Finding The Right Credit Card For You
With so many credit cards available, deciding which one to apply for might be difficult. Wouldn’t it be nice if the process was just much easier? Well, it can be! The key to picking the right credit card is understanding which options and features are best for your lifestyle! In this article, we’ll walk you through what to consider and look for.
Picking a Credit Card
There are plenty of credit cards available, so browse around to get the best one. Begin by considering how you intend to utilize the credit card. This might be to purchase items online or while on vacation, pay debts, or stretch the purchase amount. When using your credit card, the first thing to consider is whether you will repay what you have due each month or spread the payments over time. If you utilize the card to borrow money and don’t pay off the balance every month, you’ll likely have to pay interest. You should consider a credit card with a lower interest rate in this instance. Don’t forget to consider if you can afford to make frequent monthly payments.
Have You Previously Applied For Credit Card?
Applying for a variety of credit cards or switching cards might harm your credit score. Every application you make is noted on your credit report. If an application is denied, it will be noted in your file. When prospective lenders look at your credit report, it may appear that you have a lot of cards or that no one else wants to loan you funds.
What to Watch For When Selecting A Credit Card
Annual Percentage Rate (APR): If you do not pay off the total balance each month, this is the cost of borrowing on the card. You should compare the annual percentage rate for several cards to see the most affordable card.
Minimum Payment: You will be required to pay a minimum payment each month if you do not pay off the debt. This is usually 3% of the total amount owed.
Annual Fees: Several cards require an annual fee for card use. The fee is added to the amount owed, and you must pay interest on both the cost and your purchase until you pay it completely.
Charges: Examine the agreement to see what extra fees apply to the card. You will normally be charged if you exceed your credit limit, use the card overseas, or miss a payment.
Points and Rewards: The points accumulate based on how much you spend and may then be used to purchase products. This is sometimes the case at some stores. Examine how and where the incentives can be utilized, and consider how inclined you are to use them.
Cash Back: This is where money gets reimbursed to your card based on how much you spend. Check to see whether you are eligible for cashback. It could, for example, only occur if you pay your bill in full every month. A lower interest rate might be a better option.
Applying For a Credit Card
A credit card can be applied for online, by phone, in a financial institution, or by mail. You will be required to fill out a form, and the credit card provider will verify your credit history with a credit reference agency to determine your creditworthiness. Your credit report contains information on how you manage your finances, such as your checking or savings account and any other debts you have. It informs the company if you are a reliable payer and whether you have received any court orders in the past six years. You may verify your credit report by calling one of the credit reference companies. There might be a minor charge. When filling out a credit card application, be confident that all of the information you provide is correct. You will be required to sign the form to confirm that all of the information is true, and any incorrect information you provide may be considered fraud. If you are unsure how to fill out the form, contact your card issuer for assistance.
Signing a Credit Card Agreement
You will be required to sign a credit agreement if your application is approved. This is a legal document that outlines your and the provider’s agreement. The credit agreement specifies what you can borrow, how much and when you must pay it back, the annual percentage rate and charges that can be applied, your rights and duties under the agreement, and any other terms that apply to it. Always read the fine print to understand exactly what you are committing to.
If Your Application is Denied
Companies are not required to issue you a credit card. If your credit score is poor or you are a risk, your application may be denied. If you wish to verify your credit file, ask the provider whose credit reference agency they utilized. Although credit card companies have the right to refuse you credit, they are not authorized to discriminate against you in their assessment. This means they can’t reject your credit based on your race, gender, disabilities, religion, sexuality, or where you reside.
MCWV Visa Credit Card
Ready to begin your credit card search with your new insight from this article? Start your hunt by considering Members Choice West Virginia Federal Credit Union’s Visa credit card. With the MCWV FCU Visa Credit Card you’ll be able to take advantage of a low 9.99% APR, no annual fee, 25-day grace period, uChoose Rewards Program, and so much more. To apply stop in to apply at 201 Ohio Avenue in Charleston or submit your application right here on our website! It’s time you get more out of every day with a card made for the way you live.
*Loans are subject to credit approval. Advertising of this promotion does not represent a loan approval or commitment to lend. Additional loan restrictions may apply.