Home Finance Things To Know Before You Get Your First Credit Card This 2019

Things To Know Before You Get Your First Credit Card This 2019

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Things To Know Before You Get Your First Credit Card This 2019

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Credit cards may seem like just another tool to help you pay your bills and make purchases, but it can be so much more. A credit card can help you maintain a good credit history, allowing you to get loans at favourable interest rates, cheaper insurance, and even a new cellular plan. By using your credit card on your everyday purchases, you can even earn rewards.

What is a GetMyOffer.CapitalOne.com credit card?

A credit card may be just like a debit card, but instead of having the funds removed directly from your checking account when you make a purchase, you’ll necessarily take on a short-term loan. This loan may or may not result in interest, depending on when you pay it off. For every purchase, you have a small grace period before the payment is due. If the balance were paid in full before the date, you wouldn’t have to pay for interest. If you spend less than the balance by the due date, you’ll have to pay for the interest.

You can easily apply for a GetMyOffer.CapitalOne.com credit card via online or thru your mobile phone. And you can also get to access your credit card details like balances, due dates, etc. via the internet.

Why should you get a GetMyOffer.CapitalOne.com credit card?

Credit cards come with numerous benefits. A credit card that is used responsibly will help you build your credit score. Good credit can help you obtain future loans, help you get approved for an apartment or mobile phone plans. It also helps you to avoid utility deposits and get lower insurance premiums.

What do you need for your credit card to get approved?

Typically, you must be 18 to apply for a credit card. However, if you are under 21, you must provide proof of your independent income or assets to show that you will be able to repay the amount you charge. Otherwise, you will need to become an authorised user on your parent’s, guardian’s or another adult’s account who is over the age of 21.

How to Apply for a GetMyOffer.CapitalOne.com Credit Card

Make sure to give right and accurate information during the application process and be prepared to make a case for yourself in the event you aren’t approved immediately.

Read this: Start smart with your first credit card

Know your credit score

In a credit card, this is one of the most critical factors for your credit card issuer to approve your application. Lenders typically consider scores 300-629 as lousy credit, 630-689 as average credit, 690-719 as good credit, and scores 720 and up are considered as excellent credit. Also, to get most of the rewards, credit card holders must have a good or excellent credit score. To maintain a good credit history, you should make payments on time, keep your balances low on existing credit cards, and avoid new debt.

Reduce your debt

High credit card balances can be damaging to you. To lower your credit utilisation, create a new plan to pay down the existing balance as quickly as possible. Also, to keep your balance lower throughout the month consider paying off purchases more than once a month.

Don’t give up

If you’ve done everything right and you still get denied with your application, don’t give up just yet. Credit card issuers have reconsideration lines you can call to implore your case. Have a plan before you call. Ask the issuer politely why you were denied and formulate a convincing argument why you want the card.

Must Read:  6 Credit Card Security Features to Secure your Transactions
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