What Do You Need to Get a Credit Card?

Considering getting a credit card? Here’s what you’ll need to have before you apply so that you can increase your chances of getting approved.

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Introduction

In order to get a credit card, you need to have some basic information and meet some minimum requirements. Read on to learn what you need to get a credit card.

To get a credit card, you need to have:
-A Social Security number
-A government-issued ID (e.g., driver’s license, passport)
-A US mailing address
-A verifiable source of income

You also need to be at least 18 years old (19 in some states). If you’re not a US citizen, you may still be able to get a credit card if you have a valid visa.

Eligibility Requirements

While each credit card issuer has different qualifications that applicants must meet in order to get a credit card, there are some general requirements that are common among most issuers. To get a credit card, you must be at least 18 years old and have a source of income. You will also need to have a good credit history. If you don’t have a good credit history, you may still be able to get a credit card, but you will likely have to pay a higher interest rate.

Age

In order to get a credit card, you must be at least 18 years old. If you are under 18, you may be able to get a credit card with a cosigner.

Citizenship

To get a credit card in the United States, you must be a U.S. citizen or a permanent resident. If you are not a U.S. citizen, you may still be eligible for a credit card if you have a valid visa.

Residency

In order to obtain a credit card, you must meet the following residency requirements:
-You must be a resident of the United States
-You must have a valid Social Security Number
-You must be at least 18 years old (21 in some states)

Income

In order to qualify for a credit card, you will need to show that you have a steady income. This can come from a variety of sources, such as employment, child support, alimony, or even Social Security benefits. The most important thing is that you have a regular source of income that can be used to make your credit card payments.

Types of Credit Cards

There are many different types of credit cards available, and each has its own requirements. For example, some credit cards require you to have a good credit score, while others may not. Some credit cards also require a security deposit, while others do not.

Secured Credit Cards

A secured credit card is one that is backed by a cash deposit you make when you open the account. The deposit amount becomes your credit limit. For example, if you deposit $500, your credit limit will be $500. This type of card can help you rebuild your credit because it reports your activity to the major credit bureaus.

When you use a secured card responsibly — meaning you make payments on time and keep your balance low — it can have a positive impact on your credit score. And as your score improves, you may be able to transition to a traditional, unsecured credit card.

To get a secured credit card, you will need to provide a security deposit, which can be anywhere from $49 to $200 (or more). Your credit limit will equal the size of your deposit. So, if you make a $200 deposit, your credit limit will be $200. In some cases, the issuer may allow you to make a partial payment for your deposit — say, $49 upfront with monthly payments of $10 until you’ve reached the full amount.

Unsecured Credit Cards

Most credit cards require that you have some form of collateral, such as a savings account, in order to secure the credit line. With an unsecured credit card, you don’t have to put down any collateral, making it easier to get approved for the card. However, unsecured credit cards generally come with higher interest rates and fees than secured cards.

Here are some of the most popular unsecured credit cards:

-Capital One Platinum Credit Card: This card offers 0% APR on purchases and balance transfers for 15 months, as well as no annual fee. After the intro period ends, a variable APR of 17.24%, 21.24% or 24.24% will apply.

-Chase Freedom Unlimited Credit Card: This card offers 0% APR on purchases and balance transfers for 15 months, as well as no annual fee. After the intro period ends, a variable APR of 16.74%-25.49% will apply.

-Citi Simplicity Card: This card offers 0% APR on purchases and balance transfers for 21 months, as well as no annual fee or late fees. After the intro period ends, a variable APR of 14.74%-24.74% will apply

Applying for a Credit Card

There are a few things you need to have in order to apply for a credit card. The first is a good credit score. This is because credit card companies will use your credit score to decide whether or not to approve your application. If you have a good credit score, you’re more likely to be approved. The second thing you need is a source of income. This is because credit card companies want to make sure you can afford to make the monthly payments on your credit card. The third thing you need is a government-issued ID. This is so the credit card company can verify your identity.

Online Application

Applying for a credit card online is a quick and easy way to get started. All you need is some basic information about yourself and your finances. You’ll also need to have a good idea of what you’re looking for in a credit card.

Once you have all of that together, simply fill out the online application. Most applications will only take a few minutes to complete. After that, you’ll just need to wait for a decision from the issuer. If you’re approved, you should receive your new credit card in the mail within a few weeks.

In-Person Application

You may be able to apply for a credit card in person at a bank or credit union branch. Applying in person can give you the opportunity to ask questions and get clarification about the credit card you’re interested in. It may also be easier to get approved for a credit card if you apply in person, since the bank representative will be able to look at your qualifications on the spot.

To apply for a credit card in person, you’ll need to bring some documentation with you. Most importantly, you’ll need to bring identification, such as a driver’s license or passport. You’ll also need proof of income, which could come in the form of pay stubs, tax returns, or bank statements. If you’re a student or don’t have an independent income, you may be able to provide proof of assets instead. Once you’ve gathered all the necessary documentation, find a bank or credit union branch and talk to a representative about applying for a credit card.

Conclusion

There you have it! These are the requirements you typically need in order to get a credit card. Of course, every bank is different, so it’s always best to check with the specific bank or credit card issuer to make sure you meet their requirements.

If you’re not quite ready for a credit card, there are still plenty of other options out there for you. Consider a prepaid card or a secured credit card as a way to build up your credit history until you’re able to get an unsecured credit card.