The days when the only way to get a credit card was to visit your bank in person are gone forever. Nowadays, it’s even quite old fashioned to apply for a card by mail – it’s much easier and quicker to apply online, and in many cases you’ll even get an instant decision on whether your application is accepted or not. While this is obviously a great convenience, there is a downside to online credit card applications: they can actually be too easy, and can harm your credit rating.
When you’re offered the chance to apply for a credit card online, it’s not always clear exactly what kind of customer a card issuer is hoping to attract. Each kind of card is aimed at someone within a range of circumstances, such as having a minimum income, being older than a certain age, or having a certain level of credit score.
In the old days, your bank manager or financial advisor would only offer you cards which you had a good chance of being accepted for, but when you’re applying online there’s no one but yourself to check if the card is right for you. And, seeing as how applying online is so easy, it can be tempting to just apply anyway...
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