There are generally two or more categories of credit card. Prime and subprime cards are available... to people with different level of credit history. Essentially the difference is prime offers good APR, less fees, and better rewards and subprime offers the opposite. Only people with good credit (ie, no recent late, chargeoff, BK, etc) will be accepted for prime cards. The decision is made by computer so it usually takes 1 second to decide for qualification. How? It's granted based on one's credit score (also known as FICO score)... everybody has a "report card" with your score attached to it. Equifax and other credit reporting agencies have just recently made available this information to the public so you can find out your score on request; see www.equifax.com

If your score is low (ie, <650), you will not be able to a card with low APR or good balance transfer options. So the first step is to know where you stand. Then if you are in the low group, you might want to improve your chance with various strategies... a good site to consult would be www.creditnet.com and read their discussion group.

Keep in mind CC companies are there to make money so they will be willing to negotiate with you if you give them good business. So you can usually get your APR lowered or introductory period extended if you mention about other offers you have heard or about to switch.

Good luck and have fun shopping for a good card.



[This message has been edited by MoreMiles (edited 03-25-2001).]