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Do you need to be of a certain age in order to apply for a credit card? What are the things that you should look out for when you are applying for one? How do you know if you have chosen the right card that will suit your needs best? These and more, read on as we shed light on 10 things you must know about applying for a credit card.
You’ve probably heard horror stories about people who run up thousands of dollars in credit card debt, or have maxed out several credit cards at once, and while this may be true in some cases, it doesn’t have to be the case for you if you plan your spending carefully and make sure to read the fine print before applying for a credit card. Below are some of the things that you must know about applying for a credit card
How to apply for a credit card
Apply for a credit card online or in person at a branch. In some cases, you might need to visit your local bank. Each bank has its own rules regarding applying for a credit card, so ask before filling out an application. It’s good to establish rapport with a bank representative who can guide you through things like selecting your card type (travel, student or rewards card), what kind of spending limits are appropriate and what annual fees are charged. If you’re in a hurry to get your credit card fast but aren’t technically ready for one, don’t worry – most banks will issue them immediately and then review your situation after three months. This gives you time to build up your credit history.
What are the possible credit cards you can get?
There are generally 3 different types of credit cards you can get. Student credit cards, low limit credit cards and premium credit cards. Student credit cards are the most basic type of card available for students. The minimum age to apply is 18 years old, however the maximum limit on your credit card will be lower compared to that of the other 2 categories. Before applying you should ensure that you don’t have any bad marks against your name regarding student loans or bills as all these details will be scrutinized and reported in the records held by your bank which would make it difficult or impossible to apply if you do have any negative history in your name.
How To Get Credit Card
To apply for a credit card, you must:
- Decide which type of card is best suited to your lifestyle
- Gather your credit information
- Fill out an application online or via mail
- Select one or more cards to apply to 5. Wait while your application is processed 6. Receive notification that you have been approved or denied 7. Carry out your plan and remember to pay off balances in full each month
What are things to watch out for when using your credit card?
When using your credit card, there are things to watch out for when using your credit card. Firstly, make sure that you do not exceed your total limit. Remember that each credit card has its own limit, which means if you cannot pay your bill in full you must make payment in time to avoid interest charges. If you are traveling out of town it is advised to carry several types of cash and cards. Make sure to get back home without carrying too much cash with you so as not to risk being robbed.
Conclusion
To apply for a credit card, you will need to meet with your bank or any financial institution which offers credit card services in your country or state. If you do not have an account with them, you need to open one first before you can be issued with a credit card. When applying for credit cards, there are some things that you should know about the process and its functions so that you will be able to receive the best deals available on your desired card type and brand.
