A mailbox full of credit card offers is a familiar sight to many. However, knowing the right time to apply for one of these offers can be uncertain.
Before you apply for a new credit card, understand why you need a new card. Maybe for debt consolidation. Or maybe you want to improve your credit score or earn airline miles on big purchases.
You should also understand your current financial situation (debt, credit score, amount of existing credit, etc.) to improve your approval rate.
The best times to apply for a new credit card are:
If you carry an existing balance with a high APR
![BankAmericard® Credit Card](https://www.nerdwallet.com/cdn-cgi/image/width=1800,quality=85/cdn/images/marketplace/credit_cards/2335a130-28eb-4df3-9129-4194f1aeec2f/db10403407c7a84eba052c4f200066043ffa093b59a0e72146fec7c02c1bd434.jpg)
learn more
If you maintain a monthly balance on your existing credit card, one way to ease the pain of high interest rates is to apply for a new card with a 0% annual balance transfer rate (APR). As of February 2023, the average rate on consumer credit cards that rate interest rates was close to 21%. By migrating that existing debt to a card with a 0% introductory year APR balance transfer offer, you can preempt interest payments and reduce your balance more quickly.
Good example: Bank America® credit card Comes with 0% Introductory APR for Purchases in 21 Billing Cycles, 0% Introductory APR for Balance Transfers in 21 Billing Cycles, then 15.74% to 25.74% Ongoing APR for all balance transfers made in the first 60 days Fluctuating APRThis equates to about two years of reduced interest payments, which can save hundreds or even thousands of dollars.
🤓geek tips
The 0% intro APR balance transfer offer pays no interest, but may incur a one-time fee of 3% to 5% of the transferred balance, depending on the card.
When there’s big spending on the horizon
Whether you’re renovating your living space, paying for a wedding, or tossing a coin into another expensive item, two potential credit card strategies come into play.
First, applying for a card with 0% introductory APR on purchase is an easy way to help with cash flow after large purchases. For example, let’s say you need to spend $10,000.Get a card that offers a 0% introductory APR period of 21 months at the time of purchase, and you can pay off that purchase with interest-free installments of approximately $476 per month during the introductory period. Wells Fargo Reflect® Card It may be a good choice for such funding.it offers 0% Introductory APR for purchases up to 21 months from eligible balance transfer account opening, then 17.74% to 29.74% ongoing APR volatility APR.
![Chase Sapphire Preferred Credit Card](https://www.nerdwallet.com/cdn-cgi/image/width=1800,quality=85/cdn/images/marketplace/credit_cards/7dce19da-5d96-4502-9fd2-70ff9655f13a/d82d2c88a684fb0591d07e208ecec733943643a4b700e03f880de204d257c790.jpg)
learn more
Secondly, big purchases are also a great opportunity to knock out spending requirements to earn juicy new signup bonuses. Chase Sapphire Preferred® Cardfor example, offering the following massive new cardholder bonuses: Earn 80,000 bonus points when you spend $4,000 within the first three months of opening your account. $1,000 when redeemed through Chase Ultimate Rewards®. These points can be used to offset future travel expenses or redeemed for cash, effectively leading to discounts on the larger deals you make.
when credit score is high
![American Express Blue Cash Preferred Credit Card](https://www.nerdwallet.com/cdn-cgi/image/width=1800,quality=85/cdn/images/marketplace/credit_cards/2681330d-450d-4f71-af38-3cb16f592c02/596f22094df609999878f43629debc8d416e18334ea8f5e68f9d92a72dd0b912.jpg)
learn more
if you have excellent to excellent creditworthiness (usually a FICO score of 690 or above), you may be eligible for the best new credit card offers on the market. Therefore, by using credit responsibly (such as paying the full amount each month on the due date), FICO scoreconsider your spending habits and whether the new card will help you earn extra cashback, points, or miles.
Maybe you spend a lot on groceries but don’t have a card that rewards those purchases. American Express Blue Cash Preferred® Card can get 6% cash back on purchases up to $6,000 annually at US supermarkets. Terms apply. It also comes with the following introductory offers: Earn $250 statement credit when you spend $3,000 on your new card within the first 6 months. Terms of use apply.
If your credit score is low
![Capital One Platinum Secure Credit Card](https://www.nerdwallet.com/cdn-cgi/image/width=1800,quality=85/cdn/images/marketplace/credit_cards/a59fef9a-5006-449d-9527-3ae0c300e614/ea773ad4032ec7bbebecd5f4e4508cce3a1482aa75311effc6fc1de626c28975.jpg)
learn more
On the other hand, if you are trying to build or rebuild credit, credit card is a good way to do it —and you don’t necessarily have to settle for a lousy product. Capital One Platinum Secure Credit Card According to Capital One, customers who were approved for a card and made on-time payments for six consecutive months saw their credit scores increase by an average of 29 points or more in those six months.
Your mileage may vary, but handling your credit responsibly can help boost your credit score in the long run.
For pre-approval
Credit issuers may use the information they collect about your finances to pre-authorize new cards. These pre-approvals often arrive in your mailbox or email inbox. A pre-approved credit card offer does not guarantee approval at the time of application, but it does mean that you have passed the initial review by the credit issuer and have better odds.
If time has passed since the last approval
No hard and fast rules Waiting time for credit card application, but it is true that too many applications in too short a period of time will alert the credit card issuer and may result in rejection. A good rule of thumb is to wait at least 6 months between applications. Still, there are exceptions, especially if you’re on either end of the credit score spectrum. By comparison, those with a high credit score (FICO score of 720 or higher) can often consider guidelines as long as 3 months.
It’s also worth mentioning that some credit card issuers have rules about how many cards you can get in a given period of time. For example, if a Chase card is required, he must have no more than 5 credit card authorizations (from any issuer) in the last 2 years.