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How to Apply for a Credit Card

Monday, 01 Nov 2010 03:07 PM

Do you want to apply for a credit card but have no idea how to go about it? Here are some tips about credit cards and how you can apply for one.
A credit card is a plastic card issued by a bank or a credit union that allows you to purchase services and goods on credit. You need to pay back the amount of purchase within a specific period of time. Interest rates will be applicable if payments are overdue or only a minimum amount is paid. The user can also borrow cash using a credit card.
Before you apply for a credit card, you need to choose the right one for you, depending upon what you want. First, collect information about the interest rates, plans, and terms of the top credit cards available. This information can be found on the Internet or from finance magazines and newspapers. Search for the best deals offered by the top credit cards from different banks and credit unions. Compare credit cards for their interest rates, credit limits, grace periods, and special formulas for getting cash advances, etc.

After you have compared the top credit cards available, select the most suitable one and apply for it. You have the option of applying for a credit card online, which is the fastest and most popular method of applying. Visit the secured website of the bank or the credit card company and follow the instructions mentioned there to apply for an online credit card. Alternatively, you can fill out a paper application form, but ensure that the documents are authorized by the credit card company. A third option is to use the phone to apply for credit cards. Call up the phone number of the bank and follow the automated instructions.
You must fulfill certain requirements to be eligible for a credit card. Provide your social security number, proof of address, and other identification documents. To get a credit card, you should have a fair credit history and should agree to follow the bank or card company’s privacy statement.
Bank credit cards are issued by different banks. The banks are responsible for billing the cardholder for repayment and bear the risk of fraudulent use. Business credit cards are issued to both small business owners and corporate executives to meet business expenses, manage capital, and taxes.
All credit cards numbers follow a common numbering scheme. The initial sequence of six digits on a credit card is the Bank Identification Number or Issuer Identification Number. The next nine digits give the account number and the final digit is the validity check code. 
You can also apply for multiple credit cards. Remember, good credit history will help you get approval for a credit card.

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