However, selecting the right credit card to apply for is a completely different matter.
As banks have become more stringent on lending requirements, it has become more and more difficult to find a good deal on cards.
Here are the key items to look for before you fill out that application:
- Annual Fees - Many companies are now charging annual fees for use of any of their lines of credit.
Simply, there is no reason to apply for a card that has an annual fee attached to it.
It is simply a waste of your money, so make sure you only target no annual fee cards - Rewards Options - Historically, finding a rewards based card was extremely easy.
Currently, they are getting harder to locate, but they are out there.
A good rewards program will give you at least 1 point per dollar spent on the card.
Some offer more during an introductory period as well - Annual Percentage Rate (APR) Discounts - This is a relatively new feature, but some student credit cards are now offering a discount of up to 2% off your APR if you pay your bill on time.
This can add up to huge savings if you carry a balance on your card - 0% Introductory Rates - Many feel these offers are a thing of the past.
However, there are some cards still available that will offer 0% APR for the first 6 to 12 months.
Taking advantage of these offers is a wise move