Why You Should Make Your Credit Card Application Online
Here's something that, as a personal finance writer
, I hear a lot: I'd much rather go into the bank to fill in an application that way I know where I stand.Ok, I think and sometimes say, but do you know where you stand or where the salesperson's telling you to?
Sometimes talking with someone face to face can be the best way to get an idea of what you're entering into and this especially applied to very complex products such as long term loans and mortgages.
But it's not so applicable to credit cards and I'll give you five reasons why it often makes more sense to make an application of this kind online.
First, the credit card market is very competitive. The best way to get the best deal is to do a credit card comparison and these are easiest to do comprehensively online.
Second, some deals are only available online. For example, the Virgin Money credit card is available in a lot of places but an offer with two offers of the same length (making it easier to avoid excess interest payments) is only available on the internet.
This is something which could potentially save you hundreds of pounds and is actually less effort on your part since you don't need to leave your house and go to the bank.
However, clearly this cuts both ways: sometimes there are offers available in store which are not available anywhere else.
Although this is sometimes true, however, it's more likely to be the other way around and looking through virtual shops is a lot less tiring and time-consuming.
Third, online applications can potentially be instant decision. This means the offer gets through much more quickly and you're able to make use of the card much faster which is always a plus.
Forth, and on a related point, completing online means that you'll be more likely to have other account information to hand.
For example, if you're looking for 0% balance transfer credit cards you'll want to move your high-interest balance as soon as possible, preferably during the application to avoid as much interest in possible.
Finally, though, doing a card application online allows you to take some time over it. Even if it times out you can usually save what you've done so far.
This could enable you to decide whether you want extras like PPI rather than being pressured into getting them which - given the amount of complaints about this type of insurance - is surely to be welcomed.
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