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Credit cards are everywhere, and most people have at least one card. In fact, the Government Accountability Office reported that just 18% of American adults don’t have a card.
If you are one of the few people without a credit card, you may be unsure what the application process is like, and you may have questions like:
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What information do I need to apply for a credit card?
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How long does it take to get a credit card?
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When can I start using my new card?
Below, learn how to apply for a new card and what you can expect in terms of timing.
How long does it take to get a credit card?
While applying for a loan or mortgage can be a time-consuming, lengthy process, applying for a credit card is much more straightforward and quick. The entire credit card application process — from start to finish — can be completed in minutes. Here is the process broken down into three stages:
Application: 5 to 10 minutes
Most credit card companies allow you to apply for a new credit card entirely online. In general, the application takes five to 10 minutes to complete.
Approval: seconds
After submitting your application, the credit card company will review your information. Once they’ve decided what to do, they will notify you of their decision.
Most people receive an approval or denial within seconds. But in some cases, your application will need additional review, which can take up to a week.
Receiving a new card: 7 to 14 days (or less)
Once your application is approved, the credit card company will send you your new card in the mail. Mailing times vary by credit card issuer and your location, but you’ll typically receive the new card in seven to 14 days.
Some credit cards do offer instant access to qualifying applicants. This allows you access to a temporary card number, which you can use to make purchases online or using a digital wallet as soon as you’re approved. Depending on your application, you may not get approved even if you’re approved for the card. Here are a few cards with instant access options:
How to apply for a credit card
Now that you know how long it takes to get a new credit card, you can proceed with the application process. You can apply for a card in just five steps:
1. Review your credit
Determining your credit score and reviewing your credit history is the first step in applying for a new card. It will help you narrow down your list of card options based on your likelihood of being approved.
You can view your credit reports for free at AnnualCreditReport.com, but those reports don’t include your credit score unless you pay an added fee. You can often get free credit scores from your bank or credit union, or through free services like Credit Karma or Credit Sesame.
2. Decide what kind of card you want
Next, think about what your goals are for the new card. Below, we’ve outlined a few common card types, along with some examples.
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Balance transfer: If you have high-interest debt, you can use a balance transfer credit card to move your debt to the card and take advantage of a lower annual percentage rate (APR).
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Rewards: Many cards have rewards programs that allow you to earn valuable points, miles or cash back on your purchases.
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Secured: If you have less-than-stellar credit, you can apply for a secured credit card, which requires a security deposit. Over time, making timely payments and maintaining a low balance can help bolster your credit.
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Travel: If you frequently travel, a travel credit card will give you benefits like airport lounge access, TSA PreCheck or Global Entry fee reimbursement and travel insurance.
3. Shop around
Shop around for a credit card that matches your goals and credit score range. Credit card networks like Visa and Mastercard typically share the credit range for each card, and you can view the cards’ rates, fees, and rewards.
4. Use prequalification tools to check your eligibility
Many financial institutions have prequalification tools you can use to check your eligibility for a card by undergoing a soft credit inquiry, which has no impact on your credit. You can complete the full application once you prequalify and decide which card you want.
5. Fill out the application
If you’ve chosen a card and are ready to apply, you can visit the issuer’s website to complete the application. The application will ask you for the following information:
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Legal name
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Birth date
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Social Security number or Individual Taxpayer Identification number
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Address
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Gross (pre-tax) income
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Employment details
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Housing cost
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Contact information, including your email address and phone number
After completing the application, the issuer will ask for your consent for a hard credit check. Hard credit checks can cause your credit score to drop by a few points, but it’s necessary whenever you apply for a new form of credit.
Once you submit the application, the issuer will review your information and make a decision. Typically, you’ll receive a decision in a matter of seconds.
Credit card application FAQs
Can I get a credit card the same day I apply?
Generally, you have to wait until your new card is mailed to you before you can use it. However, there are some companies that give you instant access to the card, even before you receive the physical card in the mail. Once you’re approved, they will give you an electronic card number to use to make purchases online or through mobile payment apps.
How long does it take to get a credit card in the mail?
After you’re approved for a card, the issuer will mail you a new card. It usually takes seven to 14 days to get a new card.
Is it faster to get a credit card online or in person?
Applying for a credit card online rather than in person is typically faster and easier. Depending on the issuer, you can apply and get a new card number within minutes.
Some credit unions and banks do issue cards in person, but that’s not a common feature, and you’ll usually have to wait for the physical card in the mail.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.