Applying for a credit card
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A credit card application offer
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It is not uncommon to receive credit card offers in the postal mail. Such offers can be attractive because of the new features or benefits the credit card offers. Credit card companies always want new and more business so there is no shortage of offers designed to acquire new customers.
When you get one or more offers, compare the features or benefits of each offer to pick the best credit card. If, for example, you want just a rewards card pick a card that offers you the maximum rewards benefits with no or minimum charges or fees. On the other hand, it makes sense to apply for a credit card that offers no rewards benefits but offers great introductory interest rate if you are looking to save on interest rate charges. The savings can be huge depending on how much you transfer to the new card and how much you are currently paying in interest charges.
A quick tip
Don’t forget to see the back of your credit card offer or terms of the offer. This section contains important information. The section, for example, describes what happens if you make one or more payment(s) late. You may loose the benefits of the favorable introductory offer as a result. The section will also tell you about annual fee, grace period, interest rate information, and so on. It is a mistake to apply for a credit card if you don’t agree with all of the condition of a credit card offer.
When you have one or more credit card offers in front of you, look for minimally for these features (and any other applicable features or benefits):
Introductory features
- Regular interest rate
- Interest rate on balance transfers
- Interest rate on purchases
- Length of introductory period (Ask yourself: is this six months long or a year long?)
- Any bonus offer?
- Points/miles on purchases or balance transfers. If yes, how do your earn and how do you redeem?
Highlights of benefits of a Capital One credit card offer:
Look beyond just the introductory period! Review the same information beyond just the introductory period because the same benefits or features won’t be available after the introductory period has ended.
Also, make sure you are aware of these items for each credit card offer:
- Annual fee
- Charges on cash-advances
- Over-the-limit charges
- Grace period (in days)
- Any reward on transfer balances?
- Any additional fees, penalties or benefits?
Table 1 provides a glimpse into a sample credit card offer.
| Table 1 a sample credit card offer features | |
|---|---|
| Feature | Value |
| Regular interest rate | 0.00% |
| Interest rate on balance transfers | 3.00% |
| Interest rate on purchases | 5.00% |
| Length of introductory period | 1 year |
| Bonus offer | 5000 points on first purchase |
| Points | 3 per $1 purchases |
| Annual fee | $50 |
| Grace period (in days) | 25 |
Completing a credit card application offer
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Posted on: 9:52:42 AM EDT November 10 2007Laugh a little with these jokes
1. Newly wed are talking over dinner.
Wife: did you know Peter I am a great cook.
Peter: no, but I want to find out.
Wife: I cook best two dishes: alu gobi and matar paneer. And, I have cooked one for the occasion.
Husband: (surprised) which one is this?
2. Teacher: everything I say to you Matthew goes in one ear and out of the other. What do you have to say to that?
Matthew: (without hesitation) should there be something to prevent from happening that?
3. Where did a construction worker dig a hole? In the sky!
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Random money tips
1. Regularly reviewing your credit reports is a good habit. You can often learn about any fraudulent or suspicious activity from your credit report. You can get a free credit report annually from www.annualcreditreport.com from each of the three major credit bureaus (TransUnion, Equifax, and Experian). It is a good idea to review the credit report minimally once in a year.
2. Keeping track of everything you spend is a great way to find out where all the money is going. Do this on a monthly or bi-weekly basis. Every time you spend money record the date, amount, description of the transaction, and any other relevant information (such as type of payment: credit card, debt card, check or cash). Over the course of a few months, you should able to see where your money is going and if any changes need to be made.
