How To Get A Credit Card
Posted September 21st, 2009 If you have ever wondered “how to get a credit card’ then now is your chance to get the plastic fantastic into your hands after reading this article. The first priority you have is to establish a good credit history which of course is hard when you are young and just left school. On the opposite end of the spectrum, older people who have an existing credit history, yet a bad one need to re-establish a good track record to get a credit card application approved.
How to get a credit card?
Paying your bills on time and not getting into debt is the number one way to get a good credit rating. Another way is to make sure your debt-to-income ratio is low.
For young people the best and fastest way to get a credit rating is by using a department store card. These cards are basically thrown at you from all angles and regardless where you shop these days, chances are there is a ready-card for you from that shop.
The dangers of department store cards: One danger that lurks with these cards is the exorbitant high interest rates. Store card interest rates are massive and unless you intend to pay off your purchase in full when the bill arrives, don’t even bother using them because they can just as well ruin your credit rating track record.
In the plight of getting your credit card application approved, reliability is everything. If the creditor (the lender) sees you are a responsible spender, your chances of getting approved are bigger.
Focus on these main qualifications
The following qualifications are a must to get your card application through successfully and are a good start for you:
- You need to be 18 years of age
- You need to be in a stable job with a stable income (many card companies look for an employment track record here,) especially if you apply for the first time
- It is an advantage to have an existing savings or checking account with some money saved
- Your monthly utility bills should be lower than half of your income
- To qualify for a MasterCard or Visa credit card your annual income needs to be around £5,000 minimum
- You should have your own telephone account
How to get a credit card isn’t as hard when you know what the lenders are looking for in the first place. By now you should have a good idea of what is expected of you to make your credit card application successful.
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Comparison of Top 10 Credit Card Offers
| Credit Card | Card Details | Interest Rate | Cash Advance Rate | Balance Transfer Rate | Annual fee | Interest free days | ||
|---|---|---|---|---|---|---|---|---|
 Halifax All in One Credit Card |
The Halifax All in One credit card offers a great introductory rate, and is perfect for saving you money now as well as in the future. | 15.9% APR | 27.95% p.a. (variable) | 0% for 9 months | No Annual Fee | 59 Days interest free |
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 Virgin Credit Card |
As well as a great rate, the Virgin Credit Card comes with:
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16.6% APR (variable) | 27.9% p.a. (variable) | 0% for 16 Months (2.98% fee on balance transfers) | No Annual Fee | 50 days on card purchases |
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 Capital One Classic Visa |
This card is designed for people with bad credit ratings, this is why the rate is quite high. |
Typical 34.9% APR variable | 34.9% APR | 34.9% APR | No Annual Fee | 56 days for purchases. 0 days for balance transfers and cash. |
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As well as earning Flying Club miles which you can spend on brilliant rewards like flights, upgrades, car hire and more, a Virgin Atlantic Credit Card gives you up to 46 days interest free on card purchases. |
17.9% APR typical rate | 20.9% p.a. (variable) | 0% for 6 months (2% handling fee) | No Annual Fee | Up to 46 days on card purchases only. |
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The Virgin Prepaid MasterCard from Virgin Money is a prepaid Mastercard that you can add funds to, and use these funds for normal purchases. |
N/A | N/A | N/A | N/A | N/A |
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5% cashback on purchases in your first three months (up to £4,000 of spend). Thereafter, earn 0.5% on the first £3,500, 1% on £3,501 to £10,000, and 1.5% after £10,001. |
18.9% p.a. | 27.9% p.a. | 18.9% p.a | No Annual Fee | 56 days for purchases. 0 days for balance transfers and cash. |
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Vanquis Visa Card is designed for people with no credit history or who have previously had bad debt. Representative 39.9% APR (variable) |
Representative 39.9% APR (variable) | 39.9% | N/A | No Annual Fee | Up to 56 days on card purchases only |
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The award winning prepaid card with no credit check or bank account needed. | Funds in your Account will not earn interest | Prepaid only - N/A | Prepaid only - N/A | £59.40 p.a. (£4.95/month) | Prepaid only - N/A |
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