Credit Card Applications

Credit Card Applications: How To Get A Credit Card

To obtain credit cards, you need to make applications to the relevant credit card companies.

You can find information about credit card companies or credit card suppliers, their rates and terms in a variety of publications such as daily newspapers, finance magazines and also on the Internet. By contacting the credit card companies directly, you can get the very latest information from them.

Obtaining this information prior to applying for your credit cards is crucial to getting the very best credit card deal to meet your personal needs. It It is also important to note that once you have completed an application form and you apply for a credit card, it will form the basis of an agreement between you and the credit card supplier.

Once you have submitted your credit application, the credit card company or supplier will either approve your credit card applications or decline them. If successful, you will receive a credit card offer along with a pre-approved credit limit and be issued with small plastic credit card or cards.

The plastic credit card contains electronically encoded security information in the form of a magnetic strip, located at the back of the credit card. The data that it stores will be made up of certain information that is taken when you apply for a credit card.

This information enables the authorising of payments whenever you use the credit card to make a purchase. This however is only one aspect of the credit card application that most people will ever want to know about.

In making an application for a credit card, it is easy to assume that this is all there is to the credit card application process. Behind the scenes though, the applications and payment processing occur on various other levels and involve a few more key contributors.

Which Credit Card Application

As you're already aware, credit cards enable you to borrow credit that you can pay back monthly, either partially or fully. It is you who decide on this, however it is subject to you paying the minimum payment required.

Before you commit yourself to making credit card applications and to help you arrive at an informed decision as to which credit card offer is right for you, the following provide some basic information on the various types of cards and their purposes.

  • Debit Card: should not be confused with a credit card. Debit cards are linked to your current account, which means that when you withdraw cash or make any other transaction, the amount is taken directly from your current account

  • Charge Card: if you apply for a charge card, then you need to know that these operate on a credit account basis and you will need to pay off any balance outstanding in full. You may also be charged a membership fee for this type of card

  • Store Cards: credit cards application for these types of cards are offered on the basis that the chain stores that issue them, do so with the sole aim of retaining you as their customer thus restricting you shopping elsewhere. These cards will usually charge a much higher interest rate on any outstanding balance

  • Cashback Card: application credit card by way of cashbacks, offer you the option of a cash advance each time you make a transaction. Be sure to pay off your balance each month to avoid incurring very high rate of interest

  • Affinity or Charity Card: as the name suggest, these cards work on the basis of donating a small percentage of money to a charity when you complete an application credit card and/or each time you use the card

    Has your credit card applications been declined? There are a number of things you can do to ascertain the reason why. You will firstly need to check that your credit reference files are accurate and do not contain any adverse information that could be affecting your credit status.

    The content on this site is purely for information purposes only and is not intended to replace your seeking professional financial advice.

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