Finding the right credit card is not an easy task, there are many factors to consider when looking for credit card applications.
Whether you are applying for a Visa, MasterCard, American Express or a Discover card you need to understand the basics and what companies are looking when you apply.
Without any doubts, your credit history plays a very important role when applying for a credit card.
In this tough economy, those with newer credit files or with low FICO scores (below 600) may have to look into the secured options.
How will you use the credit? Credit card providers often advertise low interest rates, no annual fees and also rewards programs like travel miles, cash back and others.
The question you should ask yourself is, "what do I need this credit card for?" Do you plan to pay your debt off at the end of the month? if that's the case, the credit cards APR may not be that important for you.
Are you interested in cash back cards or reward cards? Most providers have products that offer cash back on some purchases (like gas, restaurants, groceries, etc) or a rewards program, like airline miles programs.
American Express cards tend to offer the best rewards programs, but they also have high minimum requirements.
Do you pay your debt on time? If you tend to carry balance to the next month, you should definitely consider applying for low interest rate credit cards.
On the other side, if you do plan to pay your debt whit in the first 30 days, you can safely shop around for the credit card that offers the best benefits.
Know your credit score before applying
There are many trusted websites out there where you can find all the information you are looking for in first place and get an instant approval online.
Whether you are applying for a Visa, MasterCard, American Express or a Discover card you need to understand the basics and what companies are looking when you apply.
Without any doubts, your credit history plays a very important role when applying for a credit card.
In this tough economy, those with newer credit files or with low FICO scores (below 600) may have to look into the secured options.
How will you use the credit? Credit card providers often advertise low interest rates, no annual fees and also rewards programs like travel miles, cash back and others.
The question you should ask yourself is, "what do I need this credit card for?" Do you plan to pay your debt off at the end of the month? if that's the case, the credit cards APR may not be that important for you.
Are you interested in cash back cards or reward cards? Most providers have products that offer cash back on some purchases (like gas, restaurants, groceries, etc) or a rewards program, like airline miles programs.
American Express cards tend to offer the best rewards programs, but they also have high minimum requirements.
Do you pay your debt on time? If you tend to carry balance to the next month, you should definitely consider applying for low interest rate credit cards.
On the other side, if you do plan to pay your debt whit in the first 30 days, you can safely shop around for the credit card that offers the best benefits.
Know your credit score before applying
- Now days, credit card companies will look in detail at your credit history, so make sure you know what your credit looks like BEFORE applying.
- Apply when you think you've found the right credit card for you (and when you feel you are qualified to get it)
- Don't apply for many credit cards at the same time, doing this will not only hurt your credit, but it will also increase the chances of being denied.
There are many trusted websites out there where you can find all the information you are looking for in first place and get an instant approval online.
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