There are a number of credit card companies working, however, when you want to decide to apply for a credit card, apply one by one to these companies and wait for the approval, not all at once. If you apply to many companies at a same time, it can cause problems concerning to your credit card scores. Credit card has lots of advantages if used within laws; however, the misuse of such cards can lead to serious penalties. Along with benefits, it is very easy to apply for credit cards. Credit cards help you in learning the wise management of your money because borrowing money results in lots of problems.
If you want to learn the number one ranking rule in the list of successful credit card holders, then the answer is straightforward and understandable. You just have to pay off your credit card charges on a monthly basis, because if you carry them from one month to another it will charge you interest on the amount. The regular payment of credit card bill allows you to use credit anytime and also exert a positive effect on your credit card scores.
Although, the plastic money is very much convenient, however, if not handle properly or carelessly, you can come across some hefty sort of issues. If you want to enjoy the benefits of credit card and also want to keep your name in good books and your credit score high, then you must pay off your credit card bill before the due date because the late fee along with a bad credit score charge you surcharge about $20 to over $30. In case of late payments of credit card bills, the company will increase your interest rate. Your bad credit score can also have a bad impact over the rate of interest if you apply for loan in future.
At the time of application for credit card, adopt a passionate style and don’t rush to apply many companies. According to financial experts, a person should never hold more than six credit cards at a time, whether they are bank cards or department store cards.
Useful tips for credit card application
- Keep your annual income as well as monthly income in your mind.
- Get complete information about currently working companies.
- Make a comparison among them in terms of cost, interest rates, terms and conditions and extra benefits.
- After choosing your company, call them and ask for complete details of their representation.
Requirements for credit card application
The Major requirement for credit card is your age limit and income source. Usually, credit cards are granted to over 18 years of age, however, there are some circumstances in which people under 18 are allotted with limited balance cards are permitted to use their parents’ cards. Credit cards need a reliable source of income, so they will ask questions related to your work, working career and monthly and yearly income.
You can apply for credit card by filling an application form. The form is usually comprised of the following queries.
- Name, date of birth, address, social security number, mailing address, phone or mobile number
- NIC and driving license
- Income (yearly and monthly)
- Sources of income
There is some other information that varies from company to company in their credit card application form.
Credit cards are the most convenient and important financial tools, however, need great care and discipline to deal with. It is good to have credit cards but is vital to maintain them frequently.