Tag Archives: choosing a credit card


Credit Card Applications – 4 Tips You Need to Know!

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In this day and age, it’s extremely easy to apply for credit. Whether it be a payday loan, personal loan, or credit card, you have many options available.

When it comes to credit card applications the whole process seems rather simple. However, this is not always the case, as there are many mistakes which people make that results in their application getting declined.

If you want to avoid these mistakes, then you should follow the 4 tips outlined below, as it could mean the difference between success and failure.

Fill out the whole application form

While this may seem obvious, a common reason credit card companies reject applicants is because of incomplete application forms.

One of the main reasons for this could be the fact that many people are now filling out their applications online, which means it’s all too easy to miss out a page.

Before you send off your application for review, make sure you check over everything at least once, so you are 100% sure everything was filled in.

Give accurate information

Another reason why your credit card application might be turned down is because of inaccurate information. Let’s face it, we live in stressful times, and it’s all too easy to make simple mistakes when filling out a form.

For example, you might put down a wrong phone number, or get the number of a past address incorrect. For this reason, you should always double check the information you have supplied before clicking send or putting in the post.

Read the terms and conditions

Did you know that when you send your credit card application, you have already agreed to the terms and conditions set out by the lender.

With this in mind, you should have a good understanding of the terms and conditions BEFORE you fill in the application. If there is something that you do not agree with, then you should refrain from proceeding any further.

Ask questions

If there is anything that you are unsure of then don’t be afraid to ask questions. All credit card companies are easily reached by phone, which means you can get an answer to your question within a few minutes.

Talking to the support staff will also give you a better idea on what it is like to deal with that credit card company, and if they are rude then it is probably a good idea to end your dealings with them right there.


Tips to avoid unrewarding credit cards

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Reward credit cards are usually offered to customers with excellent credit histories. The idea behind reward credit cards is to encourage you, as a customer, to spend. This may be spending in general on your credit card, or spending your money with particular business partners your credit provider has a relationship with. Rewards can take the form of cash, gift cards, air miles or even hotel stays.  Reward schemes can be an important factor when choosing one card over another. Savvy consumers, can take advantage of such reward schemes and enjoy the benefits.

Reward credit cards tend to be associated with higher annual percentage interest rates and higher fees. Before choosing a reward credit card, consider: will the value of the rewards outweigh the extra costs associated with such a card? In some cases, it may be better decision to have a standard credit card with overall lower fees and rates of interest.

Cash back rewards are by far the simplest. It is pretty straight forward. You receive cash for spending a certain proportion on your credit card. Although cash back may not deduct the balance on your account, it’s still money! You can use it on whatever you like.

It is always important to weigh up the cost and benefit of reward credit card schemes. Some may not be as rewarding as they first seem. Use the following tips to avoid unrewarding credit cards:

  • Be wary of limited rewards.  A good reward credit card is one that increases reward as you increase the amount of money you spend. A limit on how many rewards you can incur is clearly not to your advantage. This is a restriction to stay clear off.
  • Be aware of when your reward will expire. Will you have a reasonable amount of time to use your reward before it expires?
  • How easy is it to redeem your reward? For example, if it is a free hotel stay, how accessible and affordable is it to get to the hotel destination?
  • How much money you are required to spend before you can start earning rewards?
  • Don’t spend on things you usually wouldn’t to chase rewards! This can lead to unmanageable debt.