Credit Card Strategy: How to get a free credit card?

Credit Card Strategy: How to get a free credit card?

Today, credit cards are indispensable for managing purchases, building credit, and earning rewards. But securing a credit card doesn’t have to mean dealing with high fees or complicated terms. This guide will walk you through the steps to getting a credit card with minimal costs and maximum rewards, helping you make the most of your financial opportunities without breaking the bank. Let’s dive into how you can unlock the benefits of a free credit card!

Understanding "Free" in Credit Cards

When a credit card is labeled as "free," it often refers to more than just the absence of an annual fee. Here's what you should consider when evaluating a truly "free" credit card:

• No Annual Fees: A key feature of a "free" credit card is the lack of a yearly fee just for holding the card.

• No Hidden Fees: Look for cards that don’t charge additional fees, such as foreign transaction fees, maintenance fees, or activation charges.

• Grace Period: Many free cards offer a grace period on purchases, meaning you can avoid interest charges by paying off the balance in full by the due date.

• No Minimum Balance Requirements: Some cards don’t require you to maintain a minimum balance to avoid fees, making them more flexible.

• Basic Rewards or Cashback: Some free cards also offer basic rewards like cashback on certain purchases, without requiring an annual fee.

How To Obtain a Free Credit Card

We’ll walk through how Sarah successfully applied for and used a "free" credit card. This step-by-step journey will help you understand how to get a credit card with minimal costs and maximum rewards.

Step 1: Assessing Her Creditworthiness

Before applying for any credit card, credit score would be a crucial factor. So, the first thing she did was check her credit score to make sure she was eligible for the best offers. Sarah used a free online tool from Credit Karma to check her credit score. It was 740—well within the "good" range, which typically qualifies her for credit cards with no annual fees and additional perks like rewards or cashback.

Step 2: Researching Free Credit Card Options

Once confirmed her creditworthiness, research the best "free" credit card options. She was looking for a card that charged no annual fees, had no hidden charges like foreign transaction fees, and provided some rewards like cashback or points. Sarah spent a few hours browsing comparison sites like NerdWallet and The Points Guy to filter credit cards based on her preferences. After comparing different options, she zeroed in on the Chase Freedom Unlimited card, which met all of her criteria:

• No annual fee

• 0% APR for the first 15 months

• No foreign transaction fees

• 1.5% cashback on every purchase

Step 3: Ensuring Eligibility

Each card has specific qualifications, such as a minimum credit score and income level, so it’s crucial to review these before applying. Sarah reviewed the eligibility information for the Chase Freedom Unlimited card on the Chase website. The card required a credit score of at least 670, which Sarah exceeded, and it also had minimum income and employment requirements. With her stable income and good credit score, Sarah knew she was likely to get approved.

Step 4: Applying for the Credit Card

Most credit card applications are quick and easy to complete online. Sarah went to the Chase website and filled out the online application. She provided necessary information such as her name, address, Social Security number, employment status, and annual income. The process took about 10 minutes, and once completed, she hit the "Submit" button.

Step 5: Waiting for Approval

After submitting the application, wait for the approval decision. This process can take anywhere from a few minutes to several days, depending on the credit card issuer and the application. Sarah received instant approval from Chase, which was a great relief. Her good credit score and financial profile made her an ideal candidate for the card, and she was able to move forward without any delays.

Step 6: Activating and Using the Card

Sarah logged into Chase’s mobile app to activate her new card. She also took the time to read through the card’s terms and benefits once again to make sure she fully understood how to maximize her rewards. Sarah started using the card for daily purchases, earning 1.5% cashback on all her spending.

By following these steps and considering your specific needs, you can find credit cards that minimize initial and ongoing costs, effectively making them relatively "free" financially.

PC® Mastercard®: Approval decisions come within minutes of submitting your application online. No annual fee and no income requirements, making it accessible to a wider range of customers. Your Optimum points earnings isn’t limited to monthly or annual amounts like with other cards.

Tangerine Money-Back Credit Card: 2% cash back per dollar on bonus categories is one of the richest earn rates for a no-fee card. No annual fee with quick approval.

BMO® CashBack® Mastercard® - Student: A no annual fee, instant approval rewards credit card that offers particularly strong returns on everyday essentials from grocery stores and supermarkets.

Neo Mastercard®: instant approval credit card that will provide you with a digital card that be used immediately through Apple Wallet or Google Pay even before your physical card arrives. No annual fee. Offers an average of 5% cash back when shopping at a partner retailer.