by Frank Wilson
Applying for a MasterCard is as easy as going online and
filling out a few forms and hitting the "apply now" button.
However, when applying for MasterCard credit cards you
really should put some more thought into what your personal
needs are for a credit card and what incentives you are
interested in. Many credit cards offer programs like
frequent flyer miles, cash back, points, gift certificates
to favored merchants, and a whole list of discounts and
preferred status. However, most of these programs are
required for individuals with good credit scores, so if you
do not have good credit you will probably need to simply
search for bad credit cards.
For example, many MasterCard credit cards advertise a low
introductory APR in order for you to apply for the card and
continue using it after the introductory period is over and
the real APR has started. What you need to do is find out
what the introductory period is and how long it lasts.
Finding out how long the APR rate lasts is important because
it will let you know how much time you have the low APR.
This might affect your spending habits or payments habits as
well. So, make sure you know when the regular APR rate will
apply so as to make sure you have a low or zero balance when
the higher APR rate is instated.
In addition to this, you need to know before applying for
the card what the standard APR is after the introductory
period is over. Frequently, the standard APR is many
percentage points higher than the introductory rate and as
such has a big impact on your interest accrued.
Another piece of information you will need to know about
your potential MasterCard is whether or not it allows for
balance transfers. If balance transfers are allowed then you
will be able to transfer your balances from other credit
cards to your new card in order to take advantage of the low
introductory APR; however, if they are not allowed you will
not be able to do this. So, before applying for this
MasterCard evaluate whether or not balance transfers are
important to you.
Annual fees associated with the MasterCard are another
important piece of information to find out before you apply
for the card. The reason for this is there are many
MasterCard credit cards that do not have an annual fee, so
if the card you are interest in does you will be able to
have the fee waived or not apply for that card.
Find out, also, if balance transfers are allowed. This means
if you are allowed to transfer the balance of other credit
cards to your new card. Last but not least, is to find out
what your credit standing is as well as the credit standing
required for the types of cards you are interested in.
There is no point applying for cards that are not within
your credit range.
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