4. Applying for a credit card
If you want to be considered for a credit card, you will need to give the provider some personal information so they can evaluate whether they want to lend you money or not. You do this by filling in a credit card application.
Applying for a credit card these days has never been simpler. Online applications can be completed 24 hours a day, seven days a week and some credit cards even come with an instant decision too.
Credit card applications usually take around ten minutes to fill in, providing you have all the information you need in front of you when you are filling in the form.
If you don’t want to apply online, most credit card companies also offer the option to apply for a card over the telephone via a freephone number.
If you apply using either of these options, and get accepted, the credit card company will send you a credit agreement to sign to confirm that the information you provided during your application is accurate and to say that you agree to the terms and conditions attached to the credit card.
If you aren’t such a technical whizz, credit card applications can still be made by filling in a paper form which can then be sent off to the credit card company in the post.
No matter how you apply for a credit card it is important to consider whether or not you meet the ‘acceptance criteria’ set put by the card provider before you start filling in forms.
By law you need to be at least 18 to apply for a credit card and permanently resident in the UK (excluding the
Chanel Islands and the Isle of Man). However, some credit cards will have a minimum age of 21 and some even extend this to 25.
Credit card companies will also take your salary and credit history into consideration when assessing your application.
In light of the recent credit crunch, lenders have tightened their lending criteria. This will mean that your previous behaviour with credit facilities will have more of an impact on whether or not you are given future credit - lenders have been known recently to refuse credit cards to people who have paid phone bills late.
This tightening of lending criteria is another reason why you should carefully consider the acceptance criteria before making your application. Each time you apply for credit, a record of your application is made on your credit report. If lenders look at your credit report and see lots of credit applications in a short space of time they will see this as a sign that you are desperately in need of cash. This will lower your credit score and reduce your chances of getting accepted for the card because you will present as a higher risk to your prospective lenders.
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.