What you need to know about Credit Cards and Credit Eligibility Checkers

Credit cards are easily one of the most used payment options today. Considering their popularity, you need to understand what qualifies you to get a credit card and what factors you should consider. If you want to apply for a credit card sometime soon, this article is for you.

Why get a credit card?

Before you get your hands on a credit card, you need to ask yourself why you should get one. Here are the main reasons people get credit cards:

  • You can use credit cards to build your credit rating
  • You can make purchases with your credit cards and get reward points
  • You may ask for a refund if you are unhappy with your purchase.

Of course, you will have to use a credit eligibility checker to find out if you qualify for one.

What are the benefits of holding a credit card?

Most financially stable people have credit cards and use them regularly to finance a multitude of purchases. If you are unsure about getting one, here are a few things you should know about credit cards:

It is safer than carrying cash

As you know you could lose your wallet, and in turn, your cash very easily. However, you could cancel your credit to avoid losing money. Almost every financial institution has robust security processes in place to take care of your money on the off-chance that you lose your card or have it stolen. If this happens, be sure to get in touch with your bank at the earliest.

Interest-free Days

If you make the repayments before the payment deadline, you can get some days off during which you are not required to pay interest on your purchases. However, this is subject to the credit card company or financial institution.

You may earn reward points on transactions

If you spend on select purchases, you can earn reward points on every pound that you spend. You may redeem your points through the lender’s reward programs that offer you various perks.

Which Credit Card should you apply for?

Choosing the right credit card is no easy task, especially if you have never used a credit card. This process can be arduous even if a credit card eligibility checker offers you choices after taking your creditworthiness into account. That said, here are some of the most well-known credit cards in the UK that you should consider applying for:

  • M&S Bank Shopping Plus Credit Card
  • British Airways Credit Card
  • Sainsbury’s Bank Credit Card
  • American Express Platinum Credit Card
  • Tesco Balance Transfer Credit Card

How do you apply for a credit card?

The application process for credit cards is as follows:

Ensure your application meets the requirements

As you apply, you need to make sure you meet the minimum requirements. You should also know that different financial institutions have different conditions you will have to meet.

See if you qualify

You need to find out if you qualify for a credit card, which means you may have to use a credit eligibility checker. You will have to submit your personal information, including credit history, annual income, expenditure habits, and your UK address history. The software will check your eligibility based on the information that you submit and show you your likelihood of getting a credit card.

Get the credit card that suits you the best

As you know, you will receive a list of credit cards. You need to ensure you select the credit card that suits your needs the best. Here’s where you take certain factors into account as you go about selecting your ideal credit card:

  • Introductory period
  • Annual Percentage Rate or APR
  • Additional fees charged by the lender
  • Benefits
  • Total amount due every month

Submit your Application

You could submit your credit card application online, by post or by visiting the branch office. You will need to fill a basic form and give it to the bank. The lender will give you a SECCI form, which is a detailed agreement of the credit card terms. If your application gets approved, you can expect to receive your credit card in 5 to 7 days.

Why should you use a Credit Card Eligibility Checker?

If you have a weak credit history, your chances of getting rejected for credit cards are high. Furthermore, applying for a credit card repeatedly damages your credit score, which means it becomes even more challenging to apply for a credit card. If you find that you have a weak credit report, you can use a credit card eligibility checker to check your credit score without damaging it.

The credit card eligibility checker is an immensely useful tool for anyone who wants to apply for a credit card. It enables you to check if you are eligible for a credit card by taking your soft credit check parameters into account.

The credit card eligibility checker lets you submit your details, like your UK address history, your annual salary, other sources of income, and of course, your overall expenditure. The software will use these to determine how likely you are to be accepted for a credit card.

You must bear in mind that the results of a credit card eligibility checker are not 100% accurate. However, they are likely to give you a list of realistic credit card choices based on the information you submit.