Deciding when to apply for a credit card is an important step in your financial journey. Whether you want to build credit, prepare for a big purchase or consolidate debt, timing matters.
Let's explore the best times to apply and what to consider before you submit your application.
When you want to build credit
One of the most common reasons to get a credit card is to establish or strengthen your credit history. Responsible card use, including paying on time, staying below your limit and keeping accounts open, can help you build credit over time.
When you’re planning a big purchase
You can also plan to apply for a credit card before making a large purchase. Some new cards offer a low introductory APR period on purchases. If you pay off the balance during the promotional period, you could avoid paying interest on that purchase.
When you want to transfer high-interest debt
If you’re carrying high-interest balances, you may want to consider applying for a credit card with a balance transfer offer. These cards may give you a promotional APR period, allowing you to focus on paying down debt faster. Just remember: balance transfers usually involve a fee, and failing to make minimum payments could end the promotional rate early.
When you’re pre-qualified for a card
Being pre-selected or pre-qualified can signal that now is a good time to apply for a credit card. While pre-qualification does not guarantee approval, it means the issuer has reviewed some of your financial information and determined you meet initial requirements. If you’re wondering when to apply for a credit card, pre-qualified offers are worth considering.
When to apply for a credit card: Frequently asked questions
When is the best time to apply for credit cards?
The best time to apply for credit cards is when you have steady income, manageable debt and a clear purpose, such as building credit, making a large purchase or consolidating balances.
Should I get a credit card if I’m new to credit?
Yes, getting a credit card can be a smart first step to build credit history, as long as you use it responsibly by paying on time and keeping your balances low.
Is it better to get a credit card when I’m pre-qualified?
Being pre-qualified can be a good sign that now is the right time to apply, though approval is not guaranteed. Pre-qualification can help you target cards you’re more likely to get.
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.
