If you are new to credit cards take a note on our simple six steps and come to the conclusion on the credit card applications. Once you decide on the factors to consider you can use the credit card finder to choose the card in the market that meet your criteria.
Applying for credit card can be done through the following steps.
1) Have a Credit check
Before head on to the credit card applications you should make a self assessment on your credit score. Because based on this factor only you can know the possibility for the acceptance and can know the estimation of credit limit you will be allowed on the new card.
Try to be honest when you fill out the credit card applications. When you provide a false information anywhere on the application it may lead to the defrauding that particular credit card provider. They can take legal actions. So be careful when giving out the information.
If you don’t pose enough credit eligibility then give a try for the best secured credit cards. In this secured card you are going to deposit your amount against your card’s credit limit. So the banker will take out the money from this deposit when you couldn’t make payments as you agreed. It is also one of the best ways to rebuild your credit history.
2)APR
When applying for a credit card, consider the one which offers a lower APR Rate because it will be applied on your borrowed money interest rate. This includes the charges such as mandatory fee on your card. Late payments will not come under this APR.
So if your card offers a less APR it implies you will be required to pay only less interest.
3) Eligibility
Anyone who has crossed their 18 years of age is eligible for the acceptance of standard credit card applications. Acceptance will also subject to the credit check and other criteria.
If you want to have a premium card then you should poses a higher income and the better credit risk. These premium cards will provide high credit limits with much lower interest rate.
4) Which one to choose – typical factors to be used in credit card finder by based on the following option you can determine which card will best suit to you.
i) Purchase now and make payoff at the end of each month
If you want to use your credit card for the month full of purchase and settle all the money at the end of each and every month you don’t need to bother about the APR because you are going to payoff within the free interest rate period. So check out the features like rewards, loyalty points cash back offers when going for the credit card applications.
ii) Going to use the credit card for some major purchases and will spread the total payments for several months.
If this is the case then should go for the card with low APR. Also check out whether this low APR will get changed in just few months. Some credit card companies use to offer even 0% interests on the introductory period but they will raise the rate dramatically once the intro period gets over.
iii) Will use the card in abroad
If you want to use the credit card in foreign countries then you should be careful with the credit limit & annual fee. If it is 0 annual fees it will be much the better. Try to select the card which will be accepted in most of the foreign countries. Have a note on the transaction and fees collected when dealing with the foreign currencies.
Have all these concerns in mind and try out the Credit card finder to come out with the best one.