Credit card companies make it easy to apply for credit cards online without you visiting the bank in person.
Knowing how to apply for a credit card is one thing, but knowing what issuers are looking for before you apply for a new card is really the first step to success.
Having a credit card is helpful for a number of reasons. Credit cards are safer to use than cash or debit cards, and they’re one of the easiest ways to build credit. The best credit cards also frequently come with benefits like the chance to earn rewards for certain types of purchases, such as grocery store or travel purchases.
“When you’re applying for your first credit card, you’re essentially asking a card issuer to take a chance on you,” says credit educator John Ulzheimer of The Ulzheimer Group.
Ulzheimer’s advice? Be realistic with your expectations.
“It’s very unlikely you’re going to get a large credit limit, and you may not even get a modest credit limit,” Ulzheimer says — and that’s OK. Building credit is a process, and you have to start somewhere.
Just remember: Depending on your credit (what lenders might refer to as your “creditworthiness”), you may not be ready to apply for a credit card right now, but you can take proactive steps that may help you get approved in the future.
If you think you’re ready, we’ve outlined how to apply for a credit card in eight steps. It all starts with checking your credit.
1. Know your credit score and what it means
2. Analyse about your needs
3. Understand the terms on your credit card application
4. Choose a preferred bank and kind of credit card.
5. Determine a repayment strategy
6. Initiate your plans and be consistent with it.