How to Apply for a Credit Card—The Basics You Need to Know
Generally speaking, to apply for a credit card, you must:
- Be at least 21 years old,
- possess an Individual Taxpayer Identification Number (ITIN) or Social Security number,
- And have a source of income.
There are some exceptions, however. If you can show that you make a consistent living or if you become an authorized user on someone else’s account, you might be able to obtain a credit card at the age of 18. While not always necessary, certain card issuers require an ITIN or Social Security number. Furthermore, while not having a job won’t always prevent you from obtaining a card, not having income could The good news is that a variety of non-wage income sources, such as Social Security benefits, child support, and investment returns, may be adequate.
Know Your Credit Score
Although your income plays a significant role in many lending decisions, including those involving credit card applications, your credit score serves as a baseline. To put it simply, your chances of being approved increase with your credit score.
Here are two common ways to find your credit score:
- Check your monthly credit card or bank statements. A complimentary monthly credit score snapshot is provided by certain banks and creditors.
- Use a credit score service, like MyCredit Guide.
Choose the Credit Card You Want
Literally hundreds of credit cards are on the market. You should probably choose your target and conduct some research before applying for any of them. Think about how you want to use the card, for instance: are you just looking to start accumulating credit, or are you hoping to get rewards? Some options to consider are:
- Secured cards are intended for individuals with no credit history or a bad credit history; they require a deposit. They can be an effective way to build credit.
- Simple credit cards are designed to help you establish credit and manage your money. They typically don’t charge an annual fee and may provide a basic rewards program with a few extra benefits.
- Balance-transfer credit cards are intended to assist you in debt consolidation. These cards are generally subject to a $200% annual percentage rate (APR) intro period for balance transfers or no balance transfers at all, which makes them an affordable way to pay off debt. The interest rate on these cards is E2%80%93% as long as you pay off the transferred balance before the intro period expires.
- Rewards cards provide benefits for using them, such as cash back, reward points, or travel miles. The annual fee typically increases with the number of rewards and other card benefits offered.
As you narrow the field, you might want to take into account a few more factors. Applying for a credit card from a bank or credit union where you currently have an account may, in certain circumstances, facilitate the approval process.
Remember that not all credit cards are created equal; variations in fees, interest rates, and other aspects can have a significant impact. As always, it’s a good idea to read the fine print when considering credit cards. Credit card issuers typically post credit card agreements on their websites, which makes it simple for you to compare goods, check out the features of various cards, and read the associated terms.
Complete an Application
The majority of credit cards can be applied for online or over the phone with a customer support agent, but you may also be able to apply on paper and send it to the credit card issuer. Applying online or over the phone has the benefit of typically receiving a decision within minutes as opposed to weeks. Either way, be prepared to provide:
- Name, date of birth, and Social Security number or ITIN;
- Gross annual income;
- Your address;
- Your signature (actual or electronic), and the date.
You will also need to have the details of the cards you’re applying to transfer balances from, including account numbers, creditor names, and balances.
Please visit americanexpress.com to view the entire selection of American Express Cards that are offered. com/apply or call us at 1-888-297-1244 to apply. We are pleased to assist you in selecting the ideal card. 8 am – 11 pm EST, 7 days.
Obtaining a credit card can resemble a job interview more than applying for a passport. But you can improve your chances of approval if you are well-prepared, have a high enough income, and have a good credit score. Don’t be discouraged if your application is declined. Another bank may approve you. Furthermore, you can attempt to address any unfavorable aspects and reapply if necessary.
1 “The Consumer Credit Card Market – September 2021,” Consumer Financial Protection Bureau, Page 70
As a freelance writer, Allan Halcrow focuses on diversity and inclusion, human resources, and business. He is also the author of four books on management.
American Express has commissioned and paid for the writing of all Credit Intel content, which is produced by independent writers.
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The content Credit Intel makes available to you is solely meant to be used for informational purposes. S. residents and isn’t meant to offer financial, tax, or legal advice. Please speak with your own qualified tax, legal, and financial advisors if you have any questions.
FAQ
Is it hard to get an American Express credit card?
Obtaining an American Express credit card is challenging since the company’s cards all require approval with good credit or higher, which may be beyond the means of the typical customer. Applicants who want to apply for an American Express credit card should have a stable source of income and a credit score of at least 700.
Is American Express easy to get approved for?
American Express does not provide subprime or secured cards, despite the fact that some issuers do. These cards are intended for people with less than ideal credit scores. To be approved for an American Express card, you usually need to have good credit, which FICO defines as having a score of 670 or above.
What is the minimum income for American Express credit card?
Annual fee for the American Express Platinum Credit Card
Read More :
https://www.americanexpress.com/en-us/credit-cards/credit-intel/how-to-apply-for-credit-card/
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