There are so many credit card offers available that you might be tempted to apply for the first few offers to see what cards you can get. The offers might look good on the surface because of an initial low APR or a waived membership fee or some other offer that makes it really enticing, but have you made sure you’ve avoided some of the leading mistakes that credit card applicants make when applying for credit cards online? When applying for credit cards there are many things to consider and if you make a mistake you can end up being rejected or you can end up with a card that doesn’t quite meet your financial needs.
Using a Comparative Tool to Examine Card Options
Don’t be in a rush to jump on the first couple of good offers you see. In fact, it is best if you sit down and spend an afternoon, or even a day or two going over offers to see what will best suit you in the long run financially and in terms of potential rewards. If you’re I a real big hurry to get a credit card this could mean it is not the right time for you get one. Using a site like effectify’s credit card listing, directory, and financial aid website is a good place to start when it comes time to compare offers.
Mistakes to Avoid When Shopping for Credit Card Offers
You see two, three, four offers that are enticing so you decide to apply for them all, and herein lies your first big financial mistake. The minute you start applying for credit cards in numbers you trigger creditors to think you might be in a financial panic or in trouble and in need of money. Not to mention that every query you make for a card goes against your credit as a hard query or hit thereby resulting in a lowering of your credit score. Find one good offer and go for it. If you get approved, use the awhile before opening another
one and only open another if you really need too, not because you want more plastic in your wallet. Remember, more cards mean more debt period.
Other problems that arise when applying for credit card include:
- Viewing cards as a form of income that supplements your existing income – this is not the case and every time you use it you are going into debt, not bring in income. Consider the fact that is far easier to keep current with one card because it is less expensive and easier to track.
- Thinking you’ll have a zero APR forever – read that fine print carefully because APRs don’t stay at zero for long and it is usually 12to15months before you see a far higher interest rate applied. It lists the APRs clearly and the difference between the APR introductory rate, or at minimum, the number of months you’ll be eligible for the zero APR rate.
- Consumers often make huge mistakes when exception offers when they don’t know how they work fully – this couldn’t be truer than if you were dealing with deferred interest. Differed interest doesn’t equal no interest. In fact, it equals retro-activated interest so you’ll pay more in the long run.
Effectify clearly explains card eligibility and the rules before you apply. Visit the site today and start your search for credit cards responsibly, and don’t forget to examine the fine print.