Gas Credit Card Application
What are the Requirements?
Ever applied for a credit card and got this convoluted piece of jargon in the mail that you can't understand? Ever wondered why your credit limit is so low or so high? Ever called up customer service only to be met with hemming and hawing and vague responses as to why your credit limit is this way or why you're rejected? I understand that it can be frustrating but here's a non-jargon and frank explanation of what you need to qualify for a gas (or any) credit card and how your status determines what kind of card you get.
As a consumer, you have the right to apply for or sign up for any credit card that you wish. There are different credit cards that offer different interest rates, rewards and benefits for you. It's your right to use credit. Credit card companies, however, have a set of requirements that you need to meet before you can apply for a certain credit card.
Firstly, you need to be of legal age to get a credit card. Some companies offer student or loan credit cards or supplementary cards that you can use off your mom or dad's credit account. Credit card companies also require you to live in the United States and have a valid address. If you've been using your PO Box as a billing address and refuse to give out your home address, then that's one of the reasons why you're credit cards are not activated. These are a few of the legal requirements credit cards require. They may also require forms, tax forms and other verification items for your income and identity.
Secondly, the credit limit and interest rate of your card are determined by your credit score. Your credit rating actually determines the amount of interest you get on any loan that you make: credit, mortgage, business loan, they all check your score. Bad credit often gets you secured or high interest or credit cards that help you rebuild credit. But don't worry, there are gas card even for those with bad credit that can actually help you build up good credit. This are often the card that give you low limits at first then raise them as you continue to make payments. It's kind of like getting a higher allowance for being really, really good.
The advantage of a good or excellent credit score is you get cards with lower interest rates and more benefits. Credit card companies see you as a lower risk client because you don't have a history of debt, missed payments or bankruptcy. You get more benefits with missed or late payments and higher credit limits.
These are the qualifications that your gas card will follow and use to approve you as a new customer and cardholder. Knowing the requirements and possible reasons for rejections gives you the power to fight back, ask for a better interest rate or even ask for higher credit limits. The trick is to know your status and your risk, the way a credit card company would view you as a customer. Now you can apply for a gas card and be sure that you'll get your money's worth.
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Discover® More Card
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| Issuer: | Discover |
| Category: | Reward - Cash |
| Status: | Platinum |
| Type: | Discover |
| Introductory Rate: | 0 |
| Applied to: | Purchases, Balance Transfers |
| Gas Rebates |
| Get 5% Cashback Bonus on seasonal purchases like restaurants, department stores, gas stations, clothing and home improvement stores and more.
Earn between 5% and 20% Cashback bonus at over 200 online retailers when you shop through ShopDiscover.com.
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TrueEarnings® Card from Costco and American Express
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| Issuer: | American Express |
| Category: | Reward - Cash |
| Status: | Standard |
| Type: | American Express |
| Introductory Rate: | 0 |
| Applied to: | Purchases |
| Gas Rebates |
| Cash back on the things you buy: 3% on restaurants and gasoline up to $3,000 annually, 2% for travel, and 1% almost everywhere else |
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