The Do's and Don'ts of getting a new credit card

The Do's and Don'ts of getting a new credit card -

Updated: August 4, 2016

Get a new credit card is a big deal - whether it's your first card ever, you want to open a new card to take advantage of various benefits, or if you want to transfer a balance from a card with a high APR to a new one with an extended 0% introductory April Whatever your reason for wanting a new credit card might be, there are some important things that everyone should keep in mind before applying. Understanding these do's and don'ts of getting a new credit card can be the key factor to ensure your application is going well and you have a shiny new card in hand and ready for use without any hiccups along the way. We defined four things you need to know to help you in the process.

When it comes to getting a new credit card ...

Doing research which card best fits your needs.

all credit cards are created equal, so it is a wise decision to do as much research as you possibly can before deciding which card to apply for. If you are looking for a new card specifically to do a balance transfer, then you want one that offers either a very low APR being or an intro period of 0% APR to give you more time to pay off your balance . You can also examine if a credit card is the right direction to go if you need to consolidate a high amount of the debt or a personal loan might be a better choice. Similarly, a person who wants to use their credit card to earn airline miles to help offset the cost of frequent travel want to find a card with a generous travel rewards program. Do not have the best credit? There are options out there for those who have limited or poor credit, too. Understand what you want and what card is the absolute best for your needs will ensure that you end up with a credit card that you will enjoy using. I do not know where to start? Here are some of the best credit cards available right now.

The best balance transfer credit card: Chase Slate

If you need to do a balance transfer, your best bet is Chase Slate which offers a 0% intro APR on purchases and balance transfers for the first 15 months. In addition, there is no balance transfer fee to pay if you complete your transfer within 60 days of card ownership - something we have not seen with another balance transfer credit card . After that, the fee is $ 5 or 5% of the transfer amount, whichever is greater. Chase Slate also does not charge any annual fee or penalty APR to pay your bill late and requires great credit for approval, making it a great option if you do not have perfect credit.

Best Cash Back Credit Card Blue Cash Card from American Express preferred

Everyone loves getting cash back for purchases they make daily, and the owners of the Blue Cash preferred card from American Express (a NextAdvisor seller) will be rolling in awards. Not only cardholders earn 6% cash back in American supermarkets (up to $ 6,000 per year, then 1%) 3% unlimited cash back at US stations and select US department stores and 1% cash back on everything else. In addition, American Express is running a special offer that earns you 5% cash back on up to $ 4,000 in eligible travel purchases made during the first 6 months of membership card - which is up to $ 200 cash back! Also, spend $ 1,000 in the first 3 months and get a $ 150 bonus. To complete it all on a 0% Intro APR on purchases and balance transfers for 12 months. Note that the card has an annual fee of $ 95. If you prefer a similar card without the annual fee (which also includes the special offer of 5%), the daily card Blue Cash from American Express may be a better fit for you.

The best credit card travel rewards: Chase Sapphire Preferred

The Chase Sapphire Preferred is the dream of a frequent traveler, with the possibility earn 2 points per every $ 1 spent on travel and dining and 1 point for every $ 1 spent on everything else, plus a 50,000 heavy bonus points - worth $ 625 in travel when you redeem Rewards Chase Ultimate - when you spend $ 4,000 on purchases within the first 3 months. There are no foreign transaction fees to worry about when you shop outside the US, and Chase Sapphire Preferred is a 1: 1 transfer point to all frequent travel programs - meaning 1,000 Chase ultimate Rewards points equal partners in 1000 miles / points. In addition to using your points to book travel plans, you can redeem them against goods, entertainment, dining or cash. There is an annual fee of $ 95, but he waived the first year.

The best credit card less perfect: Only to Discover - Cashback game no annual fee

This card earns you 5% cash back in categories that rotate on a quarterly basis (up to $ 1,500 per quarter, it is 1%) and 1% cash back on all other purchases. Then, as the name suggests, only from Discover - no annual fee Cashback game will match all new cardholders earn cash back at the end of their first year. So if you earn $ 100 in cash back throughout the year, it will be doubled to $ 200. Furthermore, no annual or foreign transaction fee and 12 months 0% Intro APR on purchases and balance transfers make a great card to have. Do not have the best credit? This card accepts candidates with excellent, good or average credit, and free monthly FICO scores on your statement help you track the progress of your score.

The best business credit card: Ink Cash Business Credit Card

savvy business owners can save big with credit card 'business cash ink. This card provides a 12 months 0% Intro APR on purchases and balance transfers and a generous $ 200 cash back bonus when you spend $ 3,000 in the first 3 months of account opening. The awards are broken down to 5% cash back on the first $ 25,000 spent in the office of the shops and public procurement, 2% cash back on the first $ 25,000 spent in restaurants and gas stations and unlimited 1% on all other purchases. Employees maps are provided free of charge, and there is no annual fee.

The best student credit card: Discover Student

The student card Discovery is an excellent choice for those new to the credit card scene with its acceptance of applicants with fair or better credit and the ability to track your FICO scores on a month to month basis. Cardholders can earn 5% cash back in categories that rotate quarterly (up to $ 1,500 per quarter, it is 1%) and 1% cash back on all other purchases, and end of your first year out will match the money you've earned a nice bonus. In addition, students can earn $ 20 cash back every school year of their GPA is 3.0 or higher for up to five years.

Do not assume qualify.

Do you know what your credit looks like? Because credit factors so whether or not you will qualify for a credit card, it is imperative that you know your credit health before deciding to apply for a card. You might think you have an excellent credit but actually have good or average credit and get refused after applying credit cards out of your range. If you have not already, you can get a free annual copy of each of your credit reports from the three credit bureaus at AnnualCreditReport.com. It is always a good idea to know what is reported to the credit bureaus, especially since most creditors do not report to all three. However, if you want to see your credit score, you will either pay a fee or you can skip the hassle and sign up for a free trial of a credit monitoring service, many of which allow you to view your reports and credit scores together after registration. You can then either cancel before the trial or keep the service if you want to continue to keep track of your reports and credit scores.

The good news is, no matter what your credit looks like it is almost certainly a credit card out there for you. We have described some of the best maps of all kinds of credit scores in this position. It is also important to be aware of all potential factors - such as your annual income, source of income, monthly debts, etc. - That could disqualify a card, which is why it is important to read all the information on qualification before applying.

Do make sure you understand the costs of the card.

Of course, a credit card could offer all kinds of great benefits, but unless you read all the details of the card (including the small print), you might miss something which amounts to bite you on the road. For example, some reward credit cards may have annual fees, and if you are not aware of these costs (or when they might come into play), you could end up owing more than you want when your statement is due. Similarly, if you are a frequent traveler, you'll want to request a no foreign transaction fee credit card, because it will save you every time you make a purchase outside the United States on

Do not apply for multiple credit cards at once.

Contrary to apply for college or a new job, there is no advantage to applying for multiple credit cards simultaneously. You might think that you improve your chances of getting a card, but the problem is that when you apply for a credit card, card issuer will investigate your credit reports that will impact the overall score. Multiple applications can have a significant impact on your credit, especially if you are turned down by one or more of card you apply for. To be on the safe side, do all your research in advance, know where your credit stands and select the card you feel that you will better your chance of approval.

Read our credit card blog for more on finding the best credit card for your needs, and check our credit card reviews to see how the maps in detail in this post Compare other top options.

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