Applying for a credit card for the first time (or the hundredth time!) is typically a very simple process, but there are a few things to keep in mind to ensure you will get the best offer from the credit card company and to ensure your chances of being approved.

Here is what to remember when applying for a credit card:

  • Read the application’s fine print carefully – In other words, don’t jump at the first credit card offer that appears in your mailbox. Instead, carefully read the terms and conditions surrounding the credit card and the credit card offer, and take your time to ensure the credit card for which you are applying best fits your needs and your budget.

  • State your actual income – People applying for a credit card often either (a) inflate their income or (b) deflate their income. Both of these actions can affect your chances of being approved or affect your credit card limit. Don’t inflate your income level on a credit card application because it could affect your ability to repay the card. Likewise, do not deflate your income because your application can be denied or your credit limit can be much less than what you need.

  • Consider the type of credit card for which you are applying – These days a plain vanilla credit card is often unheard of. Instead, credit cards are often attached with rewards of some kind. With that said, consider your lifestyle and your spending habits when choosing a credit card.

  • Think twice before requesting an authorized user card – Although authorized users on your credit card account can be an easy way to track spending and simplify your household finances, handing out authorized user cards to a family member who isn’t financially responsible can create a financial nightmare. Therefore, think twice about handing out an authorized user card when applying for a credit card.

  • Pay close attention to introductory offers – If you are accepting a credit card offer that comes with an introductory offer, such as a balance transfer offer, pay close attention to the terms and conditions associated with the card. Although the large print on the credit card offer may seem quite attractive, it is important to read the fine print, as this details a number of things you may have not considered.

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