In the olden days, about 15 years ago, before the Internet was a massive part of everyday life, consumers would have to fill in applications for credit cards, loans, mortgages, and so on by hand. It’s hard to believe now, but this lengthy process was the norm, with requests for extra documentation and references going backward and forwards until finally the application was accepted or rejected. These days with the growth of the Internet an application can be validated, accepted, and a credit card or loan can be offered with minutes.
The availability of credit card comparison engines has revolutionized the way people look for credit cards. It means that when comparing credit cards, a consumer can make very quick and exact comparisons very quickly. Consequently, they can compare the credit cards relevant to their needs and identify the best card for them. This means that for specific types of cards such as balance transfers, you can find the best available product with ease.
Credit cards can be compared accurately using the typical APR or Annual Percentage Rate. Credit card companies are required to produce a standard APR figure under regulations. It is an attempt to standardize the way a card can be promoted and to reduce the scope for misleading headline rates of interest. Credit card companies are required to include things like interest charges, penalties, annual fees, and so on, in their calculation. Interest rates and fees are the first things to look for when comparing cards as it is that rate that balances will return to when introductory offers like 0% on purchases and 0% balance transfers expire.
A credit card can be applied for online with great ease, especially if the appropriate information is to hand. You will need details of your address for the last three years and will possibly be asked for any existing borrowing commitments. Also, the details of your employment and current salary are usually required. Once all the relevant details have been entered, the bank will often give you their decision with minutes. The decision will either be an acceptance, referral, or rejection.
Don’t Get Carried Away…
Remember, do not get carried away, filling out multiple online applications as this can have an adverse effect on your credit rating. Do not fall into the trap of thinking that if you make many applications, at least one will be accepted. All you will be doing is making it more challenging to get an application successfully processed in the future.
There can be little doubt that the process of choosing a credit card and having an application accepted has been greatly improved with the rise of the Internet. Make use of the many comparison engines to identify the best credit card offer for you. Then use the online application process to complete the application.