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People with spotless credit reports obviously get the best deals. In most cases you will find that your rates, fees, penalties, charges and credit limits will be expensive, restricted and limited in unpleasant ways. This means that you can still get a credit card if you have bad credit but it will cost you.
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If you are considering either the unsecured card or the secured card, choose the secured card. You will save money in the long run by going with the secured card. The other good thing about a secured card is security deposit is refundable but with an unsecured card you will never get the fees back.
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When it comes to most credit card companies, you can expect to receive a letter in the mail with the status of your credit card application within five to seven business days. If approved, you will receive your credit card within ten to fifteen days of your approval letter. The credit card company will inform of you of the estimated time it will take for your card to arrive along with a phone number in case you have questions on your approval letter. It also takes roughly the same amount of time to receive a letter of rejection from a credit card company as well. However, some credit card companies give instant decision within 60 seconds so you will receive your card much faster. Applying credit cards online is a much better way.
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If you don't want to do too much surfing around or be upsold too many offers of pre-approved and low-interest products, you can simply visit the Federal Reserve System's site at www.federalreserve.gov.
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The days of living only with paying just cash are over. Credit cards help you build your credit, increase your borrowing power, and make major purchases. If your future goals include owning a home, buying a car, owning your own business, or traveling then unfortunately you must have a credit card.
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One of the safest ways to apply for a credit card is on-line! This is because all data transmitted between your computer and our secure site is protected by an encryption method called Secure Sockets Layer (SSL). This is industry standard security software, which prevents anyone else, but FIA Card Services, N.A., the issuer and administrator of the card, from viewing your personal details. SSL encodes your data before it is transmitted over the Internet.
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Instant approval is almost never instant. No matter what the credit card company is going to issue you a credit card application before it issues you credit. The average time that people wait for this instant approval is about one to two weeks, while some companies give you a decision within 60 seconds, you still need to have the card made and delivered to you. Generally, the better your credit rating the faster the response time for a credit card application. Once a decision is made you will be notified by mail or email (depending on whether you applied online or not ).
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Yes, you can apply for more than one credit card. Many people have multiple credit cards in their wallet. However, if you have more credit cards, at some point issuers may decide that your total available credit is already high relative to your income, and may decide not to issue you more credit cards. This is because ironically, if the credit card issuers see too much credit they are scared you are going to rack it up and then take off on them.
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Experts indicate that most North Americans carry between five and ten credit cards in their wallets, with some credit-aholics holding as many as 35 credit cards at one time.
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If you are turned down for a card, it is not a bad idea to call the credit card company and ask why. They will be more than willing to tell you in most cases. Sometimes it is not even a case of having a poor credit rating. It may be that you haven't been at your current address or job long enough, or perhaps your income doesn't meet the card issuer's criteria.
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