Search:

Applying for a credit card

If you are reading this article, you are probably thinking about applying for a credit card soon. While this is a noble endeavor for the right reasons, you need to make sure you apply for the correct one for your circumstances. You may be able to get a great interest rate if your credit is good, but if it's spotty you will have to watch out for the sharks out there who promise their customers the world, only to deliver them a whopping 23% APR with a $300 limit and $250 in fees just for activating the card (yes, it exists, from a bank in North Dakota).

With good credit

If you have excellent credit, then you can get pretty well any card. You'll even find you get offers in the mail, and don't even need to try to find them. Although you probably should anyway, as you know those mail cards are rarely worth getting.

In fact, the best credit card can even be something usual, for example a rewards card from a grocery store. A surprisingly large number of grocery stores have partnered with a local bank to provide rewards cards that double as visa cards, and as a discount card as well. A few stores will also send customers coupons when they spend a certain amount.

If you have good credit, you'll also have an advantage in other circumstances as well. For instance, insurance companies are more likely to give you discounts, and you can get credit cards with lower annual fees- or even with none. This is all to reward you for keeping up a good credit score, which is not that hard to do.

If you have bad credit

Even though you may have bad credit, this does not mean you have to suffer under a card like the one in the first paragraph. The best thing for you to do could well be to apply at your bank for a secured credit card. This card will give you a low limit, much more then most credit cards, and will ask for a security deposit ranging anywhere from 25% to 100% of the limit. On the other hand, it will give you the chance to re-establish your good credit score. Once you've done that, you'll find that banks are willing to extend you much more credit, and will remove the restrictions.

However, beware--these unsecured offers that come in the mail are often worse than the above-mentioned North Dakota card. Go to your bank or credit union for your secured credit card; they may even have a way for you to apply for your credit card online.

Article Source: http://www.topicinfo.com

Mammon is an experienced banker, and an expert on building good credit. Click here to see his web site on bad credit credit cards.

Please Rate this Article

Not yet Rated

Click the XML Icon Above to Receive Credit Card Articles Via RSS!

Additional Articles From - Home | Finance | Credit Card

Credit Card Companies - By : Jay Beech
The True Cost of Cash Advance - By : Paul Basco
What to do when your credit card is lost or stolen - By : Paul Basco
Top 10 Rewards of having a credit card - By : Paul Basco
The Differences between Debit and Credit Cards - By : Paul Basco
Lies Credit Card Companies Tell - By : Paul Basco
How Your Credit Score is Calculated - By : Paul Basco
Getting a Better Interest Rate for your credit card - By : Paul Basco
Common Practice of Very Responsible Credit Card Users - By : Paul Basco
Building Your Credit From No Credit or Bad Credit - By : Paul Basco

	Print This Article
	Post Comment
	Add To Favorites
	Email to Friends
	Ezine Ready

Submit Articles
Member Login
Top Authors
Most Popular Articles
Submission Guidelines
Ezine Notifications
Article RSS Feeds

About Us
Submit Link
Contact Us
Privacy Policy
Terms of Service