How do you find if you are approved after the application is done? And how much is it monthly? And what is the max. approval?

Answered on September 30, 2012
Updated on September 30, 2012
The content is accurate at the time of publication and is subject to change.
James Williams James Williams

These are good questions, but I wish you wrote the name of the card you are looking at. Thus here is some general information for you.
First of all, if you fill the application form you will receive an approval letter within 10-15 business days regardless the fact whether you are approved or not. If it was an instant approval credit card, then you will receive the notification letter much faster on your email address. Usually credit card issuers ask for 30-days period to proceed your application form. If this period expired it’s worth contacting the issuer directly.
Next question, as I understand, is about monthly fee. Monthly fee is usually charged if you have a prepaid card, for all other cards there is an annual fee. Annual fee (and monthly fee as well) may differ from issuer to issuer. Even one credit card issuer may offer credit cards with different annual fee for every product, including cards with no annual fee. Annual fee can be charged once a year or it can be waived or paid monthly (it depends on credit card issuer). The information about annual or monthly fee for a particular credit card you can find in a short description of a credit card or in terms and conditions to this card.
Credit limits are determined by credit card issuers depending on your creditworthiness. The higher your credit score, the better chance you have of getting a high credit limit. Issuers do look at your income level as well when determining your credit limit, but credit history is the biggest factor. You can use our tool and estimate your credit limit; also this tool will offer credit cards you may apply for.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

User Comments about This Question


Make sure you do not carry too much balance. It is recommended to use only up to 30% of your available credit. If you can pay off the card balance in full each month, do it. The less you owe, the better. If you have other credit accounts, make sure they are in good standing as well and you pay them accordingly. Keeping only one credit account in good standing won’t help your credit score. Note that there are other things that may lower your credit score: newly opened or closed credit accounts, bankruptcy, charge offs, loan default, late and missed payments, maxed out accounts, unpaid...
There are lots of transaction fees associated with credit cards such as cash advance fees, balance transfer fees, foreign transaction fees, and more. Different credit cards from different banks and credit card companies come with different transaction fees. Look through our selection of the best credit card offers and choose the card to meet your financial needs best.
When you carry a balance on a credit card, your minimum monthly payment will depend on the amount you owe, interest rate and fees. As a rule, you have to pay 1%-2% of your card balance plus new interest and late payment fees (if applicable). If you have any past due amounts, they will be added to the minimum payment as well. So, the more you owe on your credit card, the higher your minimum payment will be. However, you can avoid interest if you pay off the card balance in full each month. Also, there are credit cards with 0% intro APRs that do not charge interest during introductory period.

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