Things To Know About A Credit Card Application

By Renee Flowers

Credit cards are becoming a necessity in today’s world. There are a few things you should know before filling out a credit card application. When credit cards first became popular many people went into debt very quickly because they were unaware of what they were getting themselves into when they picked their cards. Before deciding that you need a credit card read up on them, learn the lingo so you are not going in blind.

Kinds of credit card applications

There are a few different kinds of credit card applications you can fill out. There are those for companies, those that go through your bank, and then ones that are for specific department stores. Credit cards that are directly from companies such as American Express will most likely ask you for the basic information, name, date of birth, if you own or rent your place of residence. They will also ask you for your annual household income, and what types of rewards if any that you want. Then there are the applications for credit cards through your bank. Now these ask the basic same questions, and sometimes there is an option to have the money automatically take from your account, or you can simply pay a small amount every month. Lastly there are the department store credit cards. Usually on the application they ask you for your bank account information to ensure you have a means of paying the bill. The questions on all credit card applications are generic and usually the same.

Things to watch out for

Now within a credit card application you will find small print and clauses, make sure to read over everything on a credit card application before turning it in for approval. If you are not sure what something means do not just pass over it and fill something in, make sure you know what it is. Things to pay close attention to are the APR, if it’s fixed, and if it will change after the introductory period of time. If the credit card company allows late payments, or if they charge late fees, as well as knowing if they offer rewards for on time payments or even for the amount you spend, are key things to look for when filling out a credit card application.

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