Financial Battle Home
Custom Search

Get A Credit Card

Tips When Applying for Credit Cards

Picture of credit card brands to get A lot of things must be discovered about credit. Ignorance can prove to be extremely expensive and it will surely hurt your credit score. It is good to know at least the basics, even before you apply for your first credit card. Knowing how it works will help you make good decisions about picking the right company and using it on your first purchase.

Know the various kinds of credit card

Even if credit cards normally work similarly, they vary in the terms and conditions and not all are suitable for the same kind of user. Other kinds of cards include standard or plain cards that have no frills, student cards designed for college age individuals, rewards credit cards suitable for experienced users, and safe cards for those who cannot be approved for the traditional cards. You will most probably pick the best card if you know the various kinds of cards being offered these days.

Card features must influence how you pick and utilize it

Interest rate, yearly charges, and credit are just some of the most important features that every user must be familiar with. For every credit card you consider, be sure you scan the card disclosure that gives out the details of the card’s features. Doing comparison will you know which card feature is better than the others? Generally, minimal interest rate and yearly charges are preferable, but not always possible especially when you are just starting out.

Expect a card statement monthly

A credit card billing cycle is the count of days between your credit card statements. Billing cycles normally ranges from 21-29 days. Every month your credit card issuer will forward a statement that lists down all of your purchases or transactions for the recently finished billing cycle. If you have a previous balance, then you will be asked to settle a minimum payment toward decreasing that balance. You might not receive a billing cycle if you have not used your card in many months.

Majority of cards come with charges

Credit card companies earn by charging fees and interest. You can prevent additional fees by making various decisions about the credit card you apply for or the way you settle your bills. For an instance, you can prevent a late charge by making paying on time. You can prevent a finance fee by paying the whole amount each month. If you company charges annual fee, you not be able to prevent it.

The first credit card might be difficult to apply for

Credit card companies are not always willing to give credit cards to first time applicants or users. Knowing where to submit your application for you first credit card will protect your credit score, if you already have one, by keeping card applications to a minimum. If you are always denied for cards, even retail store cards, it is better to just apply for a secured card. You’ll have to deposit to get the card, but if you are responsible enough in paying your bills, you may be qualified to apply for the traditional card after a year.