What information should I consider before applying for a credit card?

Credit card companies offer a variety of cards, so it can be difficult to know which one to choose. All major cards have a selling point so you will need to decide whether you are looking for cash rewards, a balance transfer deal or a low APR on new purchases. What you want and what you get will depend upon your credit profile.

Considerations before you apply for a VISA card or MasterCard

Credit history during the last seven years
How you have managed your credit agreements during the past will determine whether you should apply for a bad credit or a platinum credit card. You should apply for the best credit card for your circumstances. Credit card debts that are carried forward
The best cards for people who owe money is a 0% interest-free balance transfer card. Interest avoidance will help you to pay down your debt more quickly. It's not advisable to transfer a balance from a low limit to a high limit card because it has implications for your credit rating. You will appear more stretched financially. Low long-term credit card rate
Apply for a VISA card that has a low rate of interest if you always carry a balance forward on your card. If you aren't the sort of person who likes to constantly change issuers, a low rate charge card could be the ideal solution. Cash-back and rewards credit cards
If you don't have much credit card debt, you should focus on earning some cash-back rewards. You could make some cash for free by making every-day purchases on your new card. Don't just buy items to earn some rewards and always pay off your full balance within the grace period.

Submitting your credit card application

Avoid multiple credit applications
Each time you submit an application, a credit search will be performed with Experian, Equifax and TransUnion. Too many searches in a relatively short period of time could hurt your creditworthiness. Issuers go to great lengths to specify the sort of customer they want. Only apply if you fit in with their credit profile. Choosing between credit card offers
There are several types of enticing introductory offers available from credit card providers. It's essential that you choose the deal that makes or saves you the most money. There's no point in choosing a card that allows a 0% balance transfer if you don't have any credit card debt. You would benefit considerably more from a card that offers rewards on your purchases.