Having used their new credit card, a couple and their three kids sit on the sand at a beach looking at the ocean.

When is the Best Time to Apply for a Credit Card?

Last Updated: December 5, 2024

6 min read

Table of contents

Key Points:

When you need to build or rebuild your credit history, applying for a secured credit card might help.
You may also want a new card to make a large purchase or transfer an existing balance to a lower-interest card.
You may want to wait if your income, age, and credit score don’t meet the minimum requirements.

The fact is that there is no universal exact time to apply for a credit card—the decision will be a personal one and will depend on your financial position.

Your decision of when to apply for a credit card can depend on a number of factors. You can use these tips to help you choose the right time for you to apply for the best credit card.

Reasons to apply for a new credit card

There are several reasons why you might decide that the time is right to apply for a credit card:

You’re interested in building credit history

The length of your credit history carries a 15% weight on your credit score. Creditors and lenders want to see that you have experience using credit, and that you've made good on your loans over the long term. Your credit history—including activity associated with credit card accounts—is part of your credit report and contributes to your credit score.

Your credit history starts the day you open your first credit account—which could be a store card, a major credit card, or even college loans. On the flip side, it also begins if you default on a payment that’s reported to a credit bureau—like your rent or a medical bill.

The key to building your credit history is to be responsible from the start—including practicing good spending habits and making on time payments.

You want to earn rewards

A rewards credit card can offer points, miles, or cash back on eligible purchases. It’s an effortless way to get a bonus for shopping. If you're going to make a purchase anyway, earning rewards can give you a little something back.

Applying for a new rewards card could increase your other card benefits. Cardmembers with Discover cash back credit cards will get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.¹

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You’re planning a large purchase or balance transfer

If you have a large purchase planned (think appliances, vacations, or other major expenses), a new credit card with a low intro APR may make it easy to cover those costs comfortably. Just remember to pay off those charges as soon as you can to avoid accruing interest.

If you already have a credit card that has a large balance, it might be a good time to apply for a new credit card that has a lower-rate balance transfer offer. This can help you save money on interest while paying off your balance.

Did you know?

Many cards, including a Discover Balance Transfer Credit Card, allow a limited time to transfer a balance. These offers can potentially save money on interest if you’re transferring high-interest debt and are able to pay off purchases or balance transfers before the regular variable APR kicks in.

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You’re pre-approved for a new credit card offer

It’s possible that you may receive a pre-approval letter from a credit card company in the mail. This doesn’t guarantee approval for the card, but that you meet initial qualification criteria and signals that you’ll likely get card approval.

Things to look for when applying for a credit card

All credit cards have differences, and it’s important to carefully review the terms of a particular card before applying. Here are five things to consider when applying for a credit card.

Will I get approved?

Some credit cards offer an easier approval process, depending on your credit history and credit scores. Your approval odds are dependent on your own personal finances and circumstances.

If you have excellent credit, for instance, then you might have a wide selection of cards to choose from (compared to someone with fair credit). So, some cards may have a low approval rating for those with lower scores and you may want to consider avoiding those cards.

Be sure to check your credit score and understand your credit standing before applying for a new card.

Does the credit card charge an annual fee?

Some credit cards charge an annual fee as a condition of membership. Whether it makes sense to pay an annual fee may depend on the benefits, such as a low APR on purchases or balance transfers, and rewards. Discover cards, for example, have no annual fee.

Does the card offer rewards?

If there is a credit card that offers you more benefits or better rewards than the one that you already have, it may be a good time to apply for a new card that’s a better fit for your current spending style.

When comparing multiple credit cards, consider the type of rewards offered and how much you could earn in rewards based on your typical spending habits. If the card assigns rewards based on specific categories, such as travel or groceries, consider how that aligns with your spending.

Also, look at whether there are any caps on rewards earnings and your options for redeeming them. For example, all Discover cash back cards automatically come with Discover Cashback Match. At Discover, we’ll automatically match all the cash back you’ve earned at the end of your first year. There is no limit to how much we’ll match.²

Is there an introductory APR?

An introductory interest rate can be appealing if you’re hoping to save on purchases or balance transfers. But consider the length of the introductory period and the standard variable APR that will apply after the promotional rate has expired.

What are the fees?

Credit card companies can assess a variety of fees, including:

Balance transfer fees
Cash advance fees
Foreign transaction fees
Late fees
Returned payment fees

Understanding the fees you might pay can give you a clearer idea of how much it might cost to have a particular card.

When is a bad time to apply for a credit card?

While we can’t tell you the best time to apply for a credit card, there are several scenarios where it might make more sense to hold off on new credit card applications.

You don’t meet the credit score requirements

If you’re still working on building a positive credit history, you may benefit by waiting until your score is a little higher to apply for a new card.

You don’t meet age or income requirements

The 2009 Credit CARD Act established age and income guidelines for credit card applications. Specifically, you can’t apply for a credit card under age 21 unless you have a co-signer or income to establish an independent ability to repay the loan.

You’re about to apply for a loan

Waiting to apply for a credit card can also be a good idea if might also apply for an auto loan or mortgage. Credit card applications can trigger a hard inquiry on your credit report, which could temporarily cause your credit score to go down. This could affect your ability to get a mortgage, personal loan, or car loan--or qualify for the best interest rates on those loans.

Are you ready to apply for a new credit card? With Discover, you can see if you're pre-approved with no harm to your credit score.³

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