Credit Card Application

Chris Dodd asked:




Selecting Your Credit Card Application

The first and most important step in applying for credit cards is being absolutely honest. How is your credit rating? Your credit score is going to be a major factor in the application process to grant you access to a revolving line of credit. If you don’t know your credit situation, I suggest that perhaps applying for a credit card is not your best option right now!

Choose a card according to your credit rating.

If your credit is poor to fair, apply for a credit card with the lowest APR and don’t worry too much about the rewards. Normally shouldn’t apply for the top rewards cards with fair to poor credit because they are reserved for excellent credit. When you have improved your credit score, then apply for one of the best credit cards with rewards like the chase freedom card.

If your credit is poor, apply only for credit cards that report to the major credit bureaus. Orchard bank credit cards are good for this and an excellent way to start rebuilding your credit.

If your credit is good to excellent look at credit cards offering cash back or shopping rewards. Just make sure there are no annual fees.

If you need a balance transfer credit card, make sure they are providing you with a 0% APR for at least 6 to 12 months. Chase visa cards are a very good choice for this purpose, if you would like more information or apply for a visa card, you can review chase credit cards [http://www.billsaddup.com/CreditCards/chase_cards.htm] and other card offers here.

Quite often many people are confused after they are rejected during the credit application process. In some cases, consumers that were given a loan are then rejected for a card even with a lower limit.

You should understand a few basic principles of how a bank or credit card company views you as a potential customer.

Take a typical hard working person that has a loan and then applies for a credit card with a an average credit limit. There was no problem getting the loan but the credit application for the card was denied. What happed? You need to think about how credit works and the difference between a loan and a visa or mastercard.

Normally it’s easier to get a line of credit for a home loan or personal loan than it is for a revolving line of credit such as a credit card.

An installment loan and a credit card have very different attributes and each is treated differently by the finance company when they make the decision to approve you. A loan is for a pre-set repayment amount on a monthly basis whereas a credit card is a revolving amount and is open ended and can be used whenever a consumer wishes to use it.

The main difference is that credit cards are unsecured debt but a loan is secured by your assets or the item itself and your down payment, which means there is much less risk by the creditor to grant you the loan. Technically you have something that the bank could take if you default on your payments.

Most people treat loan payments as the same as any other bill, when it comes to payments. Usually their priorities in debt repayment go in order of paying for the mortgage, installment loans and last but not least credit card debt. The problem here is that credit card debt is usually the one that causes us to a have poor credit rating.

The average consumer is more inclined to make their mortgage and loan payments well before paying their credit card. So, just from this fact alone, credit card debt takes the back-seat as far as most people are concerned. Credit card companies know and for this reason alone it is a greater risk. Don’t forget that credit cards are typically unsecured, increasing the risk to the lender and ultimately making it harder to obtain credit.

Most of us don’t even think of credit cards the same as a loan with re-payment requirements which ultimately impact your credit score, especially when credit cards get abused. A credit card is a loan! It is borrowed money!

Why don’t consumers view their credit cards as real debt?

I think it is due to the fact that it is a line of credit and easy to get at. Plus there is no approval process required before items are purchased. Credit cards are viewed quite often as cash in the bank account. Banks are cautious when lending money on credit cards for this exact reason. Credit companies know all too well how we think of money and credit.

Louis

Morgan Hamilton asked:




Credit card application online approval is now easier than ever thanks to the Internet. It matters little what type of charge card you are seeking. Whether it’s a small business credit card, a balance transfer credit card, a travel rewards card or a student card to help build a solid credit record, you can apply for any and all of them online.

Let us say for instance that you are seeking a cash rebate offer. You would then go online and use a credible site that allows you to compare the various deals to see which ones offer you the financial benefits and services that best suits your needs. We currently recommend using Find-Cards-Now.com for its security, ease of use and excellent selection.

Depending upon the offer, credit card application online approval can happen in an instant, or it could be several days for the bank or credit card company to process your application. If you have a strong credit record then you can rest assured that you will more than likely be quickly approved for just about any charge card of your choice.

Your options are many. All of the major banks and credit card issuers allow you to apply for credit cards online. These include banks such as Bank of America, Chase and Citibank, as well as credit card companies like Discover Card, Visa, and Mastercard. As stated before, there is really no shortage of offers to choose from, including secured and debit cards.

When reviewing the deals that interest you, be sure to carefully look over the details of each offer. Some important questions to ask are: is it an introductory offer, are there any annual fees, what kind of customer service does it offer and are you completely protected from unauthorized use and fraud. It is very important to know the terms of service.

In the modern age, the World Wide Web has changed the way we do things dramatically. It has made the sharing of products and information quite convenient for us all. Managing our finances, whether it be online banking, or getting credit card application approval for that new platinum card with all the great travel rewards, has also greatly benefited.

Amy

Morgan Hamilton asked:




A balance transfer credit card application doesn’t always tell the whole story, unless you read it carefully. People looking to transfer balances are either looking to save money on their current high interest charges or are trying to consolidate their existing debt.

In many cases they can accomplish both of theses goals at the same time. There are, to be sure, many advantages to paying off the current balances you have. Some cardholders are paying 25% or more on their respective cards. That is, for lack of a better word, insane.

You can suffer from vertigo looking at those high APR fees. If you have a good credit rating then your options are many. All the major credit card companies offer balance transfer deals that can save you hundreds, if not thousands of dollars in interest payments.

Do a search on a secure web site such as Find-Cards-Now.com and you will see that banks like Chase Manhattan, Citibank and Bank of America offer some very attractive choices. They will even feature 0% APR balance transfer credit cards that compare favorably with each other.

Discover Card and American Express are also major players in the balance transfer market. They offer great financial incentives to switch credit card issuers. But you must understand that when you see zero percent interest offers they are always introductory offers.

They do not last for the life of the credit card. Credit card companies are not in the habit of lending money for free. These offers will run anywhere from 90 days to one full year. I have seen some that are good for 15 months. The Advanta Platinum Business Card is one such offer.

These introductory rates lead me right into my point about the “secrets” of the balance transfer credit card application. While we all know that the introductory rates will expire in time, many people do not factor in the fees charged by the various credit card companies.

There is no shortage of choices in finding cards with no annual fees, virtually all issuers will charge a fee on balance transfers. There really is no avoiding this charge. It usually runs around 3% and in many cases will be capped at $150.

Meaning that no matter how much you are transferring, you will not have to pay more than the allotted maximum. Using a credit card calculator will give a ballpark figure of what you will be paying in interest.

Simply factor in the transfer fee and you will get a pretty good idea on how much you are saving. Truth be told, there really are no balance transfer credit card application secrets. Read the terms carefully and you will know exactly what kind of savings to expect.

Joanne