At a time when just about everything happens at digital speed the real question is “why wouldn’t you complete your credit card applications online?” If you need credit, you probably need it right now, and with a quick and seamless online application process, you can usually get a response within minutes. There are a number of reasons why you should complete your credit card applications online, but there are also a couple of things to consider before doing so.
Reasons Why You Should Complete Your Credit Card Applications Online
Shop and Compare: There is no shortage of credit card sites that enable you to compare from among dozens of different credit cards. In the past, we usually went to our local bank to apply, or we filled out a paper application sent to us in the mail. With the advent of online credit card sites, you can now review credit cards for how well they match your needs and your credit standing. With many review sites, you can more easily look under the hoods of credit cards to really understand the features, benefits and the terms. Then when you find a good match, you are usually able to click on a link to an online application.
Quick and Easy: We already mentioned that with most online credit card applications you can get a fairly quick response. After completing a brief application – name, address, phone number, Social Security number, household income, income sources, employer info, and email address – it is submitted and instantly screened. If your credit is good, you’re likely to get an approval within a minute. If you have some past credit issues, you may have to wait up to 48 hours for a response. Not all credit cards offer instant approval. The official online website of the credit card will usually state whether it does or not.
Easy to Re-Apply: In the past, you would have to wait days or weeks to learn if you had been approved. With instant approval cards, you can usually find out within a couple of days, if not right on the spot. So, if you get turned down with one credit card, you don’t have to wait weeks to apply for another one.
There is one huge caveat to this benefit, and that is you can hurt your credit score if you apply for too many credit cards within a short period of time. If you do get turned down, it would be important to find out the specific reasons why (the credit card company will send you a letter stating the reasons). That way, you can try to rectify the problem before applying again. Or, if you were denied by a card requiring very good or excellent credit, you could try applying right away for a card that only requires fair to good credit. Just be sure to read the fine print for the terms.