by Credit cards seem to be one of the most widely used payment options available today. Given how popular they are, it is vital to understand what qualifies you to get a credit card and what factors you ought to consider. If you see yourself applying for a credit card in the foreseeable future, this is what you need to know.
Contents
Why should you get a Credit Card?
It is important to ask yourself why you need a credit card in the first place. Here are some common reasons people tend to go for credit cards:
- You can build your credit rating by using a credit card
- Making purchases using your credit card can get you reward points
- You can request a refund without issue on the off-chance that you are unhappy with your purchase.
Be sure to use a credit card eligibility checker to check if you qualify for a credit card.
Benefits of a Credit Card
A sizeable chunk of shoppers tends to be apprehensive about applying for a credit card. If you are on the fence about getting one, here are some exciting benefits that might make you take the plunge.
Using a Credit Card is safer than carrying Cash
If you lose your wallet, you can quickly cancel your credit card to avoid losing money. Most financial institutions have well-defined security processes in place to prevent you from losing money should you lose your card or get it stolen. If you find yourself in such situations, make sure you contact your bank regarding this as soon as possible.
Interest-free Days
If you pay the balance in full before the statement period ends, you can expect some credit cards to offer you a fixed number of days during which you do not have to pay interest on your purchases.
Earn Reward points on Transactions
You can earn reward points on every pound you spend on select purchases through rewards and frequent flyer credit cards. You can redeem your points with your lender’s reward programs for a variety of perks such as flights and cashback.
Which Credit Card should you get?
Choosing the right credit card is not easy, especially if you have never had a credit card. It can be a tedious task even if a credit card eligibility checker filters your choices based on your creditworthiness. Regardless, here are a bunch of popular credit card choices you should consider looking into:
- British Airways Credit Card
- Sainsbury’s Bank Credit Card
- M&S Bank Shopping Plus Credit Card
- Tesco Balance Transfer Credit Card
- American Express Platinum Credit Card
Applying for a Credit Card
Applying for a credit card involves the following process:
Make sure that your Application meets the Requirements
You need to make sure the minimum requirements met. Different financial institutions have different criteria to check if you qualify.
Check your Eligibility
You need to use a credit card eligibility checker to check your chances of getting a credit card.
Make sure you include your personal information, such as your credit history, annual income, expenditure patterns, and your UK address history. You can expect the software to check your eligibility based on the data you submit and tell you what your chances are of getting a credit card.
Selecting the Credit Card that suits you the best
Be sure to select the credit card that best suits your needs from the list of credit cards given the credit card eligibility checker gives you. However, make sure that you consider the following factors before applying for a credit card.
- Introductory period
- Annual Percentage Rate or APR
- Total amount due every month
- Additional fees charged by the lender
- Benefits
Submit your Application
You have the option of submitting your credit card application online, by post or by visiting the branch office. Make sure you fill a basic form and submit it to the bank. You can expect a SECCI form from the lender a detailed agreement of the credit card terms.
If your application is approved, you will receive your credit card in 5 to 7 days.
Why use a Credit Card Eligibility Checker?
Having a weak credit history can very likely result in rejection of your credit card application. Repeatedly applying for a credit card increases the chances of rejection, which in turn, will negatively affect your credit score. Applying for a credit card in such a situation becomes significantly more challenging.
You can use a credit card eligibility checker to check your credit score before applying for a credit card without affecting your credit score.
The credit card eligibility checker is a highly useful tool for anyone who is looking to apply for a credit card. It helps you check if you qualify for a credit card by considering your soft credit check parameters.
Conclusion:
The credit card eligibility checker allows you to enter your details, including your UK address history, your annual salary, other sources of income, and of course, your total expenditure. Based on these details, the software will determine how likely you are to be accepted when you apply for a credit card.
Keep in mind that while the results of a credit card eligibility checker are not entirely accurate, they can certainly provide you with a list of realistic credit card choices for which you can get approved.
