The best way to get a credit card
Applying for a credit card nowadays is speedy and convenient.
Probably because there are already a lot of credit card companies which are fighting to get your business.
Credit cards are considered a necessity in these times. There are a lot of financial benefits that you won’t be able to avail if you don’t own a credit card.
Everybody can make use of a credit card. Credit cards are great ways to pay bills even if you currently don’t have the cash for it. If you’re going on a vacation, using a credit card will help shoulder your expenses.
Also, all online stores need to get your credit card information if you want to purchase something from them.
Truly, credit cards have given people more purchasing power. With credit cards, you can conveniently transact business anywhere without ever carrying cash.
But these credit cards have also caused the financial downfall of several people. If you’re not careful enough with how you use your card, you could be paying too much just for interest rates.
With credit cards, it is easy for you to get caught up in a huge debt. That’s why before you apply for a credit card,
you must assess yourself and ensure that you’re responsible enough to own a credit card. Credit card application is very easy, in fact, almost anyone who wants a credit card can get one.
Before you decide on which company to apply a credit card in, make sure that you have scouted other companies.
Credit card companies offer different rates and have different promotions. You would have to decide on the one which gives you the best deals.
Once you have decided on a credit card company, decide on what type you’ll be getting. A credit card company can offer several credit card types.
Each credit card has their advantages and disadvantages. For example, one credit card might give you more reward points than the other, but it has a higher interest rate. Weigh all your options wisely.
Other credit card perks include cash back or rebates for every purchase made on the card. Some would also entitle you to a raffle coupon where you can win great prizes.
And probably the most popular is a card which offers free air mileage. That means, for every use of the card, you can earn miles points which you can redeem so you can travel for free.
Also check other fees that credit card companies charge. Most credit cards have an annual fee. This is usually waived on your first year, though.
You would also have to look into how high your credit limit will be. Your credit limit largely depends on your income and credit score.
If you still haven’t decided on what kind of credit card you want, you can always check online for some great credit card offers.
You might also want to give a call to the customer service department so they can help you decide which ones to get.
You’ll surely find applying for a credit card hassle-free. Not only that, within just a few days of submission of the requirements, you’ll be able to get your new card.
Once you get your new credit card, you can immediately start making purchases. You can try it online or maybe drop a visit at your nearest boutique. Just make sure you don’t spend more than what you can pay.
How To Get A Credit Card With Bad Credit
Getting a credit card with bad credit is not at all advisable. But nevertheless it is possible for people with bad credit to still get a credit card. You can do so by following the step mentioned below :
1) You can apply for credit cards at smaller organizations like small retail stores instead of well-established financial institutions.
If your application is accepted by the small stores, then see to it that you at least make a small purchase once a month and pay the minimum payment required on time.
2) You can also approach your bank for a credit card. If they already have your account or business for several years, then they might issue a credit card to you.
3) You can ask your friend or a relative to jointly sign a credit card with you. You can choose a person with good credit. Be aware that if you are not able to pay the loan, then the joint holder must pay it. This way of getting a credit card is not advisable.
4) You can apply for a secured credit card if all other ways of getting a credit card fail. You will be required to open and maintain a savings account for your line of credit which will be a percentage of your deposit.
5) While you are trying to get your credit card, do pay all your bills on time.
6) Once you get one, offers for credit cards will start pouring in from other credit card companies as well. At the most, keep two credit cards, one for a small credit limit and one for a large credit limit. Keep them paid!
7) Do not get a credit card where you have to pay an annual fee. In fact, most credit card companies today don’t charge an annual fee and you should apply for credit cards in such companies.
8) If you are denied credit by the credit card company, then by law you can ask the company for the reason. You may also request the company to send you a credit report at no charge.
These are some of the steps where you can get a credit card even with bad credit. Once you do get a credit card, you should follow some basic rules while using it. Do not overspend. Pay for everything in cash and use your card only in case of emergencies.
This will keep you from buying more than you can afford. Many cards carry interest rates ranging from 18% to 21%. If you fail to pay off your balance every month then it is better for you to stop using your credit card at least until you manage to pay off the pending balance.
To help rebuild your credit in the quickest way, never spend more than 50% of your credit limit and do not keep a pending balance for more than 6 months.
Always keep your credit ratings high as it may help you in the future. If you are paying all your high balances on your credit card on time, then try not to part with that card as it will show well on banks and other financial institutions with whom you would like to carry business relations.
Try not to pay your balance late as that may lead you to pay extra interest or a late penalty which is totally uncalled for and expensive.
Are You Ready For A Credit Card?
If you are young and just getting to grips with financial products, you may have looked into getting a credit card.
Although credit cards are not an essential product for everyone, many people have at least one card, and so it pays to know about how they work.
If you want to know whether or not you are ready for a credit card, then here is some advice to help you out.
When to get a card?
Most people think about getting their first card when they go to University. Although some avoid the temptation and others get cards earlier, generally speaking you should look at getting your first credit card from about the age of 18 inwards.
When you are at University or starting out a job, you are likely to have more outgoings than you did before, and a credit card is a useful tool to cover some of these expenses.
What type of card to get?
If you are going to University, then you should look at getting a dedicated student credit card. These cards do not require such strict credit checks, and you can usually get a much better limit than you can with a regular card.
Also, you will receive additional benefits such as discounts on books, clothes and music. If you are starting a job, then it may be harder to get that first card, although if you can prove your income you should be fine.
Benefits of having a credit card
Knowing whether you should get a credit card depends on whether or not the benefits are real benefits to you. One of the major benefits of having a credit card is that it is great for emergencies.
If you are new to being independent, unexpected things can happen, and having a backup amount of money in the form of a credit card can really help you out of tight situations.
Also, credit cards are more secure than cash or cheques, so you are less likely to lose your money or have it stolen. Another benefit of having a credit card is that it can help you to build a credit history.
If you use your credit card responsibly then you will show lenders you are safe, and this will help you to secure important financial products later in life such as loans and mortgages.
Problems with credit cards
Before you decide whether to get a credit card or not, you should know the problems that can occur. Firstly, having a credit card can be dangerous in the wrong hands.
You can quickly accumulate a large amount of debt, both hurting your finances now and in the future by destroying your credit rating. Also, keeping up with repayments can be hard, and having debts is generally not a good thing.
Are you ready?
If you think you are ready for a credit card, then make sure you know the benefits you can receive and the problems that you might have to face.
You should ask yourself whether you really need the card, and if you will honestly be able to keep up with the repayments.
Just because your friends have one does not mean you should get one too. However, if you believe a credit card is necessary,
then make sure you shop around to find yourself the best deal, and only spend what you can realistically afford to repay. If you do this then you will get the best out of your credit card without putting yourself too far into debt.
The Truths And Myths Of Getting A Credit Card
So, you want to know the truth about credit cards? Do you want to separate the fact and the fiction of applying and receiving a credit card?
Well, here are a few of the top questions asked when it comes to trying to get a credit card.
Is it hard to get a credit card?
No; depending on a few different factors when trying to get a credit card. First thing is it depends on your credit. The better credit you have, the more likely you will get approved for the credit card.
On the opposite side, if you do not have credit or your credit is not perfect, you still have a chance of getting approved, you are just more limited in your options for a credit card.
Are Credit cards safe?
The answer is yes. Credit cards are much safer than they used to be. Credit card companies are beginning to give you your money back if your card is used or stolen.
This is beginning to be called “dispute resolution.” Always make sure to get rid of all receipts and sign the back of your credit card immediately when receiving it.
How to Apply for a Credit Card?
There are several ways to apply for a credit card. You can research credit cards you want and call and apply, you can fill
out those letters you get in the mail and send them in or you can do it even faster and know within minutes by finding the card you want and applying right online.
Is it good to have a credit card?
This can be a yes or no; depending if you know how to use them. If you have bad or no credit, than it is recommended that you start out small with a credit card.
If you have really good credit; than there should not be a problem for you to try and get a credit card. For both it is recommended that you buy something and pay it off, or pay off the full balance when it is due, do not pay the minimum.
Overall, credit cards can hurt you or help you; it all depends on when and how you use them. If you use credit cards responsibly than they can be very useful and actually help your credit.
These four questions are the most commonly asked and can help you on your endeavor of find that perfect credit card.
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