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Credit Card Application > Using an Online Credit Card Application Vs. Applying In-Store
Using an Online Credit Card Application Vs. Applying In-Store |
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The first thing to take into consideration, before filling out an online credit card application, is whether you are applying for a bank credit card (Visa/MasterCard/American Express/Discover) or a store credit card (one that only can be used in a particular store).
If you are applying for a bank credit card, you will have two options: apply online or apply through the mail. In this case, using an online credit card application may be in your best interest simply because it is pretty much the same as applying through the mail, except that it will be much quicker since you do not have to wait for mailing time. You can go online, fill out an online credit card application, and usually receive a decision within seconds. You will still have to wait for your card to get to you through the mail, however, you will not have to wait for the credit card company to receive your application. The only instance where it will still take a while to receive a decision, is in the case where they need to manually review your credit report before they can give you a definite answer. This happens when the system decides that you might have something on your credit report that may keep you from getting a lot of credit, but might not be bad enough to keep you from getting credit all. If you're applying for a store credit card, there are several reasons why it may be better for you to apply in the store, rather than using an online credit card application: First, if you apply in the store and are approved, you can put all the items that your were planning to purchase that day on the card. If you apply online, many stores will make you wait until you get the card before you make a purchase. Another consideration is that some people believe that when you apply in-store you are extended a higher credit limit than when you use an online credit card application. The theory behind this is that, since you are already in the store, you will buy more if you know that you have a higher limit. This does make sense and many people find that they get a higher credit limit when applying in-store, but this theory has not been confirmed by lenders. Lastly, when you apply in-store it takes care of any identity issues that may take place online. This is because, when you use an online credit card application, the store has no idea of knowing if it is really you or if someone else is fraudulently using your identity to obtain credit. If you are in the store, you can automatically show the cashier your drivers license and they can see from your picture that you are who you say you are. Sometimes when there is an identity issue with an online credit card application, it can hold up the approval process. No matter what you decide, it is best to only fill out an in-store or online credit card application only if you are ready. This includes having a good enough credit score to receive credit. If you have a lower credit score, filling out online credit card applications for store credit cards may be your best option, because they can be easier to get approved. Bank credit cards often have tougher requirements when it comes to approvals than their store card counterparts. As a general rule, if you know that your FICO scores are between 600-700, a store card may be best. If you know that your FICO is over 700, go ahead and go for that brand-new Chase, Bank of America, or Citi online credit card application. |
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