Applying for a credit card for the first time is one of the biggest financial decisions you can make. Following these steps can make this important process a lot smoother.
1. Find a credit card that fits your needs.
When you’re on the market for a credit card, make sure you’re only applying to ones that truly fit your financial goals and spending habits. You can hurt your credit score more than you need to by applying for several different credit cards.
2. See if you prequalify for the card you want.
Most major banks will offer a portal where you can check which cards you’re prequalified or preapproved for without any impact to your credit score. Note that although it’s rare, you can still get denied a credit card even if you’re preapproved.
3. Fill out an application.
You can find the application link on your bank’s website, or go to a bank’s physical branch location. You also may be able to apply over the phone or by mail.
4. Wait for a decision.
If you applied for a credit card online, your application should be processed quickly and you should receive a decision in minutes. In some scenarios, it could take longer to hear back — but you’re required to receive a decision within 30 days.
5. Take the next steps depending on your application status.
If you’re denied, take steps to improve your credit and apply again later. If you’re approved, make sure to use your credit card responsibly by paying off your card in full and on time each month.