How to get a good credit card?

A credit card is a plastic with a magnetic strip across it and it is connected to a credit account. Issuers, namely banks, issue credit cards to their cardholders with a promise on the cardholders’ part to repay the credit on time. Banks allocate a limit to their respective users, called credit line or credit limit, up to which they can use the credit. The credit line is subject to change depending on the usage of the credit given.

Your chance of getting a card with a good credit limit and a low interest rate depends upon many factors. Your credit history tops the chart. If you have a satisfactory credit score, you will no way be denied of a credit card with a good package. However, remember, if your application for the card is disapproved, do not go for repetitive applications. It may go against your credit report. Do possess a valid Social Security Number before you apply for a credit card, as you will need it for the credit card application. If you do not have one, apply for it first and then go for a credit card. Look for the best card, which will suite your current financial needs.

Always make sure that you go through the terms and conditions of the prospective issuer before you take a decision to have a card from them. Points like credit line, interest rate, additional fees, hidden charges, grace period, balance transfer options etc. are a few to be given a good thought.

Credit card applications are generally accepted online by most of the major issuers apart from the company solicitations. Provide all required information in the application form such as your driving license number, your SSN, contact information, your annual income, and other relevant information. Your application is subject to approval and if you are accepted, then you will get a letter informing you of the same. You should get your card within a few weeks. Your card will not be accompanied with your PIN for security reasons. It will be sent to your address in a different letter. In case, you do not receive both or either of them, call your bank and report the same. They will issue a new card with a new account number to you.

However, unfortunately, your application is not approved, you should receive a letter from the issuer informing you of the reason of rejection. They should also send you another letter with information of the credit bureau from which they got your credit report. You are entitled to get a copy of your credit report free of cost from the same credit bureau and this is law. If you discover any error on your report, get it corrected at the earliest and apply again to the same creditor explaining how you got your credit report rectified. If you do not find out any discrepancy, then you need to wait for some time and, in the meanwhile, you need to improve your credit score. Below you will find a video explaining how you may get a good credit card with bad credit. All the best.