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Four Things to do Before Applying for a New Credit Card

While there are still people who use cash to pay for purchases, the majority of the population loves to use credit cards. If you too are among those applying for a new credit card this year, I suggest that you get acquainted with 4 important things before doing so. Here is a detailed description of each of these 4 things. Choose the right credit card at

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# 1- Apply Only For One New Credit Card at a Time
When you are in the market for a new credit card, it is obvious that you will be reviewing a lot of different offers. Instead of applying to all of them and then selecting the one that gets approved earlier, you should compare the offers and apply only to the one that suits you best.

Each of your application is considered as a new credit inquiry on your credit report. Having multiple credit inquiries comes across as if you are desperately in need of financing and can deter lenders when you apply for a new credit card.

Hot Credit Card Offers
Hot Credit Card Offers
Type Brand Annual Fee APR Cashback Bonus Details/Apply
The First Progress Platinum Elite MasterCard(R) Secured Credit Card
$29 19.99% N/A


* This online application is subject to the terms and conditions as described in the Important Information Section of the application.

# 2- Read the fine print

Credit card lingo is cumbersome from both a legal and financial perspective. Read the terms and conditions carefully before applying for a new credit card so you are aware of what you are signing up for. A little caution during this first step can save you from unnecessary problems later.

#3- Choose Your New Credit Card According To Your Payment Plan
You need to have a clear picture about the payment of your credit card bills even before you choose a new credit card.  Decide whether you will be clearing the entire outstanding amount each month or if you will be carrying forward some of the amount to the next month. Based on this decision, you can select the credit card that offers maximum benefits according to each plan.

If you plan to clear all dues each month, then choosing a new credit card that offers maximum rewards like cash back offers, zero annual fee etc will work well for you. On the other hand if you plan to carry forward some of your outstanding dues to next month, then choosing a new credit card with the lowest interest rates should be your prime focus.

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# 4- Try Negotiation Before Transferring Your Balance

Many people apply for a new credit card just in order to take advantage of a lower interest rate on the balance transfer. If you are jumping to a new credit card company to avail of low rates on balance transfer, I suggest that you first try negotiating with your current credit card company. You will be surprised to know that many credit companies are willing to come to a mutual understanding and work out a lower rate to continue doing business with their existing customers.

Having a credit card is now considered a necessity, but don’t fee pressurized to apply for one simply because everyone is doing so.

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