What’s The Best Time of Year or Month To Sign Up For a Credit Card?
There is no such specific time frame where signing up for a credit card will be best and attributed to. Credit card issue is possible throughout the year. However, there are certain factors that determine the best time to purchase a credit card and you need to consider those factors before making the purchase. You will have lots of questions in mind before going for a credit card as its usage is an extra financial load on you. You will be pestered with phone calls from the banks and various financial institutions to sign up for the credit card. They will be alluring you with great offers. Hence, take your time out to make the right choice when it comes to credit card deals which is why you need to identify your best time.
Here are few factors to consider for analysing the right time:
Intend To Finance a Large Purchase
You will be better off to apply for a new card with 0% APR promotional financing, if you want to find a larger purchase. The offers are mostly inclusive of interest-free financing and balance transfer fees. A 3 % balance transfer fee is a mandate for all credit cards users. However, the first time users of these credit cards can use the fund on new purchase without shelling out the balance transfer fee.
Look For Exceptional Sign up Bonuses
This is an attraction provided by the credit card issuers from time to time which improves the credit card sales. Look for amazing sign up bonuses to provide you with something extra more than what you expect.
When You Have a Great Improving Credit Record
If you are an existing credit card holder with bad credit records where you run into higher interest rates with fewer rewards then it is not a good time to purchase a new one. Once you rebound with improving scores you can simply upgrade the terms of the issued credit card or can even sign up for a new one.
After You Repay Your Mortgage
Home mortgage is a larger loan compared to others. Hence, it is imperative that either you have an excellent credit history before applying for the loan or restrict yourself from issuing new credit cards till your home mortgage loan is closed.
Before You Get Laid Off From Your Job
Credit card applicants will always qualify for better terms when they are employed. So if you intend to sign up for a credit card it is better before you go for a sabbatical, or get laid from the company or leave the job to start your own venture. While you are not in service, make sure that you don’t incur debt to as it might cost you heavy then.
After You Research Thoroughly and Check Out All Your Options
Researching and knowing extensively about your options is mandatory before you make any financial decisions. Check out the best available offers and seek financial advices. Sign up for the credit card when you feel confident of it, when you will not get carried away by the fancy.
Based on these factors, make your decision to identify your ideal time for signing up for your credit card.