Applying For A Credit Card

Given that you are reading an article about credit cards, you are most likely thinking of applying for one. If you have the right reasons, then this is an excellent idea, however you need to make sure that your circumstances support it. If you have good credit, you can get an excellent rate, however if you have any past credit issues then you need to keep an eye out. There are sharks out there who will promise you the world, but end up giving you something ridiculous something like 23% APR with a $300 limit, and almost that much to activate it. Yes, this really exists, from a bank in North Dakota.

If you have good credit

If you have excellent credit, then you can get pretty well any card. You'll even find you get offers in the mail, and don't even need to try to find them. Although you probably should anyway, as you know those mail cards are rarely worth getting.

The good credit credit card can be a special rewards card. For instance, many grocery stores have worked with local banks to provide a Visa card for customers that doubles as a rewards card and as a discount card as well. Sometimes there are great offers that can only be had by these card holders, and the also accumulate credits towards discounted grocery bills. Some stores even send their customers coupons for every $1,000 they spend.

Good credit can also be a help with other things, for example a good credit can get you discounts on insurance, or a no annual fee credit card, or otherwise reward you for building up and maintaining a good credit score.

Bad Credit Credit Card

Just because you have bad credit doesn't mean you should suffer offers like the one mentioned in the first paragraph. Often the best thing for you to do is apply at your bank for a secured credit card. This card will give you a low limit and require a security deposit from 25% to 100% of your credit limit, but will also give you an opportunity to re-establish your good credit. Once you have done that, often the banks will extend you more credit and remove the restrictions.

However, beware--these unsecured offers that come in the mail are often worse than the above-mentioned North Dakota card. Go to your bank or credit union for your secured credit card; they may even have a way for you to apply for your credit card online.

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Mammon is an experienced accountant, and an expert on no annual fee credit cards. Click here to see his web site on secured credit cards.

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