5 Things to Know about Online Credit Card Applications

Portrait of a young blonde woman in sweater showing credit card

Before you file an online credit card application, it’s important to know what you have to do. Getting a new credit card is a major choice regarding your finances. Things like your credit score and getting a credit check are important for your bank when approving your application. With these 5 tips your’re on the safe side:

Checking Your Credit Score

In order to know what cards you’re eligible for, you need to check your credit score. There are many free ways to check it. Do not apply before checking your score, because if you get denied, you have a hard inquiry on your account and it hurts your score.

Check For Annual Fees or Hidden Costs

Most card companies are straightforward about their annual fees and interest rates. Some cards can have high annual fees or high interest rates which aren’t a smart option as you can end up loosing money.

Check For Sign On Bonuses

Many credit card companies offer sign on bonuses when getting a new card. This could be cash bonuses, extra points, and even an Amazon gift card. If you find a good card that you meet the requirements for, make sure to ask for included bonuses.

When To Apply For a Card

If you recently applied for a credit card, that means there was a hard inquiry on your credit score. Waiting two weeks after applying between each card is recommended to not hurt your score so be sure to keep this in mind.

What Happens If You’re Denied?

If you’re denied a card, be sure to check and find out why. Things like income level, credit score, and too many existing cards can contribute to this. If you can’t seem to get a card, apply for a secured card which is made for rebuilding credit.

Getting a credit card is a more important decision than others make it seem. An online credit card application makes getting a new card easier. Your credit score and credit report are used by your bank to determine if you can get approved. Be sure to run a credit check before applying for a card.