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How Do You Apply For A Credit Card

Aug 17, 2007
Narrowing down what you need the credit card for, will help you to determine the best card for your lifestyle.

First of all,

Are you going to school? Are you a college student?

College students will do best with a college student card. Contact your original bank where you have established your student account. Any other bank may not be as willing to accept your application and to issue you their card.

Will you be transfering a balance to you new card?

If so, look for a credit card with a low APR (Annual Percentage Rate) on balance transfers. It is best to shop around for a credit card whose APR stays low for as many months as possible, unless it's your intention to switch again in a few months.

Is it your wish to make new purchases with your new credit card?

If this is your intention, pay closer attention to the annual percentage rate [APR] that applies to your purchases. In most cases, this APR is different to the APR for balance transfers.

Another area to be aware of is whether the card you are choosing has an interest free grace period. You don't want to start paying interest on your purchases right away when you can get credit cards that offer interest free grace periods all the way up to 55 days.

Are you able to pay your credit card balance in full every month?

If your card is only kept for emergency purposes and you don't use it for anything else, you may be able to pay it in full everytime your statement arrives.

If that's the case, you're probably in the position where you don't need to worry too much about the interest rates on your card. (Be sure to look for a card that gives you a comfortable grace period though).

Many people are not aware that the Credit Card companies still make revenue even when you don't pay any interest. Card companies will offer rewards or a little piece of the "pie" back to you for allowing them to make that money, even though you are paying the entire monthly amount back.

Most offer one of three choices:

Rebates - a percentage of your money sent back to you. If you are a big spender with your credit card, you can see this rebate amount add up to a nice sum of money quite quickly.

Get cashback. For always paying everything off, they're quite willing to throw a few dollars your way. Once again, if you are a big spender, this can add up to a tidy sum.

You can gain points for dollars spent, that can be redeemed for airfare, hotels, appliances, or other items.

You can opt to use a credit card that allows you to put a percentage of every one of your transactions towards a charity or cause you support. Over time, even a small percentage can add up to a very worthy donation for that charity or cause.

Finally, review as many cards as you can, and take the time to do it thoroughly

You don't have to feel pressured by the credit card company phone calls that invade your home and telephone. The best way to find out about the multitude of card options available to you is to go online to the Internet and visit a review, or resource directory. There you will find a very well rounded selection of credit cards to review and choose from.

Stay clear of offers that state they are valid for just a limited time. Those are just sales tactics to force you into hasty decisions.

Calculate your strategy. What do you want to use your credit card for? What are the spending habits you have developed while using prior credit cards? Take all of that into consideration, as well as all the card options available to you... then, when you're informed, go get your credit card!
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