Setting up a credit card

Getting a new credit card


If you are the sort of person who spends regularly on a debit card and are disciplined in areas such as budgeting and saving, then I would suggest that you start spending on a credit card instead. I have written in the past as to the many benefits of using credit cards such as the following:

1) Using credit cards to build up your credit rating (and why this is important)
2) Earning money through cashback credit cards
3) Insurance and legal cover
4) Other general reasons why I think credit cards are good

How to set up a credit card? 


To start to earn all of the above benefits order a credit card in the following easy steps:

1) Self Assessment - use online calculators to estimate your chances of being accepted for various credit cards. The reason is that a failed credit card application can actually damage your credit score making it harder to apply for a credit card in the future.

2) Credit Card Comparison - use any of the many online comparison sites to compare various credit cards. I prefer to compare cashback credit cards, but you can have a look through many different types of credit cards.

3) Choosing your credit card - make sure that the credit card that you eventually choose is one of the above cards identified in part 1, increasing your chances of acceptance.If you are not accepted for the credit card then I would suggest waiting at least 3 months before applying again. Multiple rejections can damage your credit card rating especially when these rejections occur so close together in time.

4) Accepted for a credit card - credit card companies always send your card and pin separately. Receiving both could take over two weeks so be patient. As soon as your card arrives I would suggest you call up the credit card company to set up a direct debit to pay off the amount in full each month. This should help to ensure that you never forget to pay off your credit card balance.

5) Final credit card advice - make sure that you try to use your credit card at every opportunity to receive all the above benefits. Try not to go over your credit card limit - many credit card companies will charge you interest when this happens. Always make sure that you have enough money in your account to pay off the credit card in full each and every month.

Good luck and get spending.


Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks<at>multimillionaireroad<dot>com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

1 comment

Einstien said...

Setting up credit card for the right and exact rushessays conception. It is the proposed and constituted. The credit card is extremely beneficial and entirely used. The credit is present in plastic form now a days. It is potent and fundamentally applied. It is consumed and invoked.