How to Apply for a Credit Card

The credit card application process can be confusing – even if you already have a credit card, you might still have questions about what to expect.  This guide will walk you through the process, from understanding your credit to submitting your application.

Understand your creditworthiness

Your creditworthiness can play an important role in whether you’re approved for a particular card. Lenders use your credit score to help determine the likelihood that you’ll repay credit card debt and other loans. In general, a higher credit score can help you qualify for credit cards and secure better terms, like lower interest rates and higher limits.

Credit scores are based on several factors, such as credit mix (the different types of credit you have), credit utilization (how much available credit you’re using), how long you’ve had your accounts and payment history.

If you’re not familiar with your credit history, you can request a credit report. You’re eligible for one free credit report every 12 months from each of the major credit bureaus. Currently, the consumer credit bureaus are offering free weekly reports.

Check for pre-qualified offers

Pre-qualified offers can give you an idea of the credit cards you may be eligible for. Finding out whether you’re pre-qualified has no impact to your credit score. Many issuers allow you to check pre-qualified offers online by providing basic information like your income and employment status. You may also get pre-qualified offers in the mail. While these offers aren’t guarantees, they can help narrow down your options.

Decide which credit card you should apply for

The next step is to find the right card for you based on your financial situation. Credit cards can be secured or unsecured.

Secured Cards: Secured cards require a security deposit. Your credit limit is often equal to the deposit. A secured card can be a good option for someone who has little or no credit history and can help build credit when used responsibly.

Unsecured Cards: These credit cards may have higher creditworthiness requirements than secured cards, and some may charge annual membership fees.

All credit cards are either secured or unsecured, but there are many types of credit cards out there. For example, rewards credit cards let you earn points, miles or cash back on eligible purchases. Some credit cards offer a low intro APR on balance transfers, purchases or both. They can be effective tools to consolidate and pay off outstanding balances or for paying off a big purchase over time.

Apply for a credit card

Once you’ve decided what card you want, complete the application online, in person or over the phone.

Apply online

Many card issuers offer online applications, and this may be the quickest way to apply. You may even get a decision instantly.

Apply by phone

You may be able to call a card issuer’s customer service line to apply for a credit card.

Apply in person

If a bank has physical locations, you can typically apply for a credit card there. You can apply for a Citi credit card in person at your closest branch.

What you need to apply for a credit card

Most credit card applications require your:

• Full legal name
• Phone number
• Street address
• Date of birth
• Annual income (you may be asked for net or gross)
• Social Security number
• Monthly housing payment (rent or mortgage)

Understand the terms of your credit card application

Every credit card application will state the terms and conditions for the card. Before proceeding with the application, make sure you understand these terms — especially the interest rates and fees, payment requirements, and consequences for not paying the minimum payment on time each billing period.

What are the requirements for getting a credit card? 

While most card issuers will consider the same factors, like your creditworthiness, income and debt-to-income ratio (DTI), every card’s requirements are different. For example, a secured credit card will likely have more relaxed creditworthiness requirements than a rewards credit card with travel perks.

Can applying for a credit card hurt your credit? 

While a credit card company does perform a hard inquiry on your credit file, a single inquiry will not do much damage to your score. A hard inquiry typically reduces your credit score by a few points; it can stay on your credit report for up to 2 years and can affect your credit score for 1 year. 

However, applying for multiple credit cards in a short period can put a bigger dent in your credit score. It can also signal to lenders that you’re intending to take on a lot of debt that you may not be able to repay. 

What if your application is denied? 

If your application was denied, the card issuer must send you an adverse action notice within 30 days detailing why. This can help you decide on next steps.

It's important to understand why you were denied before you apply for another credit card. Reassess your creditworthiness. Should you be applying for a secured card instead of an unsecured card? Should you focus on ways to build up your credit, such as paying off your current credit card balances or other debts? 

Apply for a credit card with Citi

Whether you’re looking for a secured card to help you build your credit or a card that lets you earn cash back on everyday purchases, Citi has options. Compare Citi’s credit card offerings and apply for a credit card today.

Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.