It generally takes seven to ten business days to get a credit card once it's approved. The specific length of time can vary as many factors throughout the process will affect how quickly you will receive your card. Approval can take seconds or days depending on the type of card you're applying for. Whether you apply online or in person can also affect how quickly you receive your credit card in the mail.
How long will it take for my card to be sent by post?
The longest step in getting a credit card is waiting for it to arrive in the mail. Shipping times may vary depending on the credit card applied for. Here are the average time frames for many of today's popular credit card companies:
American Express: seven to 10 working days
Wells Fargo: seven to 10 working days
Discover: three to five working days
Capital One: seven to 10 working days
Bank of America: seven to 10 working days
chase: three to five working days
Citi: seven to 10 working days
Unfortunately, the time it takes for the credit card to go through the mail can be affected by many factors that are beyond your control. You may receive your card sooner than stated above or later if there are problems with the external postman.
Get a credit card straight away
Unfortunately, most credit cards are not made available to you on the same day you apply. Even though you can get approval for a card almost immediately, you will have to wait for the card to arrive in the mail. However, sometimes credit card companies offer options to expedite the process.
Most banks offer express shipping if your card needs to be delivered faster than usual. Depending on the type of card and bank you are applying for, you may be charged an additional fee for this option. Some banks make your job easier by giving you your credit card number right after approval. This allows you to make purchases while waiting for the physical card to arrive. American Express usually allows this with all of their cards to increase user satisfaction.
What to do if you haven't received your card yet?
If you find that you haven't received your card after a while, contact your bank or credit card company. By holding out your hand, you minimize the risk of the card being lost or stolen. Your bank may also be able to provide you with a temporary card while they handle everything. Not all lenders, but if they do, they may charge an additional fee.
How to apply for a credit card
To get a credit card, you must first apply for approval online or in person. Receiving the credit card itself and waiting for approval are two separate steps. Therefore, the time it takes to receive your card may vary from person to person.
What do creditors look for in applications?
In the case of credit card applications, your personal data and your financial background are usually requested. To determine your financial background, you will be asked for your social security number and source of income.
Your social security number gives creditors access to your credit report. After a thorough review, you will either be approved or rejected for the card. Typically, when looking at your report, creditors pay close attention to data such as your debt-to-income ratio, hard inquiries, and any criminal accounts.
Your debt-to-income ratio relates to how much of your card's limit is being spent. Using too much of your limit can make creditors more likely to consider you a high risk borrower. Likewise, too many tough inquiries can make you seem risky. After all, a criminal account is another red flag. This shows that you may not have paid your credit card bills on time. Lenders are not as willing to approve you for a credit card if they have a history of overdrafts as it is not a good sign for them that you are a reliable borrower.
Some credit card companies pre-approve users who they believe will be a good fit based on a soft version of their credit report. A soft version of your report gives lenders some insight into your financial background, but does not affect your creditworthiness. If your report shows that you meet some requirements, a card will be emailed for you to use in your application. Receiving the card in the mail does not mean that you will be automatically approved. It only helps speed up the process of getting a credit card. User pre-approval is a way for companies to market their cards to users in the hopes that they will apply later.
How To Build Credit With A Credit Card
When you use a credit card, you build up a balance at the same time. The way you manage and use your card can have either a positive or negative impact on your credit score.
How long does it take to build up credit?
If this is your first time using a credit card, you are most likely building loans from scratch. Building a credit score doesn't happen overnight. It usually takes about six months to build up enough credit to get a credit report. Starting early can be of great benefit to you. An important factor in calculating your credit score is the length of your credit score. The longer you've spent building your credit, the more positive it can be for your score.
Ways to Keep Your Credit Score Healthy
Using a credit card can pay off in the long run, following some best practices. You can do this by knowing exactly what exactly goes into your credit score. The following are good habits to maintain a healthy score:
Make payments on time to avoid a criminal account.
Use only 30 percent of your credit limit at a time to show that you can manage your card wisely.
Avoid applying for too many cards or credits in a short period of time as it can lead to a tough request. Too many tough inquiries can be the reason you get rejected for your financial inquiries.
Keep track of your credit history and your report so you can identify bugs before it's too late to fix them.
While the most common time frame for obtaining a credit card is seven to ten days, it can vary from person to person. If this takes a long time, contact your bank. They may be able to expedite shipping or give you access to your credit card number in advance. Every lender is different. Hence, it is important that you do your research before applying. Check out our guide to the best credit card deals to start your search.