Who Has the Best Credit Card Applications
Searching through credit card applications is confusing. That’s the way most credit card companies want it to be. In order to get a rough idea of the credit card you will get if approved, you often have to weed deep into credit card application fine print.
However, some credit card companies offer clearer applications that others. These are the best credit card applications and very few companies provide them. Here are two companies that actually offer straightforward terms.
1.) Capital One: Capital One offers the best credit card applications. While they may not always offer the absolute lowest interest rate or the absolute longest 0% rate period, they tell you what you are going to get.
For example, most of Capital One’s credit card applications specifically state the type of credit needed. Thus, they offer essentially the same card, with slightly different terms, to people with excellent credit and people with good credit.
If you know your credit score and profile, you select the card that matches your credit. Then, if approved, you get the rate advertised and the 0% intro rate advertised. It is so straightforward, nothing more need be said.
2.) Discover: Discover is second best when it comes to clarity on credit card applications. Unlike most credit card companies, they do not offer 0% rates for up to a certain amount of months; they offer 0% rates for the full advertised period. Other companies are not so straightforward. They try to lure you in with very long 0% interest rate deals, but may only give a 0% interest rate for one third of the advertised period.
Thus, with some companies, you might think you are getting a 0% interest rate for 18 months, only to apply and find out your 0% rate lasts for 6 months. With Discover, you get the advertised rate if you are approved.
Capital One and Discover are exceptions in the credit card world. They provide clear terms on their applications for the most important elements. Most credit card companies do not. Thus, the best credit card applications are the ones that are honest and easy to understand. Other credit card offers may offer great deals, especially for people with excellent credit, but applying for other cards is like spinning a roulette wheel.
