How to Apply for a Credit Card
If you have never applied for a credit card, the act of actually applying may seem like a pretty daunting task. Where is the best place to apply? What sort of questions will you be asked? What happens if you get turned down? If these (and other) questions are zipping through your mind then try to relax; it really isn’t all that complicated.
How do you apply for a credit card? Although different financial institutions have varying regulations and practices, there is a basic plan that you should follow when applying for a card:
Do some research. All credit cards are not the same. Interest rates vary from introductory 0% APR cards to cards that have interest rates so high you’re embarrassed to tell anyone what you’re paying. Some cards come with hefty fees while others come with virtually no fees, and while rewards programs have become more and more popular this isn’t a feature on every credit card. What type of credit card do you need? More importantly, what is the best card you can find based on your credit score and other qualifying factors?
Don’t just apply for a card without first reading through the Terms and Conditions. This is where you’ll learn about the interest rate, grace period, fees and other important information. Compare the Terms and Conditions of several different cards before deciding on one.
Fill out an application. Only after you have taken the time to research the best credit card for you, you’re ready to apply for the card. You can fill out an application online at the financial institutions website, or if you prefer you may be able to apply for the card over the phone by calling a customer service representative. Most credit card companies offer paper applications as well.
What will the application require? Usually, you’ll need to offer basic information. Sometimes it’s as easy as giving your name and social security number, but other times you’ll have to go into more depth as far as employment history and previous addresses.
Get the credit decision. Since most financial institutions use automated lending computer programs there is a good chance you’ll get the credit decision back quickly. If you’re approved then the card will be sent to you through the mail. If it’s a merchant credit card you’ll probably get a temporary card for immediate use. If your application is denied then you’ll receive an explanation in the mail within a couple of weeks. The letter may have a vague explanation, but with that denial letter you can get a free copy of your credit report to find out what’s on there that’s keeping you from getting approved for a credit card.
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