Do you hit the spam or delete button the moment you spot online credit card offers in your email inbox or throw out the ones you get via snail mail? If yes, you need to pause and think. Contrary to the popular belief of credit cards being risky to use, you can benefit from credit cards if you know how to use them responsibly. From cash backs and initial bonuses to redeemable reward points, you’ll have quite a few things to look forward to. A wide range of credit cards are constantly made available by different banks and financial institutions. So being a little confused while deciding which credit card to opt for is quite common. Here’s where credit card offers come into play. Credit card offers can help you make the right choice regarding which credit card you should go for. Here’s how.
Easy comparison with different credit cards: Getting more information about different types of credit cards on your own could be a time-consuming process. Since different cards offer different benefits and have charges that vary from one to another, you could even miss out on important information. For instance, opting for a credit card with a lower grace period than others could make paying off balances within the stipulated time a problem. Legally, at least 21 days’ grace period must be offered by the credit card issuers before interest on purchases starts accruing.
But getting a credit card with a 30-day grace period could be more convenient than one with a 21-day grace period. This is especially true if the former offers added advantages like one-time bonuses, redeemable reward points, etc. By signing up for credit card offers, you can get pre-screened mails with a handful of relevant offers. Getting such information in one place would make it easier for you to know the relevant details and even compare the offers before applying for one.
Help to change your credit card issuer: You could be unhappy with your present credit card issuer. The reasons could be varied – from a smaller grace period and higher interest rate to the unavailability of bonus reward points, cash backs, frequent flyer miles, etc. Yet, you’re stuck with the credit card issuer because you don’t have the time to research and find out a better alternative. In such cases, credit card offers sent to you could help. By receiving such offers that are tailor-made to fit your needs, switching your present credit card issuer would be cakewalk.
Say you receive three online credit card offers from three different credit card issuers. After comparing, you select one to sign up with. You’ll just need to visit their website, enter your personal code/confirmation number and zip code, fill out the credit card application, and wait for a decision. If this sounds simple, that’s exactly what online (and even offline) credit card offers can do. They help you make a speedy and informed decision.
Improve your credit score: This is another area where credit card offers can help. Your credit score indicates how well you manage your financial life. If you plan to apply for a loan, the lenders will use this score to evaluate how likely it is that you’ll repay the loan on time in case they approve your loan application. Even when you apply for a credit card, having a good credit score would improve your chances of qualifying for the most favorable terms. But how do you improve your credit score? To begin with, make sure you pay off your credit card bills on time. Avoid late payments at all costs. In case you just can’t make the payments on time, try to pay as soon as possible. You should also aim for 20-30% credit utilization, which refers to the part of your credit limit that you’re using at any given time. Paying your credit card balances in full every month is the easiest way to do it. If not, you should keep your total balance at 20-30% or less of your total credit limit. Then you can try to bring it down to 10% or lower which is believed to be ideal for improving your credit score.
Having said all of that, don’t be in a hurry when signing up for credit card offers. Whether you’re opting for offers sent via U.S. mails, emails, or a blend of both, check what exactly you’ll receive. If the credit card offers aren’t pre-screened to fit your credit score and requirements, signing up could be a waste of time. Imagine sitting on a truckload of data that’s futile just because you have no way to use it. That’s exactly what will happen if you sign up blindly to anyone with mail and online credit card offers. So be judicious when you register your email, phone number, or postal address to get credit card offers.