Did you know that you can get more from your credit cards if you get them at the right time? It’s a safe guess you might not, just like the 83% of people who missed out on an average of over 15,000 miles and points by applying for a credit card and the wrong time. Be in the 17% and check out some tips on when is the best time for you to apply for a credit card.
More than Just a Number: The Best Age to Start Building Your Credit Score
Your age is actually a factor in when to get a credit card. Building a good credit score is a long process, making it a great idea to start early. It is also beneficial to start ingraining smart spending habits and become a master of personal finances before having to face major financial incidents, like paying back student loans or applying for mortgages.
College students are provided several great offers through student credit cards or promotions geared towards enrolled students. Some even provide cash-back rewards for textbooks (always a costly purchase) and no annual fees. This helps ease you into what it is like to have a credit card and focus on paying the bill on time and in full without worrying about other fees.
The Credit Card Season: The Best Time of Year to Apply for Your Credit Card
Once you decide to get a credit card, make sure that you choose the most opportune time of the year to get the most of what you want from it. Who doesn’t want to get the most bang for their buck? Who doesn’t love rewards or promotions? Our thoughts exactly.
November seems to be the trending month for the best deals when applying for credit cards geared towards travel and airfare. If you are looking more for hotel rewards and benefits, August is the time of year to apply.
The late summer and early fall months provide the most all-around promotions, rewards, and benefits to those applying for credit cards. But never forget that no matter what time of the year you get a credit card, you need to pay in full and on time to always build you credit score in a positive manner.
Enhancing Purchase Potential: Types of Purchases to Plan Around
Timing when you apply for a credit card can ease the strain of some major purchases you will most likely have in the upcoming future. Due to the nature of initial credit card promotions, incentives and rewards, you can save money on planned purchases.
Think about travel cards, for instance. Several credit card companies give you boosted rewards upon signing up for these credit cards, which equates to major savings on vacations. By planning a big vacation around applying for a new credit card, you can reap the benefits of these extra rewards plus contribute to the targeted spending amount for the card. Double bonus!
You can also utilize cards with introductory 0% APR to save extra cash on major purchases like appliances. Not having to worry about interest fees when financing a large purchase is always a benefit, and helps you maintain your ability to pay your bill in full and enhance your credit score .
These are just some helpful examples of what times are better, or worse, to get a credit card, but that doesn’t mean there aren’t amazing offers year round!
