Tuesday, July 24, 2007

How To Fill Out a Credit Card Application

Be Patient! Don't fill out that credit card application just yet. You need to first pick out a credit card that's right for you and carefully understand the terms and conditions before you apply for it. Here are the steps you need to take before you apply for a credit card.

1. Research

This is probably the most obvious step you can take. Just as you would compare grocery stores for their prices, you will want to compare credit card companies as well. Any time you plan on investing in an expensive product, you'll want to make sure you're getting the best deal. Credit cards are no exception. Plenty of places on the web offer ratings and reviews of various credit card offers - but don't simply read over them, call up the various card issuers as well to confirm that the information is up to date. The Federal Reserve Board is the most objective source of this information.

2. Determine your budget and needs

Write down all the different features you need the most in your credit card. If you have all of this clearly defined from the start, it will be harder to become distracted by other enticing offers that may lure you off the course that leads to the better lending institutions. It will also, of course, help you narrow your search for the best credit card out there so you can find one that suits your budget. You can even prioritize what you want in a card, so that you can adequately weigh your options later.

3. Review

There are a variety of plans available - look over the different offers. Would you benefit from low APR or a personalized card that offers benefits like frequent flyer miles? Compare your list from Step #2 with the different plans that you come across. You also might consider joining a credit union, which is a non-profit institution. Credit unions greatly benefit the consumer and they are expanding, so find out if you qualify for this special credit card loan.

4. Compare

This is the final step. Now that you've researched and reviewed your different options, use your "wish list" (from Step #2) as criteria to judge all the various plans. Mastercard, Visa Credit Card, Chase Credit Card, Citi Bank, Advanta, Orchard Bank, Discover, American Express - there are several possibilities and you're sure to find the perfect credit card for you.

Remember, however, that your credit history precedes you and it may limit your options. If you have some bad marks on your report or simply haven't developed a report at all, you may be prevented from obtaining the card you want. But use that as an incentive to keep up with your payments and stay within your credit limit from hereon. This way you can build up a good credit history so that more doors open for you and you can enjoy more financial freedom in the long run.

About The Author
Chris McCullough is the founder of CreditcardSuperstar.com, a credit card shopping service which allows consumers to shop, compare and apply for low interest rate credit cards online. The leading site offers over 75 different credit cards from Discover, Chase, American Express and other top banks and financial institutions. A free report on how to get the best credit card and avoid common mistakes is available at http://www.creditcardsuperstar.com.

Thursday, July 12, 2007

Visa Vs MasterCard – Which Is The Best?

The two leading credit card companies in the world today are the competitors Visa and MasterCard. They both operate along very similar lines. While Visa can claim to have almost a billion cards issued, MasterCard has over twenty five thousand banks issuing its cards and it is difficult to find any difference in the number of locations worldwide that accept the cards, which is now estimated at over twenty million.

In fact, as far as most consumers are concerned, there is no real difference between the two. They are both very widely accepted in over one hundred and fifty countries and it is very rare to find a location that will accept one but not the other.

However, neither Visa nor MasterCard actually issue any credit cards themselves. They are both simply methods of payment. They rely on banks in various countries to issue credit cards that utilise these payment methods. Therefore, the interest rates, rewards, annual fees, and all other charges are issued by your bank and when you pay your bill you are paying it to the bank or institution that issued your card and not Visa or MasterCard.

How Visa and MasterCard make their money is by charging the retailer for using their payment method. So the truth of the matter is that a Visa issued by say the Bank of Scotland will have very little to do with a Visa issued by other banks and may in fact by more similar to the Bank of Scotland’s MasterCard.

What this means for the vast majority of customers is that you do not have to overly concern yourself with whether a credit card is MasterCard or Visa. You would be better off concentrating on the interest and other charges on the card, the balance transfer possibilities or their reward scheme. You are very unlikely to ever be effected by the fact that it is one and not the other.

If you prefer, if you are going to have two credit cards, you may decide that you want one of them to be Visa and the other MasterCard, this means that if something drastic were to happen to one company, or if you were in the unlikely position of finding a location that accepts one but not the other, then you would have the option of paying with either.

At the end of the day however, much more depends on the bank that gave you the card, than on the type of card it is.

Joe Kenny writes for CardGuide.co.uk, offering the latest information on credit cards, visit them today for more best buy credit cards.

Visit today: http://www.cardguide.co.uk

Wednesday, July 4, 2007

Credit Card Application Processing

Credit card application processing refers to data capturing, checking and verification. Reviewing and processing of a paper-based credit card application normally takes less than one week. But an online application is processed in less than two minutes. Once sanctioned, it normally takes a week to 10 days to obtain your credit card. It is important to note that there are application processing fees.

A credit card application processing system is tailored to meet the needs of your application processing requirements. There are manual and automated application processing systems. Many banks and financial agencies use manual solutions for handling the application, billing, payment and other functions. But the manual processing has some disadvantages such as extended application turnaround time, nonsystematic means of credit decisions, and inconsistent credit limit.

Automated systems are designed to automate the basic application processing and sanction process for the credit card business. Several software packages are available for automated processing services. Their common characteristics of automated processing include handling of paper-based or web-based applications, data capture and validation, exporting of data onto credit scoring platforms, archiving and storage of applications, safe online review and approval processes, and a mailroom facility for accepting, de-enveloping and sorting applications.

Credit card applications are available on the Internet. Many sales executives also provide them. Filling out an application is not a difficult task. You just need to complete several fields for which you already know the details such as name, address, annual income, occupation, etc. If you fill out all the required information, then there is no chance of rejecting the application by the issuer.

The credit rating is the most significant part of the application processing. A credit rating is maintained by the credit card bureaus, and it depends on the information received from various credit issuers over a period of time. A bad rating results in the rejection of the credit card application.

Credit Card Applications provides detailed information on Credit Card Applications, Online Credit Card Applications, Student Credit Card Applications, Instant Credit Card Applications and more. Credit Card Applications is affiliated with Free Credit Card Offers.

Article Source: http://EzineArticles.com/?expert=Eric_Morris