4/25/2024 0 Comments Money network card applySome issuers limit the number of cards you can get in a certain timeframe - for example, Chase’s 5/24 rule generally restricts applications from those who’ve opened five or more card accounts from any issuer in the past 24 months. On top of the card’s terms and conditions, check for any application restrictions beyond a minimum credit score that could affect your chances of approval. Click through to find key card details, including annual percentage rates and fees. Online applications should include a link to “rates and fees,” “pricing and terms” or something similar, which takes you to the card’s terms and conditions. Issuers typically highlight a card’s benefits and rewards prominently in their advertising, but getting to the full offer details requires a bit of digging. Know your credit card terms and conditionsīe sure to familiarize yourself with the fine print of any credit card you’re considering. Or if you think you might carry a balance, a no-frills card that charges a lower interest rate may be a better fit than a pricier travel-specific credit card. Look beyond the initial bonus, too - if you spend a lot on groceries and gas, for instance, a card that earns more in these categories could put more rewards in your pocket over the long term. For example, a tempting sign-up offer isn’t worth pursuing if you can’t meet the minimum spending requirement to earn it. You’ll also want to assess your financial habits. If you want to earn rewards, do you prefer the simplicity of cash-back credit cards, or would you rather maximize your earning potential with a card that earns flexible points? And if you’re looking for premium benefits, are you willing to pay an annual fee? But just because a card gets celebrity endorsements doesn’t necessarily mean it’s a good fit for you.Įvaluate what you hope to get from a new credit card, whether it’s rewards, travel perks or even a path to paying off other credit card debt with an introductory balance transfer offer. You’ve probably seen bank ads promoting massive sign-up bonuses and flashy benefits enticing you to apply for a new credit card. By opening and using one of these cards responsibly, you can improve your credit score over time - one of the many potential benefits of getting a credit card. That said, there are plenty of cards geared to folks with lower credit scores. Many of the best credit cards require at least a good credit score to qualify. You can also get a free credit score every month from the credit bureaus Experian (FICO Score) and Equifax (VantageScore).Ĭhecking your credit scores before choosing a credit card will help you narrow down your options and avoid applying for a card you’re unlikely to get approved for. Most major banks offer a free credit score through their online platforms, and programs such as Capital One CreditWise and Chase Credit Journey allow you to check your score even if you’re not a customer. It’s easy to check your credit score online. Each weighs the data on your credit report differently to calculate your credit score, which is a three-digit number typically ranging from 300 to 850.įICO classifies its credit scores into the following ranges:Īnd VantageScore organizes its credit score ratings as follows: The two most common credit scoring models in the US are the FICO Score and VantageScore. Your credit scores are based on the information found in your credit reports, which detail things like your payment history, recent credit inquiries and the amounts you owe other lenders. Know your credit scoresĪ credit score is a snapshot of your creditworthiness - it signals to lenders how likely you are to repay money you’ve borrowed. Relevant factors include your credit profile, spending habits and financial goals. On Firstcard's website What to consider before applying for a credit cardīefore diving into how to get approved for a credit card, you’ll want to determine which credit card best suits your needs.
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