How Long Does It Take To Get a Credit Card?

Generally speaking, it takes seven to 10 business days to get a credit card once you’re approved. The specific amount of time can vary as many factors throughout the process affect how fast you receive your card. Getting approved can happen in a matter of seconds or days, depending on what kind of card you apply for. Whether you apply online or in person may also affect how fast you’ll receive your credit card in the mail.

How Long Does It Take to Get My Card in the Mail?

The longest step in getting a credit card is waiting for it to come in the mail. Shipping time frames can vary depending on which credit card you apply for. Here are the average time frames of many popular credit card companies today:

• American Express: seven to 10 business days
• Wells Fargo: seven to 10 business days
• Discover: three to five business days
• Capital One: seven to 10 business days
• Bank of America: seven to 10 business days
• Chase: three to 5 business days
• Citi: seven to 10 business days

Unfortunately, the time it takes for the credit card to go through the mail can be impacted by many factors out of your control. You may get your card sooner than stated above, or later if there are external mail carrier issues.

How to Get a Credit Card Right Away

Unfortunately, most credit cards aren’t made available to you the same day you apply. Even though you can get approved for a card almost instantly, you must still wait for the card to come in the mail. However, credit card companies sometimes offer options to help speed up the process.

Most banks offer expedited shipping if you need your card delivered faster than usual. Depending on what type of card and bank you apply with, they may charge you an extra fee for this option. Some banks will make things easier for you by giving you your credit card number right after approval. This allows you to start making purchases while waiting for the physical card to arrive. American Express typically allows this with all of their cards to increase their user satisfaction.

What to Do If You Haven’t Received Your Card Yet

If you notice that you haven’t received your card after some time, reach out to your bank or credit card company. By reaching out, you minimize the risk of the card getting lost or stolen. Your bank may also be able to provide you with a temporary card while they sort everything out. Not all lenders, but if they do they may charge you an additional fee.

How To Apply for a Credit Card

To get a credit card, you must first apply either online or in person for approval. Receiving the credit card itself and waiting to be approved are two separate steps. Therefore, the time it takes to receive your card can vary from person to person.

What Do Creditors Look for in Applications?

Credit card applications typically ask for your personal information as well as your financial background. To determine your financial background, they’ll ask for your Social Security number and source of income.

Your Social Security number will allow the creditors access to your credit report. After close evaluation, you’ll either be approved or declined for the card. When looking at your report, creditors typically pay close attention to data such as your debt-to-income ratio, hard inquiries, and any delinquent accounts you may have.

Your debt-to-income ratio refers to how much of your card’s limit is spent. Consistently using too much of your limit may cause creditors to view you as more of a high-risk borrower. Similarly, too many hard inquiries can make you seem risky. Finally, a delinquent account is another red flag. This shows that you may not have been paying off your credit card bills on time. Lenders won’t be as willing to approve you for a credit card if you have a history of account delinquency, as it’s not a good sign for them that you’ll be a reliable borrower.

Some credit card companies pre-approve users who they think may be a good fit based on a soft version of their credit report. A soft version of your report gives lenders a glimpse of your financial background, but won’t affect your credit score. When your report shows that you meet a few requirements, they’ll send a card in the mail for you to use if you apply. Receiving the card in the mail doesn’t mean that you are automatically approved. It just helps speed up the process of getting a credit card. Pre-approving users is a way companies market their cards to users, in hopes of them applying later on.

How to Build Credit With a Credit Card

When you use a credit card, you build credit simultaneously. The way you manage and use your card can have either a positive or negative effect on your credit score.

How Long Does It Take to Build Credit?

If this is your first time using a credit card, then you are most likely building credit from scratch. Building a credit score doesn’t happen overnight. It usually takes about six months or so to build enough credit to have a credit report. Beginning early can be of great benefit to you down the line. A major factor in the calculation of your credit score is the length of your credit history. The longer you’ve spent building your credit, the more of a positive impact it can have on your score.

Ways to Keep Your Credit Score Healthy

When using a credit card, it can pay off in the long run to follow some best practices. You can do this by having a good understanding of what exactly factors into your credit score. The following are good habits to establish for maintaining a healthy score:

• Make on-time payments to avoid a delinquent account.
• Aim to only use 30 percent of your credit limit at a time to show you can manage your card wisely.
• Avoid applying to too many cards or loans in a short time, as it can result in a hard inquiry. Too many hard inquiries can be the reason you are getting declined for your financial requests.
• Stay on top of monitoring your credit score and report, so you can identify any mistakes before it’s too late to fix.

While the most common time frame for getting a credit card is seven to 10 days, it can vary from person to person. If this seems like a long time, try reaching out to your bank. They may be able to expedite shipping or give you access to your credit card number in advance. Each credit card lender is different, so it’s important to do your research before applying. Take a look at our guide on the best credit card offers to help start your search.

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Source: mint.intuit.com