I Want A Credit Card

I Want A Credit Card - Or Do I?

I Want A Credit Card - Or Do I?

"I want a credit card". I've lost count of the number of times I've heard someone utter those words over the last couple of years since the property market collapse kicked in. It seems that everyone is feeling the pinch and imagine that having a credit card or should I say having another credit card will solve the crisis. Well owning another credit card will help with the cash flow certainly, but if not used extremely carefully it can turn a bad situation into a nightmare.

Using cash advances from one card to pay the monthly minimum on other cards is a bad idea, whereas applying for a new card that will eliminate the balances on other cards can be a useful move. Especially if the interest rates on the new card are lower. It makes good sense and your overall monthly commitment should drop, even though your line of credit remains the same. I rather think that the 'I want a credit card' individuals are simply seeking temporary relief from their burden of debt, and not thinking about bigger problems two or three months down the line.

It's easy to convince yourself you'll be back on your feet next month and everything will be fine, but the current financial crisis which is hurting us all is without doubt here to stay. Certainly for the next few years at least and none of us can say honestly that our job is 100% safe. I'm not suggesting that the 'I want a credit card' brigade are wrong or even misinformed. What I am saying is that while in the past we could have several credit cards and use them in a cavalier fashion, we should now treat our finances very seriously and make every penny count.

A great idea is to reduce the collective debt on your cards. Get rid of the high interest cards. Yes.. pay off the balances and cut them in half! If there are better deals about, then get rid of all your cards and go for the better deal. At the end of the day the only important factor is how much you are paying each month. By doing a little research and making comparisons of similar cards, you can reduce your monthly financial commitment which can certainly help to ease the pressure and make more sense as well. Leave your cards at home in future, or use it only for essentials. Don't fall into the trap of only paying the minimum monthly payment. If you can get to the stage where you are paying off the full balance each month, then you'll be paying no interest, and the card will be your best friend.

So it's wise to keep in mind that the current financial situation may last a little longer than we think and it's not a good time to get into further debt. Use your existing cards wisely and next time you even think, 'I want a credit card' make sure your actions produce positive results.

Trevor Taylor - I Want A Credit Card - Copyright 2011

I Want A Credit Card - And I Want It Now!

I want A Credit Card Now!

I want a credit card yes, but I want it immediately! Wouldn't it be brilliant if it were that simple? For the larger percentage of us, when we have determined to find a credit card that is suitable for our needs, we just want the approval process to happen immediately.. And there are hundreds of credit card web sites offering instant card approval, but does it really happen immediately? I think not! So I decided I'd put my theory to the test, and discover just what period of time it takes from telling yourself "I want a credit card", to actually receiving the card and being in a postion to use it.

I began by obtaining a copy of my credit report, which I knew I would need in order to find out exactly which cards I would qualify for. That took two days although I did go down the 'free credit report' route and maybe if I had paid I would have received it sooner. I did not have perfect credit but was in good shape and my score was above average, so I was confident that I would have a reasonable choice of cards available to me. That evening I spent time on my laptop perusing the plethora of credit card portals and in particular, those that offered the opportunity to make comparisons of cards from different issuers. I was now 3 days from my ' I want a credit card ' moment and felt that I was now ready to make my online application.

I actually submitted my application on a web site offering instant credit card decisions, at about 8.45pm, one Thursday evening and checked my email inbox the following evening. The only emails message from the card issuing company was an automated reply confirming that they had received my application. I had no further response from the card issuing company until the following Monday evening at which time I was 7 days from when I originally told myself, "I want a credit card". A financial representative from the card issuing company called me on my cell just to verify a few answers to questions on my application. Having made clear those points I was told that I would get an answer from them, by email, 'within a day or so'.

It was 34 hours later when I got the email response I was wanting, confirming that my application had been approved and that I could expect to have my new card 'within a matter of days'. It was exactly ten days later that my new card was delivered (7 business days), and my calculations showed that from deciding, 'I want a credit card' to holding the new credit card in my hand was 19 days.. Not too good for an instant credit card application! Not! Baring in mind that my application went smoothly with no delays for further checks into my credit history to be made, I am now of the opinion that there is no such thing as an instant credit card. You might be wise to consider my experience the next time you tell yourself "I want a credit card and I want it instantly"!

Trevor Taylor