Credit Card Applications

While you are investigating all of your credit options you are sure to be thrown many pages of credit card applications that make tons of promises and guarantees. For instance you may find:

• No application fee
• Instant approval
• Low monthly rate
• No balance transfer fees
• No security deposit
• Online account access

Don’t get too excited when you see these options. They are either not true, or they are true of every credit card. There is no magical way to apply for a credit card and sneak one by the credit bureaus. No matter who you are and what your credit history is, the major credit bureaus no who you are and what you have been doing with your credit.

• There is rarely every an application fee on credit card applications, so don’t think that someone is doing you a favor. You are getting the same treatment as everyone else.
• Instant approval is often one of the biggest lures out there. Any credit agency that offers you instant approval will have such massively high interest rates that they teeter on the edge of breaking the law. There is almost no way that you need quick cash that fast. It’s almost less risky to rob a bank than apply for one of these cards.***
• Low monthly rate. If the monthly rate is low, they will get you in other ways, like service fees.
• No balance transfer fees are another one that is often dangled in front of your nose. There are very few retail credit cards out there that charge balance transfer fees. It is a basic banking function. The only reason this would be extraordinary is that some credit card companies charge balance transfer fees on massive transactions. If you are looking for a credit card online… this probably doesn’t apply to you.
• No security deposit is good, but again it is usually universal.
• Online account access. Again, this is often universal.

Many times these sites are just looking for you to fill out a form so they can get your personal information. Beware, and make sure that your credit card application is with a legitimate company.

***Do not rob a bank please.