Back in the 70s, card issuers were falling over themselves to introduce the public to the revolutionary idea of the credit card. Before this time, individuals might have charge-accounts at their usual stores, and that was the norm for using credit. Unrequested credit cards were sent out by the thousands and the public readily took on board this great way to purchase what they needed now rather than later. Many people found themselves in trouble, overextending themselves and loaded up with debt that took years to pay back. In the present day, both creditors and the public are a little smarter.

Making out an application for a credit card is very easy these days. You can even apply for a best rewards credit card online and get an approval in a few minutes. What you might not understand is that immediately you enter your information and send it to be approved, the issuing bank asks for a credit check which calculates what your interest rate will be.

If you don't have a credit history, or your credit score is poor, you might get approval, but the APR will knock your socks off. Make sure you check the small print before making out that application. What is the actual interest rate? If you are late with an installment, how much is the late fee? Is the APR given an introductory offer which might go back to a significantly higher rate in the near future? It's best to have all these kinds of questions covered before you sign up.

Some issuers offer balance transfers, where you can consolidate old balances into one payment to the new card. This could be a great solution, if your credit is good and you can also make the monthly installments.

When applying for credit cards, remember that it's a serious commitment. Your credit score is important. Finding yourself in a situation where your payments are constantly late or can manage only the minimum amount every month is not decidedly undesirable. You should be aware that if you are late, even very irregularly, both your APR and the actual amount of late charges will go up.

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