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Wednesday, October 8, 2014

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If you are thinking that you can easily apply for a credit card without any considerations and foresight, then you need to think again. There are many applicants who believe that there is no harm in applying for this bank card. But, before you apply for such plastic money it is important for you to consider few essential things to avoid hassles later.

It Affects Your Credit

Many people simply apply for these cards without knowing the fact that it may impact their credit rating or credit score. If you have this type of bank card then you might be aware that it shows up on your credit report as "Credit Inquiry". Although, one or two inquiries in credit report won't really impact the rating, but multiple inquires in short span of time may greatly bring down your score. According to experts, if a person has multiple inquires in their report then their credit score tends to fall down by 10-20 percent, depending upon their previous credit history. So, if you are on borderline of bad vs. good credit, then applying for these bank cards may not be fruitful for you as it may greatly impact your score.

Applying for Credit Card Might Cost You

It is very important for applicants to do their homework appropriately before applying for these plastic money or else they may end up paying money for the same. For instance, if the processing fee of cards is 99 dollars and annual maintenance charge is 50 dollars then it is a great loss for you if you get accepted for such cards because you already incurred debt of 150 dollars without even purchasing anything.

Avoid Applying Online

There are many applicants who often make the mistake of applying online for such cards. It is true that while applying for such cards online you need to share your personal information and it could be risky at times. Some hackers may misuse your personal information for their gain. However, the chance of hacking is very less with the websites of reputed company. So, if you want to avoid such hassles then it is always better to apply offline, rather than applying online to save time and energy. The reputed companies also have phone numbers so that applicants can call them to apply over the phone.

Shop Around Before Applying

It is very important for applicants to shop around before applying for such cards to ensure that they are getting the best deal possible. There are some reputed banks that offer special rewards for opening an account, while some also offer zero percent introductory interest rates. So, before applying you must check for such deals to enjoy maximum benefits.

Remember, applying for this plastic money is similar to applying for loans, so some thought should be given before moving ahead with the application. You must consider all these essential things before applying for a credit card.

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