutely easy, we have explained all the process in details so you can understand what is expected at each state and avoid pitfalls.
How To Apply For A Credit Card And Get It
Here’s how to get started:
Figure Out What Credit Card Is The Most Suitable For You
First, you have to decide what you really need a credit card for. For instance, you may need a new credit card to clear an existing debt.
So you may need a 0% balance transfer card. Also, you may intend to get an incentive on your spending via a cashback or reward card.
If you aren’t so certain about the type of card you need, you can figure out how to choose the right one here.
What’s Your Credit Score?
Once you apply for a credit card, all credit card companies run a search to figure out what your credit history is and to find out if you’re a creditworthy candidate.
The better your credit history is, the higher your chances of being approved for the best deals.
So just before you apply for any credit card, you should go ahead and check your credit history with any of the three major bureaus (Equifax, Experian or TransUnion). You can request for a free credit report from all three bureaus once in a year.
Checking our credit history before applying or a credit card will help you prevent any surprise or disappointment and also give you a chance to amend any error on your report.
Even more, you can take all the necessary steps to enhance your credit score if you have to. You can learn how to improve your credit score all by yourself here.
Find out how to fix your credit for free and improve your score here.
Learn what a credit repair company can do for you here.
Read about how to stop unauthorized access to your credit report here.
See the factors that affect your credit score here.
Check If You’re Eligible For A Card Before Applying
Be careful about going ahead to apply for a credit card because it will leave a mark on your credit file.
Worst still if the credit card Company turned down your application, it may be difficult for other service providers to approve your application.
However, you can use an eligibility tool to find out if you qualify for a credit card or not before applying for one.
You can use this Eligibility Checker to ascertain if you qualify for a card or not and to figure out which cards may likely approve your application.
This will give you the confidence to apply for a particular card knowing full well that you will be approved.
Also, you wouldn’t risk having a negative print on your file.
You May Not Get The Advertised Rate Or Deal
The credit card market is becoming more competitive by the day. Nonetheless, by law, just 51% of applicants should be eligible for the rates or deals the company is offering before they can advertise them. This means many applicants won’t be eligible for the deal.
Rather, you might be given a shorter 0% purchase or balance transfer offer or a higher interest rate – or even an annual percentage rate (APR).
This is the authorized rate that is used for borrowing and it considers the interest rate on the amount offered and other charges like annual fees.
However, if the credit card company proposes a higher interest rate or shorter 0%, you’re not compelled to accept the deal under the law. So you can shop around to figure out what other rates and deals other credit card companies are offering.
Complete Your Application Form
As soon as you make up your mind on the credit card you’d like to have, the next thing you’ll have to do is complete your application form.
So fill in your details with absolute honesty. If applying on the web isn’t your thing, you can apply with a direct mail pack. You can also apply over the phone, or visiting your local bank branch.
That said, it is worth mentioning that some of the best deals are offered online.
But then what should you do if your application is turned down for whatever reason? Get a copy of your credit file to figure out why and then consider other available options.
What if you get the green light? All you have to do is sit back, relax and wait for your card to arrive.
Some credit cards are delivered within 10 – 14 days. Others take longer
With a credit card, you have the opportunity to start building credit, shop conveniently, earn cash back and rewards, and also offer protection against all sorts of credit card scam.
You can use your credit card for traveling, settling emergency and unexpected expenses. If you have a reward credit card, it will reward you for buying items. and these rewards can come in several different forms.