However, to find your best deal there are a few steps you should take before
you apply for any credit card.
Assess your current credit cards.
If you're looking for any type of new credit card, you should first determine where
you stand on the ones you have.
Taking a close look at your last few months' worth of statements will help you determine
a number of things that will be critical to your future accounts. This includes
the current balance you carry, how much you pay into it every month, the size of
the interest charges you face on each bill, any annual fees you incur just for maintaining
your account, and so forth.
These will be critical in helping you to determine the costs you may face on your
new account, and perhaps even allow you to better understand exactly what kind of
new card you need.
Are you carrying a large balance?
For consumers who carry a large credit card balance already, it may be a good idea
balance transfer credit cards. This type of account will carry a very low
interest rate, usually one as small as 0 percent, for the first six, 12 or 18 months,
and therefore allows you to reduce your balance more quickly by not adding to it
with additional charges.
These cards usually come with a small fee for any balance transfer - about 3 percent
on average - and therefore that added cost will be something you will have to consider.
Moreover, if you're getting one of these cards, you might want to plan on not spending
any additional money on it, as the introductory rate may not always apply to purchases.
Do you pay off you balance monthly?
Many consumers are very diligent about trying to keep their balances to a minimum,
and some even make sure they are paid off in full at the end of every month.
For these people, it might be a good idea to seek the best
rewards credit card that grants them some sort of benefit for every dollar
they spend. By doing so, they can make their cards more affordable because they
do not face any added interest charges. Of course, these cards also generally come
with an annual fee, which can make it more difficult to afford, so you'll have to
figure out if you earn enough in rewards based on your current spending habits to
surpass the added cost.
If you rarely use your card
Some consumers like having a credit card they can use for an emergency only, and
for those people, a
no annual fee credit card can be ideal. However, you might also want to
be careful that prolonged periods of inactivity don't take place, otherwise the
account could be canceled by the lender.
Whatever your needs, compare before you apply.
Fortunately, the advanced tools at CreditCardApplications.com greatly reduce the
time it will take to identify the top credit card programs for your situation. We
have pages for all major categories of credit cards and a Credit Card Search Engine
that let’s you describe yourself by answering a few simple questions. We then present
you with a comprehensive list of the credit cards best suited to Your situation.
Our online applications make approvals fast, so spend a little time doing research
to ensure you love your new credit card.