Get a Credit Card

How Do I Get a Credit Card?

You must complete an application. A credit card cannot be issued unless requested.
Issuers often acquire names of consumers with good credit ratings from a credit reporting agency and send the Consumers "pre approved" applications.

Card issuers are permitted to mail you an application or a solicitation for a credit card or to ask you by phone whether you want to receive a card and to send you a card if you say yes.

An issuer will consider your employment, current assets, current debts, and credit history when you apply for a credit or charge card. If you have had a poor credit history, some companies will issue you a "Secured" credit card. The issuer requires you deposit money in an account and allows you to make credit purchases up to the amount on deposit. Consumers who wish to use such plans to rebuild their credit record should make certain that the deposits are held in a protected escrow account.


What Are the Advantages of Using a Credit Card?

They allow you to make purchases on credit without carrying around a lot of
cash.
They allow accurate record-keeping by consolidating purchases into a single
statement.
They allow convenient ordering by mail or phone.
They allow you to pay for large purchases in small, monthly installments.
Under certain circumstances, they allow you to withhold payment for
merchandise which proves defective.


What Are the Disadvantages?

The ease of using credit cards, combined with impulsive buying, may result
in over- spending.
High interest rates, as well as other costs make credit cards a relatively
expensive method of obtaining credit.
Lost or stolen cards may result in some expense ($50.00) and inconvenience.