When you are in the market for your first credit card or for a new credit card account, you may be inclined to search and apply for the easiest credit card to get. When consumers ask such a question, the answer is not exactly easy.
Getting a Credit Card 2012
In order to get any credit card, you need to be sure your financial profile is first up to par with the requirements of the credit card provider. There is no ‘easy’ way to get a credit card unless you are able to prove your credit worthiness.
Since the inception of the CARD Act, lending requirements are much stricter than rules of the past. Credit card companies want to ensure you have the financial resources and the track record of meeting your monthly bill obligations. If you can not prove that information, you may find it difficult to get any credit card.
Cards for Different Credit Levels
If you carry an excellent credit history and a credit score over 730, you can essentially have access to most of the traditional credit cards on the market today. These traditional credit cards will vary in interest rates and credit card terms and conditions. Traditional credit card providers may also charge an annual fee and provide incentives for card use.
For consumers with mediocre credit, options will be more limited than for those applicants with excellent credit but a variety of credit cards are available to meet your needs. You may need to pay higher interest rates for poorer credit and have smaller spending limits.
For applicants looking for a credit card who have bad credit or no credit history, the ‘easiest’ credit card to obtain is likely going to be a secured credit card. Secured cards require an initial deposit by the account holder. The deposit amount then becomes the credit card limit. Different card providers require different deposit amounts. A secured card, used wisely, can be the gateway to approval for a traditional credit card account approval.
Making the Choice
The best way for you to select a credit card should not be all about which card provider will approve your application but rather which credit card suits your financial needs and your spending lifestyle. With fees and interest and penalties, you may end up spending more in fees each month than you do in purchases, which will not be a financially smart decision.
It is best to compare several credit cards before committing to one. It will also be important to check in with your credit status before sending in your applications. Credit scores can be lowered due to simple mistakes on your credit history report so you should check your information for accuracy before applying for a new line of credit. Always check into the terms and conditions (aka the fine print) before selecting a credit card. What you don’t know about your new credit card could cost you. Ask questions of the company if you are unsure about aspects of the card.
If this is your first credit card, be sure to select a card that makes sense for your financial life. Once you have an account open, the information being reported back to the credit bureaus will be the essence of your credit foundation for the rest of your life. When used wisely, a credit card can be an excellent resource for establishing and perfecting your credit history and score.