4 simple steps to help you find the best credit card offer online
NEW YORK, NY, May 06, 2021 /24-7PressRelease/ — Applying for a credit card online is the quickest and simplest way to go about getting a credit card. The right credit card can be a great way to build credit and earn rewards for everyday spending.
But there are several factors to consider before you apply for a credit card online to make sure you’re getting the best bang for your buck. Here’s how to find and apply for the best suited card for your individual financial needs.
4 factors to consider before applying for a credit card online
1. Know how much existing debt you have
If you’re already drowning in debt, this might not be the best time to apply for a credit card, especially if you have a less than ideal credit score. Applying for multiple new lines of credit in quick succession can have a negative effect on your credit score, albeit minor and temporary.
Be mindful of the debt you already have—whether that’s in the form of other credit cards, student loans, personal loans, auto loans, mortgages, or medical debt—before you apply for a credit card online.
2. Shop around before selecting a card
In the United States, there are upwards of 1,500 credit card offers available, so it’s important to find the best fit for your individual financial needs. Types of cards include cash back cards, travel cards, gas and restaurant cards, secured credit cards, business cards, and student cards.
There are credit cards with annual fees that can include more perks and benefits than their no annual fee counterparts, but credit cards with annual fees usually are only worth it if you plan to use it frequently.
Knowing how you’ll use your card can help you decide which type of card to limit your search to.
3. Look for pre-approved offers
Applying to a credit card can give a slight ding to your credit, as the credit card company will pull your full credit report. What’s more, applying for multiple credit cards can raise red flags to lenders that you’re taking out too much credit at one time, even if you only intended to compare offers.
Instead, look for credit card pre-approvals that interest you. A pre-approval doesn’t have an impact on your credit score, but instead relies on a “soft check” on your credit.
Pre-approvals come in different forms — you’ve probably gotten some in the mail that you may have considered spam. If you’re in the market for a new card, start saving and comparing those offers.
You can also apply for pre-approval directly on many card issuers’ websites nowadays. That way, you can know ahead of time if you’re pre-approved for a credit card that interests you.
4. Decide what you’ll use your card for and how you plan to use it
Figure out what kind of expenses you’ll use your credit card for can help you decide which type of card is right for you.
If you mostly plan to use your credit card to make everyday purchases, like groceries and online shopping, then a cash back card probably is your best bet. For those with a limited credit history looking to build credit, a student or secured credit card would be ideal to get you started.
If you expect to carry a balance on your credit card, you likely want to make sure you find card with the lowest possible APR. If you plan to pay down your balance in full every month, you likely won’t be as concerned about the APR.
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