Credit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Jenn Underwood Personal Finance WriterCredit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Written By Jenn Underwood Personal Finance WriterCredit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Jenn Underwood Personal Finance WriterCredit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Personal Finance Writer Caroline Lupini Managing Editor, Credit Cards & Travel RewardsCaroline Lupini has been traveling the world with the help of credit card rewards since 2011. She has visited over 110 countries and is able to utilize her knowledge of credit cards and to make travel both less expensive and more luxurious. Caroline.
Caroline Lupini Managing Editor, Credit Cards & Travel RewardsCaroline Lupini has been traveling the world with the help of credit card rewards since 2011. She has visited over 110 countries and is able to utilize her knowledge of credit cards and to make travel both less expensive and more luxurious. Caroline.
Caroline Lupini Managing Editor, Credit Cards & Travel RewardsCaroline Lupini has been traveling the world with the help of credit card rewards since 2011. She has visited over 110 countries and is able to utilize her knowledge of credit cards and to make travel both less expensive and more luxurious. Caroline.
Caroline Lupini Managing Editor, Credit Cards & Travel RewardsCaroline Lupini has been traveling the world with the help of credit card rewards since 2011. She has visited over 110 countries and is able to utilize her knowledge of credit cards and to make travel both less expensive and more luxurious. Caroline.
| Managing Editor, Credit Cards & Travel Rewards
Updated: Nov 27, 2023, 8:46am
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
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No season is necessarily better for credit card applications, but a number of personal financial situations and other factors impact when you should (or shouldn’t) apply for a new credit card.
Before applying for a new card, it is important to do your due diligence on the types of cards best suited for your financial situation. Credit cards have different qualification requirements and benefits that you should be aware of before making the decision to apply.
Sometimes, having a credit card already in your pocket can provide a huge advantage. Other times, applying for a credit card as part of a financing plan or other money move can be much more advantageous. What’s right for you will depend on what you plan to use the card for and your financial and credit situation.
If you have a balance on a high-interest credit card, other cards can help buy you time with a balance transfer. You can alleviate the burden of paying a high interest rate on an outstanding balance by applying for a card offering either a lower regular APR or 0% introductory APR for a limited period.
Several factors should be taken into consideration before attempting a balance transfer. First, examine your likelihood of getting approved. Traditionally, credit card companies issuing cards with the best balance transfer offers will look for applicants with credit scores in the “good” range or higher. To have the best chance of being approved, an applicant should maintain a credit score greater than 700. If you don’t know your score off the top of your head, don’t worry—there are a variety of ways to check your credit score for free.
Conducting a balance transfer also typically involves a balance transfer fee, so you should carefully consider if a reduced APR or introductory APR period will actually save you money. If you can pay the balance off in a couple months, the balance transfer fee might outweigh the interest charges. However, if you need a longer period of time to pay off what you owe, a balance transfer can often save you money despite the fee.
A balance transfer calculator can help you figure out if transferring one card’s balance to another card is right for you. The best balance transfer credit cards have long introductory APR periods, but always remember a regular APR applies when a balance transfer period ends.
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Bank of America® Customized Cash Rewards credit card On Bank of America's Website Welcome Bonus Annual Fee Credit Score Excellent/Good Regular APR 19.24% - 29.24% Variable APR on purchases and balance transfersCredit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Citi® Diamond Preferred® Card On Citi's Website Welcome Bonus Annual Fee Credit Score Excellent, Good Regular APR 18.24% - 28.99% (Variable)Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
A 0% APR credit card can help you finance large purchases interest-free over a period longer than a single billing cycle, just be prepared that you’ll need to make the purchase within a certain window from account opening. You can use a card like this to make the purchase and then use a promotional 0% interest period to pay it off, but beware when the 0% introductory period ends, a regular APR applies to unpaid balances.
Credit cards typically charge double-digit APRs, which can add up quickly if you carry a balance. The interest-free period of a 0% introductory APR offer allows you to pay off the purchase over time without inflicting large interest charges on you that would make the purchase more expensive. The best 0% APR credit cards on the market feature long intro periods, often providing well over a year of no interest.
Credit cards also provide relatively simple opportunities to build or repair credit. When compared with other types of more major loans, such as car loans or home mortgages, credit cards are generally much lower-stakes for lenders. Whether you’re new to the world of credit and need to start from scratch, or have damaged credit, the right credit card can help.
Secured cards and cards designed for students especially are good choices in these situations, and can help build a healthy credit history—showing lenders your reliability as a borrower.
Building credit using a credit card can lead to opportunities for better credit cards down the road, with more premium rewards and benefits, and can also help you prepare for other types of borrowing. When you’re ready to buy a car, a house or borrow money to start a business, established credit history as built with a credit card can make or break a lender’s decision.
It should be no surprise that it’s easier to receive approval for credit cards with attractive rates and terms if you have a good credit score. A credit score represents to a lender the borrower’s risk of defaulting on a loan. Therefore, it would be advantageous to wait until your credit score and credit reports are in good shape before applying for a new credit card—especially cards with long intro APR periods or cards with great rewards programs.
According to FICO, the most-used credit scoring model, credit score ranges are as follows:
If you’re dealing with poor or fair credit, there are many steps that can help improve your credit score. The first and most crucial is to make at least the minimum payment for your bills on time every month, since payment history is the most important factor affecting your credit score.
You can also reduce your overall credit utilization—meaning the amount of your overall credit limit you actually use. It’s also wise to regularly check your credit report and correct any mistakes you spot.
If these steps don’t cut it for your situation, try building your credit with a secured credit card.
Receiving pre-approval or pre-qualification for a credit card can help you gauge the likelihood you’ll receive an approval when you apply, but it’s not a guarantee. Lenders can find your information on credit reporting agency lists of reliable consumers and mail you an offer after performing soft pulls on your credit report.
These pre-approval offers may provide better terms than those available to the general public, so if you’re interested, keep your eye on your inbox or mailbox and respond to the offers that interest you.
Issuers like American Express, Bank of America, Capital One and Discover allow you to check online if you’re pre-qualified.
Whenever you apply for a credit card account, a hard inquiry is made against your credit report. Each hard inquiry hurts your credit score a little bit. In some cases, a compounding effect may apply when multiple inquiries are made in a short amount of time.
While there isn’t necessarily a specific amount of time you should wait to apply for another card, it is important to weigh the tradeoff between fielding multiple offers and maintaining a good credit score, so Forbes Advisor recommends waiting at least 90 days between applications for best results.
Yes, you can apply for credit cards you previously closed. You will need to submit a new application and will not typically be given any preferential treatment because you formerly held the card.
Some issuers may prevent you from claiming a welcome bonus again because of your previous account ownership. Also, your previous account should have been in good standing at the time it was closed, otherwise the issuer is unlikely to approve your new application.
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
While credit card applications are accepted year-round, your financial situation or credit score may determine when you should apply for a credit card. If you need to transfer a balance or finance a large purchase, you may want to do those on a new card with 0% introductory APR periods on balance transfers or purchases . However, if you’ve recently applied for a credit card, you may want to wait a few months before applying again.
Pre-approval or pre-qualification offers for cards offering larger-than-typical welcome bonuses may also present good opportunities to apply for a new card. Just weigh your ability to responsibly manage a new credit card and always carefully read the terms and conditions of any account you apply for.
