By Rick
Applying for your first credit card can be an intimidating experience, especially if you have not established a credit history. Even though you can find a company that will issue you a card, there are several important things you’ll want to know before completing your credit card applications for no credit that can improve your chances of being approved.
Click here to review credit card applications for no credit. Compare offers and save hundreds.
Basic rules of engagement
Before you start filling out a number of applications hoping to find credit with one of the many companies advertising credit card applications for no credit, take a minute to compare them. It’s never a good idea to apply for a large number of cards at the same time. Each of these companies will run a credit check on you and the others will see that you are flooding the market with applications. They may consider this as a red flag and could deny you simply because of the large number of inquiries. It’s always better to do a little homework first and find a company or a few that offer a card with a low interest rate, no annual fee and a fair credit limit and apply for those first. This way if you are denied, you can work your way down the list to other less attractive card offers.
By approaching the credit card applications for no credit in a responsible way you stand a much better chance of being approved.
Check for annual fees
Some of the companies willing to issue credit to customers with a limited credit history cover their risk by charging a fee each year, just to issue the card. While this might seem like a reasonable tradeoff for receiving your first card, you are essentially paying a tax just for the privilege of having the card. Even if you are OK with paying this fee, be sure you understand this cost. Some cards will actually waive this fee for a period time and then add it to your monthly statement when it comes due. This can be a frustrating surprise to see appear on your bill a few months after you receive your new card so be sure you clearly understand the fee structure of any card you are considering.
Know your interest rate
Interest rate is another thing that you’ll need to completely understand before apply for a particular card. This should be clearly outlined in the credit card applications for no credit you’ll use to apply for the card but can be a little confusing. Some cards will charge you a standard rate on every purchase and others will charge a different rate for purchases and cash advances. Knowing this up front before applying for the card is critical in responsibly managing your credit. Another confusing point with some cards offers is the grace period they offer for new cards. During this limited time they may charge you a lower interest or even zero interest on any purchases made with the card. While this may seem like a great deal, you’ll want to be sure to pay off your balance before this grace period ends or the remaining balance will be charged against the actual interest rate of the card.
Click here to review credit card applications for no credit. Compare offers and save hundreds.
Leave a Reply