How To Get Mastercard Credit

Introduction

Mastercard credit card is indispensible item in your wallet these days. If you do not own one and have decided to apply for it, we offer you some tips on how to get it. Mastercard Credit card allows you to buy goods and services on the promise that you will pay for it within a time frame. You may not have sufficient funds at the time being but promise to procure the same at the end of the month. If you are unable to do so you are allowed to keep a continuing balance of debt but you are charged with heavy interest rates. We will guide you to obtain and wisely use your mastercard credit card.

Step 1

Step #1: Open a checking/saving account

The first step to obtain a mastercard credit card is to open a saving or checking account at the bank where you want to apply. While it may not be mandatory, it will facilitate the process. Having an existing relationship will improve the chances of your application getting approved. Some banks allow their customers to apply for mastercard credit card online. You can avail this benefit and apply for a card or take help of excellent customer care services if you need more information.

Step 2

Step#2: Get yourself qualified

To obtain a mastercard credit card you must be at least 18 years of age. But that is just one passing criteria. If you are between 18-21 years of age you must show your own income for you application to get approved even if in reality it’s your parents that will pay your bills. First, you can take up a part time job and make a few hundred dollars a week. The job should fetch you a formal salary statement that you can use to show yourself employed. Second, find a co-signer over 21 with appropriate income (can be your relatives) to sign on the application and vouch for you. Your chances of getting a credit card will improve but it is up to the bank to set the credit limit they think is suitable for your income.

Step 3

Step#3: Check your credit history

Your credit history is one of the pre-checks performed by banks before approving your application for mastercard credit card. There are some important things you should take care of. If you have a limited credit history, apply for cards with low to moderate credit balance. There are very high chances, almost 100%, that your application for a card with high credit balance will get rejected.

Step 4

Step#4: Use collateral to increase credit limit

So you are not satisfied with the credit limit provided by your bank on your mastercard credit card and it hardly meets your expenses. We have a perfect solution for you. If you do not have an outstanding credit history and still want a higher credit limit, you can opt for a secured mastercard credit by providing some collateral. It can be real estate or any asset/property that you own. This will reduce the risk for the bank in case you default your payments and they will agree to set a higher credit limit on your card.

Step 5

Step#5: Be wise

Mastercard Credit card payments must be done on time to avoid being charged with heavy interest rates on outstanding balance. It is advisable that you to use your card wisely and safely so you may enjoy the benefits without incurring any losses.

Conclusion

Eventually you have to pay the balance upon lapse of the grace period. Mastercard credit card is widely accepted at almost all kinds of stores across the globe.

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