Credit cards are an essential financial tool. When you use your card responsibly, you can build credit, finance new purchases, get out of debt and earn rewards.
If you've decided to open a new credit card, it may seem as simple as applying, but there are a few more factors to consider to ensure you get the best card for your needs.
CNBC Select has five steps to follow when you want to get a credit card:
The first step is to figure out the reason you want to get a credit card. To make the decision easier, answer the common questions below.
Many bank issuers are transparent about the credit score requirements needed to open certain cards, such as "average" or "good/excellent." It's key to know your credit score so you know which cards you have the best chances of qualifying for.
Here are the FICO credit score ranges, according to Experian:
These ranges are estimates and vary by card issuer.
It's a good idea to compare several credit cards so you know what's available. You can start by checking out CNBC Select's roundup of the best credit cards, which includes our top cards for a variety of categories, including balance transfers, no annual fee, travel and college students.
We also have side-by-side comparisons of popular credit cards:
Compare the rewards, fees, perks and credit requirements to see which card is best for your needs.
When you've narrowed down the credit card you want, make sure you read the fine print before applying. It's important you review the details specific to the card you want to apply for.
The terms and conditions listed in the fine print are key for you to understand before submitting an application.
Review the annual fee and interest rates for purchases, balance transfers, cash advances and penalties. Plus, be aware of any fees for foreign transactions and late payments.
Once you've settled on the best credit card for your needs, you can submit an application. The quickest way to do this is online (whether it's on a laptop or via a mobile device). You also have the option to call, go in-person to a bank or send in a paper application.
The application process is similar between issuers, and you'll typically be required to provide your name, address, date of birth, social security number, annual income and employment status.
After you submit an application, you can receive a decision in as little as 60 seconds, but it may take longer. If you're instantly approved, expect to receive your card within the next two weeks. Some card issuers, such as American Express, may provide an instant card number that you can use for online transactions right away.
Information about the Amex EveryDay® Credit Card and Capital One® Venture® Rewards Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the cards prior to publication.
For rates and fees of the Amex EveryDay® Credit Card, click here.