Credit cards are a financial tool that allows those who obtain them, a broader payment management than debit cards; This is because with them you can have money in advance within the limit of the credit line granted by the bank. But to be able to access such a financial benefit, you must have the requirements for a credit card that banks or financing institutions request.
Credit card requirements
- Be of age
- Have a bank account
- Have previous experience using credits
- Good credit history
- Check a minimum income
What if you don’t have one of them?
If you do not have any of the requirements that banks ask to be able to give you a credit card, it will be unlikely that you will obtain it. This is because offering a line of credit, where you can have a large sum of money available, represents a risk for the bank, especially due to the possibility that the balance is not paid, or increases your level of indebtedness.
How can you get credit experience?
The experience using credits or financing can be acquired by hiring credit services starting with the most basic and simple to acquire such as a telephone plan, cable television service. You can also try requesting a card at the bank where you have your savings account.
Ideally, when you start creating your credit experience, you show that you are a good customer by paying on time and requesting credits according to your ability to pay.
Can you improve your credit history?
Keep in mind that credit history is one of the most important requirements not only to acquire a credit card, but also to request financing, a car loan and even a mortgage.
If you have a bad record with the Credit Bureau or Circle, what you should do is catch up with the overdue balances, try to pay more than the minimum and limit the use of your credits so that your debt level does not increase. Until your score improves, you can try applying for a credit card and have a better chance of being accepted.
Recommendations to request it
Compare the CAT
When comparing the CAT you will be able to choose the best credit card since that is the indicator that shows you its real cost. That is, how expensive it is, since this percentage includes the interest rate and the different commissions (for opening, life insurance or damages, among others).
Know the commissions
As for the commissions, depending on the institution, commissions are charged for the credit card:
- Annuity (charge to keep the card active)
- Credit provision (when you want to have cash)
- Due to late payment (late interest)
- For theft or loss