When it comes to filling out credit card applications, it is truly a buyer’s market. Open a magazine and you will likely find a printed credit card application. Open your daily mail, and the odds of finding a letter with an invitation to apply for a credit card is almost a given. Did you know that you can even apply for a credit card without job, permanent residence, and in some cases even without a social security number? Yet before you take all the companies up on their offers and apply for credit cards, make sure that you think hard before you sign those credit card applications.
If you are a student and want a credit card, apply only to one company. This company should offer a product at a highly competitive rate. Do not apply for a credit card that carries an annual fee. There is no reason to spend money just so that you can spend money. It makes no fiscal sense, and in a climate where big business wants you to apply for a Visa credit card, you have the pick of the litter.
Beware credit card applications that come in the mail. It does not matter if you recognize the Visa credit card application logo – if the name of the bank is unfamiliar to you, check it out. Some of these credit card applications are actually encouraging you to apply for secured credit cards. If you have good credit, there is no reason why you should have to apply for a credit card and offer collateral to boot. Remember that you will not be able to touch the money in the savings account that is tied to your card until you close the card account!
Whenever possible, apply for your credit card online. Mailed in credit card applications are subject to being stolen from your mailbox – if this is how you process your mail – and may lead to someone else getting into possession of your name, birth date and social security number – all the makings of identity theft. While the latter is possible even when looking to apply for a credit card online, the instances of this happening while filling out online credit card applications with reputable companies is small.
When you apply for department store credit cards only pick those that offer great bargains, rebates, rewards or cash back bonus offers. If possible, apply for a credit card online; stay away from using the in store terminals since there are too many people around watching you who might pick up on your social security number and other information.