How To Navigate The Application ProcessOnce the decision

How To Navigate The Application Process
Once the decision has been made to obtain a credit card, applying for it is the next logical step. Not only can you apply for a card through the mail or over the phone, most credit card companies now offer their application services online. Either way, the basic information that you will need is the same.

Applying Online

First things first, find the right card for you. Not all cards offer the same interest rates and incentives so pick the one with terms and conditions that match your needs. Then simply go to that issuer's web site and click on the "Apply" link. The application appears and you're ready to get started.

Besides asking for routine personal identifiers such as your driver's license number, social security number, date of birth, and current address, you will probably have to supply details regarding your employment, salary, banking relationships and other credit obligations.

Once the application is complete, the approval time can vary. Some card companies will offer you instant approval while others may take a week or two. The rate at which you are approved is generally based on your credit history. Once you have been approved, they will notify you by e-mail, mail, or phone.

Applying online is not only safe and secure, but pretty quick too. No waiting for the mail to travel back and forth between the two of you. All necessary correspondence can be done by e-mail.

Applying By Mail or In Person

Since we do get most of our offers for credit cards through the mail, this gives you the opportunity to sit with many different offers on paper right in front of you. Now you can take the time to read each offer in depth in order to decide what card fits your needs without using the computer at all.

All of the card offers will come with an application attached to it and, again, all you need to do is fill it out and return it. The paper applications will ask for the same details that the online ones do, so have your info handy. The approval process when applying by mail can take a little longer since the traditional mail service is not as quick as the web. You should still be able to have an answer in as little as two weeks or so.

Another option is to go to your local bank branch and apply for a card in person. This is virtually the same application process again, only you are dealing with a bank platform employee. The wait time for approval may be a bit quicker since the bank can easily check your credit history and knows your financial status.

Any of the application processes will work. Just be cautious when choosing a card and don't apply for too many at once. Each credit check by the different card companies will show up on your credit report and too many hits are perceived as a negative.


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How to Play the Balance Transfer Game SuccessfullyDo

How to Play the Balance Transfer Game Successfully
Do you have heavy credit card debt? If so, you can save some big money by taking advantage of credit card transfers. With balance transfer credit cards you can take advantage of teaser rates that are offered several times each year by major credit card companies. Teaser rates are usually good for three to six months after you receive the card. Rates can range from 0% to 9% and they are beneficial to credit card holders who have large debts on credit cards with higher interest rates. By transferring the balance from the high interest card to the teaser card, you will save big money on interest.

Be sure to remember that most banks treat transfers identical to cash advances. Also, the transfer may be subject to daily interest fees, which can add up quickly and often there is no grace period where interest isn't charged. The costs of transferring a large balance in these cases can be astronomical. Try to choose a teaser card that waives transfer charges for balance transfers in the initial promotional period.

Always read the fine print when applying for a credit card. Be aware of the term 'flat balance transfer', which will cost you fees on all balance transfers. You must be knowledgeable of the cost of all balance transfers. If you find nothing on the credit card application, ask a banking representative if there are any flat balance transfer fees.

Take advantage of the credit card grace period. Transfer the balance on your high interest card to the teaser card before the payment due date that appears on your bill. Most credit card companies offer a grace period of between 25 and 30 days. After the due date, interest is charged on the outstanding balance. If you transfer the balance before the due date, you will save money on interest. Some credit card companies offer no grace period. In this case, you are charged interest from the moment you charge an item or from the day you transfer your balance. Do not apply for credit cards that do not offer a grace period.

After you have transferred your balance to the low interest teaser card, you will receive a bill with a payment due date. Always pay before the due date and always pay more than the minimum payment, which is the lowest payment you can make if you wish to keep your card and your credit history in good standing. Credit card companies are ecstatic when you only make minimum payments. Why? Because minimum payments usually pay only the accrued interest or a portion of it. That means that the principal remains at the same amount that it was before you made your payment. This is the way that credit card companies rake in huge profits. Minimum payments extend the principal amount for months or years. Each month you pay a minimum payment, it is taken off the interest. The following month, the credit card company charges the interest again and you pay it - again and again and... Well, you get the idea. If you pay only the minimum payment, it will take years to pay off credit card debt.

Balance transfer credit cards are a good short term strategy, but don't use it over an extended period of time. Be sure to check out all options before playing the balance transfer game. If not, you will find that you have created a financial nightmare that has no end.


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