Knowing the Credit Card Approval Process

June 23, 2012 by  Filed under: Credit 

Are you currently planning to get a new credit card this year? If yes, learning the credit approval process may help you in choosing the correct card to suit your needs. In this post we will discuss the step-by-step process of obtaining a card.

Comparison. There are numerous sorts of credit cards in the market and it’s essential to select a card that enhances your own needs and lifestyle. There are cards that are especially intended for students and some credit cards offer different reward programs.

Some strictly require good or excellent credit so if you contain a poor credit score, you must seek out cards for the people with bad credit. It’s essential to understand or know that submitting an application to get a credit card that strictly requires good credit will only lead to rejection. Thus, before applying for the chosen card, you must first make sure that you meet most of the issuer’s requirements.

Read the terms and conditions. You may easily compare credit cards online by visiting a comparison website. Credit cards usually are arranged in accordance with categories which makes comparison quick and convenient. As an example, all credit cards for people with bad credit are on one page and all credit cards with rewards are available in a separate page.

The main features of each card such as rate of interest, annual fee, credit limit, and other expenses are often highlighted on a comparison website. However, when you have narrowed down your alternatives, be ready to do further research. Check the official website of each and every card you feel is correct for you.

The terms and conditions range between one issuer to an alternative. Be ready to spend more time reading and understanding the terms and conditions. See to it that there are no hidden charges and all the conditions are reasonable.

Applications. Many credit providers today allow applying online. This means, you could make an application form to the issuer’s website and submit it online. Before submitting a form, ensure that you are on the official website of your issuer and that the page is secured.

Keep in mind that you are going to be required to enter some of your personal information such as your Social Security number, address, and employment details. Submitting an application from an unsecured page will put you at risk from id theft. A secured web page must start with the URL h t t p s://, instead of the usual h t t p://.

Applications are screened through an automated process which only requires a few minutes. After submitting the application, it is possible to expect you’ll receive a response after a couple of minutes or within the same day.

Activation. If your application is approved, your card would be sent via postal mail after 4 to 5 banking days. Upon receiving the credit card, you’ll be essential to call the customer service number and supply some verifying information activate the account. Once verified, it’s ready to be used for transactions.

Shelly Evans is a freelance writer and loan consultant. The website offers resources that specialize in providing personal loans for bad credit and  bad credit credit card.

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