Saturday, April 17, 2010

How to Apply for a Credit Card

A credit card is a card issued by a bank, retailer or consumer store, which allows purchase of goods and services on credit for a specific limit, interest rate and time period. There are a variety of credit cards to choose from, depending on the requirements of the person. You can apply for a credit card online, through paper application or by phone. Here's how to apply for a credit card.

Find out information about credit card plans, rates and terms on the Internet, in personal finance magazines and in newspapers.

Fill out the paper application for a credit card of your choice, if you do not want to apply online. Ensure that the application is endorsed by the credit card company and is an original document, not photocopied.

Apply on phone, by calling up the toll free (800) number of the credit card company of your choice. This number can be found online, through yellow pages, newspapers or magazines. Follow the automatic instructions that you hear when you call the number.

Apply online, which is usually the easiest, fastest and most preferred method of credit card application. Go online and search for the different credit card options offered by different banks, financial institutions and stores.

Compare the different features as regards the fixed or fluctuating interest rates, APR, credit limits, interest-free days, penalties, grace periods, schemes for cash advances and balance transfers, attractive offers and other implied costs.

Choose one to suit your requirements and search for applying options online.

Check for the preconditions of applying, such as a driving license number, social security number, date of birth and address proof. Usually, there is no need to have a bank account in a specific bank, nor do you need to maintain a minimum bank balance.

Fill in the details, double check the information included, read the privacy statement and click on "Apply."

Apply for multiple credit cards if you choose. However, the authority to issue of all these cards simultaneously rests with the issuer, who will first ensure whether you have a reliable financial background.

Read the full original article here.

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