Credit cards have been a popular form of purchasing items on a "chargeable" or borrowed term. Many people make purchases with out thinking that they have to pay it back. This is a big mistake and can cause you a lot of trouble in the future.

The advantages of having a credit card are:
1. Security, since one does not have to carry a large amount of cash to purchase certain high priced items.
2. Convenience. In case one has to purchase an item that is immediately needed (and is out of cash), these can be purchased using a credit card
3. Cash advances. Purchases that require cash payments may still be accommodated by the credit card through the cash advance feature. This works like a regular ATM transaction (with of course a corresponding higher interest rate)

Disadvantages

1. Interest rate. Unlike purchasing with cash, credit card charges come with a corresponding interest (unless paid before the due date). The consumer should be aware of the various interest rates offered by the different credit card companies. One has to choose the mode of payment (plus the interest rate) that would best suit his or her capacity to pay. When making a purchase be sure to calculate your payment including interest before making the purchase.

2. Overuse. A consumer tends to purchase items that are not really needed or included in their budget if they have a credit card that is ready to use. This becomes a problem if the person is an impulse buyer.

3. Annual fees. Whether one chooses to use his or her card, after activation, annual fees will be charged.

4. Other charges. A delay in the payment during one billing period would incur you additional charges. These can be excessive with some cards.

Credit card online approval usually is far easier than manual applications that require various forms to be completed before it can be processed. The credit card company likewise is more likely to receive your application on a shorter period of time as compared to snail-mailing your forms. This means faster approval. Also, many companies are using automated systems for approval, If your credit score is a certain amount you will be automatically approved.

For a faster credit card online approval, take into consideration the following:

1. Do not leave any unanswered line, especially those marked with a red asterisk. Make sure all questions are answered fully. Don't skip questions or leave out important information, such as previous addresses if you have moved recently. Also, explain the reason for the moves, for example job transfer.

2. After completion of the online application, immediately send either through email or facsimile the additional requirements needed. Don't forget this step. Its very important.

3. Take into consideration that credit card companies prioritize applications of the following group of people:

• married couples

• persons with a mortgaged house or car

• persons with several dependents

4. Choose credit card companies that have a promotional offer in the application process, chances are, promos are offered due to low application rate, thus prioritization your entry is a sure shot.

The logic here is that the more obligations an applicant has, the more they are likely to use the credit card, which equivalents to higher earnings (through interest charges) on their part.