Want to apply for a credit card?  Need help choosing a credit card?  Credit card shopping can be an exciting task. The number one rule to follow while applying for a credit card is to do your homework. Don’t just apply to the first credit card that comes your way. You have to be selective and choose the one that is right for you.

With a slowing economy comes less credit card offers that arrive in your mailbox. I can remember a time when I checked my mail to find several credit card offers in the mail each day. Now it’s more like a slow trickle. Credit card companies are making offers to less people and not offering as much in return as they once were.  Because of this your options may be a bit more limited than they once were when you could receive several in the mail.

Thankfully we have the internet. You can still apply for credit cards directly through creditors’ websites or through credit card search engines such as creditcards.com.  Many of the applications can be filled out online thereby decreasing processing time. Usual response time is about 1 to 2 weeks. You will either receive a rejection letter or a new card in the mail.

Before you make that decision to fill out the application you may want to consider exactly what you are applying for.  Carefully read over the terms and conditions and make sure that you know exactly what you are getting into. At a minimum you must know what the APR is and what this equates to as far as how much interest you would end up paying over the course of the year.

There are other factors such as rewards and incentives, introductory periods, annual fees, credit limits, etc., that you must understand before you take on the responsibility of holding a credit card.

After your decision is made either fill out the paper form and mail it in or fill out the application online and submit it. It’s as simple as that! A couple weeks later you get either a “yes” or “no”.