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If you’re looking for a new credit card you may be wondering when is the best time to apply. Should you jump on a limited-time promotion or will waiting increase your chances of being approved? It’s a tough decision and finding the right time to apply can cut a lot of anxiety from the process.
How do cards with instant approval sound to you? Tempting, right?
The correct timing depends on your personal financial circumstances and needs not the credit issues promotions.
Before you apply for a credit card, consider the tips below to increase your chances of getting the new card you want.
1. You’re Carrying a High-Interest Balance
If you’re carrying a balance on a high-interest credit card then it’s time to apply for a new credit card. Look for one with a 0% introductory APR and transfer your balance over to that one. These promotional offers last from 6 months to 2 years and let you pay down your debt without accruing interest. It’s very important to pay off your balance within that time frame, otherwise you may be charged interest from day one.
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2. You Have a Big Purchase Coming Up
Sometimes, you know in advance that you’ll be making a large purchase. If that’s the case, look for a credit card with a generous rewards program so you can earn cash back, travel miles, or other valuable perks. Apply for a new credit card with a rewards program that aligns with your upcoming purchase. Look for cards that offer a sign-up bonus or rewards in categories that match your intended spending. Just be sure to pay off your balance in full to avoid interest charges that could offset your rewards.
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3. You Want to Build Your Credit
If you’re looking to build or rebuild your credit, consider applying for a secured credit card or a credit builder card. These cards are designed for individuals with limited or damaged credit histories and are typically easier to qualify for. Use your card responsibly, make on-time payments, and keep your credit utilization low to improve your credit score. Once you’ve raised your score, you can move on to cards with more tempting perks.
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4. You’re Pre-Qualified for a Card
Many credit card issuers offer pre-qualification tools on their websites or will send you preapprovals in the mail. It’s a good idea to check if you pre-qualify before you apply since it does not hurt your credit. Being pre-approved does not guarantee approval when you do apply, it simply shows that you passed the initial screening and have increased odds of being accepted. If you receive a pre-qualification offer for a credit card that aligns with your financial goals and needs, it’s an excellent time to apply.
As a Bonus: Prequalify for Destiny Mastercard! Destiny, the card that welcomes people of all credit types and helps build your credit.
5. It’s Been a While Since Your Last Approval
Lastly, if you haven’t applied for a new credit card in a few years and your credit score has improved, you might be missing out on better cards. Credit card issuers regularly update their products to attract customers. Look for new cards with more attractive rewards, lower interest rates, or better benefits. Just don’t apply for too many cards at once. It’s best to wait at least six months between applications since multiple applications can temporarily lower your credit score.
As a Bonus: Apply online for Reflex Platinum Mastercard. Get the buying power of Mastercard and a credit limit of up to $1,000 that doubles in just 6 months.
Final Thoughts
The best time to apply for a new credit card is when you’re financially ready for one. This depends on your specific financial situation and goals. Whether you’re looking to save on interest, make a big purchase, build credit, take advantage of pre-qualification offers, or update your credit card lineup, thoughtful timing can help you make the most of your credit card applications. Always remember to read the terms and conditions of any credit card offer carefully and use your cards responsibly to maintain a healthy credit profile.
Are you trying to improve your credit before you apply for a new card? We can help! Check out 10 Ways to Build and Improve Your Credit Fast to start on the road to credit recovery.
