After a new credit card but don’t know where to start? To make sure you find the best deal possible, make sure you follow these top tips.
If you’re searching for a new credit card, you’ll be spoilt for choice with plenty of different offers and deals. Many credit cards will offer tempting perks and bonuses, while others could come with an appealing credit limit.
But how do you find the best credit card for you? From doing your research to improving your credit score, take a look at how you can bag the best deal:
Compare credit card deals online
So, you’ve decided to apply for a credit card – so far, so simple. However, a quick search online will tell you that there are many shiny credit cards on the market and all of them want you to pick them.
Clicking through each website and looking at every card separately isn’t a very efficient way of finding the best deal. Luckily for you, credit card comparison sites are there to help you compare credit card deals and save valuable time.
Credit card comparison sites will show you a range of deals all at once to help you make an informed choice. You’ll be able to see all the important facts and figures side-by-side to help you figure out which card is right for you.
Plus, if you answer a few questions about yourself first, you’ll often see if you’re likely to be accepted before you apply.
Why are you applying?
Before you start looking for a credit card, it’s worth having a think about why you’re applying. Are you after a card to improve your credit score? A credit card you can take on holiday? Or maybe you want a card that allows you to move your balance?
Knowing what you’re looking for will help you narrow down your credit card search. For example, if you know that you want a card for overseas, use a credit comparison site to whittle down your options by selecting the right criteria. This way, you’ll only see the credit card offers that are right for you.
Check before you apply
You’ve found the best credit card deal on the market; it ticks all of your boxes and you’re all set to apply. Great!
However, it’s not-so-great if you receive a rejection email shortly afterwards. A credit card might look perfect on the surface, but it may not be right for you and your credit history.
If you then quickly apply for a different card, you could run the risk of damaging your credit report by making too many applications. Every full application will leave a mark on your report and too many can make you seem a little desperate for credit.
By that time, you could be hurting your chances of getting accepted for the best credit deals. To save disappointment (and your credit score), try checking before you apply.
Keep an eye out for eligibility checkers, which tell you if you’re likely to get a ‘yes’ before any marks are left on your report.
Do your research
When it comes to bagging the best credit card deal, it’s important to make sure the card offers what you need before you apply.
You might think the card seems ideal at first, but you could be disappointed further down the line. For example, you might want to consolidate some debts with your new card, but you later discover it doesn’t offer balance transfers – so it’s not the amazing deal it first seemed.
To make sure your card delivers what you want, make sure you read up and do your homework. Think of your credit ‘must-haves’ and make sure they’re part of the deal before you sign the dotted line.
Look at your credit report first
Don’t let false information on your credit report hold you back from the best credit card deals.
Take a good look at your credit file to make sure all of the information is accurate, like if your correct name is on there and that your accounts are registered to your current address.
It’s also worth checking to make sure there are no credit accounts or applications you don’t recognize. If someone is fraudulently racking up debt in your name, this is a sure-fire way of damaging your chances for credit cards.
Improve your credit score
The chances are, you’ll need a fairly good credit score to be accepted for the best credit card deals on the market.
For lower interest rates and perks like spending rewards, you’ll need to prove that you can be trusted to pay back your debts on time (and every time). And to prove this, you’ll need a strong credit report which shows that you’re a reliable borrower.
Here are some simple ways you can improve your credit before you apply:
Register to vote. This is important because it helps lenders confirm your identity, which means they’ll look at your application seriously
Close down unused accounts. If you have lots of credit cards, lenders might worry you’ll spend all of it at once and struggle to repay it – shutting down those old accounts can help
Pay off some debts – using less of your available credit limit can make you appear more responsible
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Apply with confidence
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.