Some of the considerations to keep in mind when applying for a credit card are the factors that can increase the effective APR rate. Although the credit card company will advertise what may appear to be an attractive APR rate, the cost of credit can effectively become higher because of additional factors, such as late-payment penalty interest rate increases, balance transfer fees and cash advance fees. These factors can contribute to generating an actual, or effective, cost of credit that can be significantly higher than the advertised APR, as cautioned by CNN Money.
An additional consideration that some applicants should keep in mind when applying for a credit card is the chance of being declined because of their credit score. An individual's credit can be damaged even further by being denied, as warned by Money Under 30.
In order to be approved when applying for many of the attractive credit card offers, the applicant must have a better credit score than what is considered the average. As of 2015, the average credit score is about 650, which means that someone with a score close to that may be denied when applying for one of the better, or prime, credit cards.
Being aware of a credit card's credit score requirement can help to ensure that a denial does not do further damage to what may not be an above average score. One source for learning in advance what types of scores are required for credit card approvals is Credit Karma. The website offers features and rate comparisons for various credit cards, and also provides information regarding the type of credit scores that are required for approval.