There are many ways to get a credit card today. When you open a checking or savings account at your local bank branch, they offer you one of their credit cards. Many stock brokerage accounts and stores offer their branded Visa, Master Card or American Express with the name of the company cobranded on the account. Examples are a Merrill Lynch Visa card or Barnes and Noble Discover card. There are so many choices out there it can be confusing, but, depending on your credit score and income , we can help you find the right card for you.
Consider the following when applying for a credit card:
1. Are you are looking to carry a balance at a low interest rate?
2. Will you pay off your balance in full every month and do you want the best rewards?
If you charge alot and pay all your monthly bills with your credit cards ( which many people do these days ) you can easily accumulate reward points which you can use for airline tickets, merchandise, hotel rooms or other valuable items the card companies offer today.
3. Are you are trying to establish your credit for the first time or reestablish good credit? Your choices are limited to a secured card or one with a low credit limit. If these are paid on time the card issuers will look at the payment pattern and slowly raise your limit.
4. When applying for credit cards do not apply to too many at once. Each you apply your credit report is looked at it appears as a credit inquiry on your report. Too many inquiries in too short a time may adversely affect your credit score.
5. Also if you have a high debt to amount available ratio the credit card companies do not like that.