Fast Credit Card
While we always have to be cautious concerning the debt load we carry, at the same time, most of us need at least one fast credit card to cover ourselves in case of emergencies. So even though it’s wise not to build up debt and the high interest rates that accompany credit cards, at the same time it can be just as unwise to not have a backup up credit card in case something unexpected happens. Just remember to pay off those credit card bills before the interest rates kick in, and you’ll do OK.
With that in mind, here are some tips to ensure you get quick approval for a credit card application.
The credit card application itself:
While it may seem to be a no-brainer, surprisingly, many people don’t properly complete a credit card application, elongating the process and unnecessarily prolonging the approval of the application. So we can think something on a credit card application is not that important and so don’t pay the attention to it we must, all that does is ensure a rejection and need to correct it and send it back. This usually applies to personal information, which is so common to ourselves that we tend to go over it too quickly.
So read the application while you’re filling it out, and read it again at least one more time to make sure all the required information is in it. Reading the credit card application at least a couple of times also helps you to understand exactly what you’re signing. So many people just want their card and have no idea of the terms involved in the agreement. So go over it a minimum of two times for understanding and checking to see that all your personal information is included.
Getting help with your application:
If you’ve never have filled out a credit card application before, or you’re having trouble with a new card you’re applying for, see if any of your family, friends or neighbors have the card and ask them about specifics for filling it out if you’re unsure about anything. After that, if you’re still unsure, call the company and get the answers you need before signing. Never want it so bad that you sign up with absolutely no knowledge of what you signed.
Check your credit report:
Before signing up have your credit score and report handy, along with any balances to your existing credit cards you have if that’s applicable. That way you can take care of any things that may need to be cleaned up before proceeding. If there’s something not accurate in your report or that has been taken care of, it’s necessary to clear that up and out of your report, or your credit card application will probably be turned down. If you have existing creditors One important thing many consumers aren’t aware of is the way credit card companies report payments to the credit bureau. In some cases they can be a month or two behind, making it look like you’re behind. If that’s the case, call them up and ask them to update their report to reflect your actual payments and not the timing of when they enter them.
Realistic Credit Expectations:
I know a lot of people that try to get the highest amount of credit they can without regard to their income. This is a sure way to get rejected, as there are strict formulas in place by companies, and it makes no sense to get credit which you are unable to pay back if anything unexpected happens; which it always does.
Overall Household Income:
Sometimes when credit is applied for, the consumer forgets their overall household income and only includes a single income. It’s best to report all your household income for the best at getting your credit card application approved. Finance companies love to see extra leeway and room to wiggle if something happens. What if you’re rejected? Many times a credit card application is rejected for a number of the reasons mentioned above, so don’t just accept the rejection, but call to find out what the reasoning behind the rejection was, if it’s not made clear to you.
Assuming you’re a legitimate credit risk, most of the time it’s forgetting to input information that results in your rejection, which slows down the process. When and if that happens, just find the information and get it quickly to the credit card company and you’ll get your application approved.
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Finding A Good Credit Card
For the past 20 years, I have had a Discover Credit Card. When comparing this good credit card to other cards, such as Visa, MasterCard, American Express, the Discover Card experience is overall superior to the benefits offered by the other big three. Long before it was popular, Discover Card was the first to offer a cash back bonus.
As its popularity grew, its general acceptance by merchants has increased and continues to increase as of today. The only drawback to using a Discover Card is that some local businesses/merchants may not accept Discover Card. The reasoning is that the fees charged by Discover Card to the merchant are generally higher than other credit card companies.
American Express is a brand name which is a part of the American lexicon. Originally, American Express only offered one kind of repayment term; namely, the full balance would be due at the end of the month. It’s not one of the more popular first time credit cards.
After seeking its market share of credit card users slowly erode, American express introduced the Optima card which would allow you to make incremental payments over time. While the vast majority of merchants accept American Express, aggressive market tactics by Visa have on occasion frozen American Express out of certain markets.
The best example would be the advertisements for past Olympic Games which suggested you use the Visa credit card to purchase your tickets, because the ticket seller would not accept American Express. One additional problem with American Express which occurred was the increase in its fees charged to merchants when their customers would charge a purchase.
This did cause certain high end merchants, such as car dealers, to no longer accept deposits or charges on American Express. While American Express has improved its card benefits, it appears American Express is generally a half a step behind their competitors. Finally, you have Visa and MasterCard.
I am old enough to remember when these two credit card giants were not affiliated with any bank or other financial institutions and were simply Visa or MasterCard. Overall, a Visa or MasterCard is easier to use than American Express or Discover, inasmuch as the credit terms can be very competitive, and they generally have looser credit requirements for individuals who are trying to reestablish their credit.
Overall, which card you use is a personal choice. For me, it’s Discover Card. The idea that I always get money back, even if it is nickels and dimes, is better than airline mileage or points which only give you a source of products which Visa, MasterCard or American Express what you to buy.
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Finding A Good Credit Card
Not all credit cards offer the best features and rates. One must look at the terms and conditions carefully when selecting a credit card. The following characteristics comprise a good credit card.
No Annual Fees
Most credit cards do not require annual fees. That is because the credit card companies make a significant amount of their money off of credit card balances. Make certain that you choose a credit card with no annual fees.
Grace Period
Make certain your credit card has a reasonable grace period between payments. The shorter the time period, the more likely you’ll have interest rate payments (unless you pay off your balance monthly). Regardless, if the grace period is shorter, you have less access to cash flow for other purposes.
APR
The Annual Percentage rate should be as low as possibly offered. This is the interest rate you’ll be charged on any balances that you carry. An important thing to note is that the APR will be different for purchases, cash advances, and balance transfers. Cash advances typically have the highest rate, so if you use your credit card frequently for this purpose, you may want to review the terms and conditions closely for this feature. As it pertains to balance transfers, many credit cards offer introductory low APR transfers within the first few months of obtaining the credit card. If you can pay off this balance within the introductory period, than transferring balances may be appropriate for you. But be careful, because after the introductory rate, you may be charged a higher fee than what you’re paying today. Once again, please review the terms and conditions of the credit card. In addition, there are fixed APR rates and variable APR rates. In a rising interest rate environment, which we may be in the future, then one’s carrying balance will incur more interest charges. With fixed APR charges, you’ll be charged the same rate on your balances.
Incentives
This is a truly valuable feature credit card company’s offer. One can get brand specific credit cards and earn points on future purchases, such as Ford and Disney. By using a Disney credit card, one can accumulate points to be used at Disneyland or Disneyworld for vacations. There are many variety of incentives, which include cash back on purchases, educational donations (through Fidelity 529 plans), or earning miles to travel. These incentives are nice features which give you an extra incentive to utilize the credit card.
In summary, all of the above features should be examined carefully when selecting a credit card.
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