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Whether you need to pay your rent or make a large purchase, a money order can be a payment option for completing the transaction. Usually, you must use cash or a debit card to buy a money order. But, if you’re in a financial bind or have some other motivation, using your credit card is sometimes an option.

However, be forewarned: Buying a money order with a credit card can involve getting a cash advance and come at a hefty cost. Here’s what you should know about trying to buy a money order with a credit card.

What Is a Money Order?

A money order is essentially a prepaid check. In terms of how a money order works, it allows one person to securely transfer funds to another person.

•   When you send a money order, you must purchase the total amount upfront and specify the person or business receiving the funds. This way, the value is guaranteed to the exact person you intend to receive the money. In other words, the payment won’t bounce since the money is already accounted for.

•   When the person receiving the fund picks up the money order, they must show a valid ID to prove their identity and verify the name of the person sending the money order. Requiring this information ensures the money gets into the hand of the correct recipient. Also, it makes it less likely that a thief could take the funds. However, if they do, money orders have receipts so you can track the whereabouts of the funds and potentially recover the money.

How to Use Money Orders

When paying bills or making large purchases, people who don’t have checking accounts can use money orders as an alternative to checks or debit cards. For instance, some people may use a money order to pay rent. In some cases, payees may require you to use a money order as your form of payment.

Since checks have all of your information written on them, some people are wary of financial fraud when using checks. Using a money order may offer peace of mind from knowing their information is not being exposed to fraudsters.

Another use for a money order is to send funds internationally to a friend or family member. Because many money order sellers have locations across the globe, you can usually send funds to plenty of locations worldwide. But, if you choose to send a money order internationally, make sure the person or payee is close to a location where they can receive the funds.

Pros and Cons of Money Orders

There are both pros and cons to money orders. It’s important to weigh both sides when deciding whether a money order is the right solution for you.

Pros

Money orders can come in handy for a variety of reasons. Specifically, their upsides include:

•   Offers a secure form of payment: If you send a money order through the mail, it doesn’t provide your private banking details the way a personal check would. Also, not just anyone can take a money order to the bank and cash it like they could if you sent cash through the mail. Further, money orders are more secure than carrying around a large sum of cash, which could be lifted.

•   Provides a form of payment for people who don’t have a bank account: For those who don’t have access to a checking account (what’s known as being unbanked), a money order can help them pay bills or complete other transactions. In some cases, payees may require a money order or cashier’s check to guarantee payment. For example, you may use a money order when selling your car to a private party.

•   Has recovery options if lost or stolen: Because money orders are traceable, there are processes to recover them if they are lost or stolen. However, depending on the situation, you may have to pay an extra fee to recover the lost or stolen funds. Still, that’s usually better than losing all of your money.

Cons

While money orders have benefits, they also come with some downsides, including:

•   Lack of convenience: Unlike other purchases, you must buy a money order in person. So, if you’re in a time crunch, a money order might not be a viable solution. Also, there are limits for the amount you can send via money order. For example, the USPS and most banks limit money order purchases to $1,000. But, you can purchase additional money orders if you need more than the maximum amount. Remember, though, that you will have to pay a fee for each money order you buy.

•   High cost: No matter how you decide to purchase a money order, you must pay a fee. If you get a money order from the bank or the USPS, you can expect to pay about $0.50 to $2 per money order.

If you get one from your credit card company, it may be considered a cash advance (more on this in a moment). You can expect to pay a fee of about 5% or $10, whichever is greater. So, if you take out a $1,000 money order, you could pay $50 just for the transaction. Also, you’ll likely have to pay a higher credit card APR for the money order total, even if you have a good APR for a credit card.

•   Common scam practice: In some cases, a criminal will send a fraudulent money order for a large sum of money and then request a portion of the proceeds. Before you realize you’ve been duped, the excess funds may have already been deposited in the thief’s checking account.

Can You Buy a Money Order With a Credit Card?

So, can you buy a money order with a credit card? Well, possibly. Some major credit issuers will allow you to buy a money order with your credit card. However, the credit issuers may not treat the money order as they would a usual purchase. Instead, the issuer may treat it as a cash advance, which involves a higher than normal APR.

Recommended: How to Send Money Using a Credit Card

Should You Buy a Money Order With a Credit Card? And How to Do It

Whether you should buy a money order with a credit card depends on your situation. But, before you buy a money order from your credit issuer, it’s wise to understand the drawbacks that come with purchasing a money order from a credit card.

•   High cost: As mentioned, you will usually spend 5% or $10 per money order (whichever is greater) depending on the credit card issuer. So, for a $500 money order, you’ll likely pay close to $25. Also, you may have to pay the “cash advance APR,” which is usually higher than your normal purchase APR on a credit card.

•   No grace period: With everyday purchases, you usually have a grace period before interest accrues — an essential part of how credit cards work. This usually isn’t the case with cash advances, however. Interest will typically begin accruing right away, meaning your outstanding balance will grow immediately.

•   No rewards: Unlike everyday purchases, you won’t receive any bonus points or cash back rewards when you take a cash advance.

•   Potential to become a big financial burden: Credit card issuers determine how they allocate your minimum credit card payment. So, let’s say your outstanding balance includes purchases and a cash advance. If your minimum credit card payments are first allocated to purchases, only making the minimum payment may make it almost impossible to repay your total bill since your interest is constantly accruing on the cash advance portion.

After careful consideration, you may decide that buying a money order from a credit card is the most viable option. To do so, you can request a cash advance from your credit issuer. You also can get a cash advance at your local ATM, bank branch, or a loan agency like CashnGo Loans. Make sure you have your PIN if you decide to use a loan agency.

Your credit issuer may also let you use a convenience cheque, which is an option that transfers money from your credit card to your checking account. Essentially, it works similarly to a regular check, except the funds come from your line of credit instead of your bank account.

Once you have the funds from your cash advance, you can go ahead and purchase a money order at an establishment that offers them.

Where Can You Buy a Money Order With a Credit Card?

In the past, companies such as Western Union and 7-Eleven used to let you purchase a money order with a credit card. Now, no company lets you purchase a money order directly with a credit card — even if it’s somewhere that generally accepts credit card payments.

However, Western Union gives you the option to transfer money with a credit card. This means that you can send money through the Western Union app online or in person. Before you send money through Western Union, make sure to check to see if there are other fees associated with this transaction.

You can also get a money order by using your cash advance to purchase one from several establishments such as:

•   The USPS

•   Select banks, such as Wells Fargo

•   Check-cashing stores

•   Payday loan locations

•   Retailers or grocery stores

Keep in mind that in addition to the fees for the cash advance, you will have to pay the fee for the money order.

What Are the Costs of Getting a Money Order With a Credit Card?

With a cash advance, you usually have to pay a higher rate than the average credit card interest rate on the amount you take out, which will begin accruing right away. Also, your card issuer may apply extra fees, usually 5% of the total amount or $10, whichever is the more significant amount.

You will also have to pay the money order fee since no establishment directly accepts a credit card payment for a money order.

The Takeaway

Money orders can be a safe and secure alternative to cash or personal checks. Some recipients prefer receiving money orders because they won’t bounce and they come with a receipt. However, it’s typically not possible to buy one directly with a credit card. Instead, you would likely have to get an expensive cash advance on your credit card to fund the money order. It’s wise to think twice about using your credit card this way.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Can you buy a money order with a credit card at Walmart?

No, you can’t directly purchase a money order from Walmart with a credit card. Instead, you must purchase a Walmart money order with cash or a debit card. However, you can take a cash advance from your credit card company and use the proceeds to purchase a money order.

Can buying money orders with a credit card raise your credit utilization?

Since taking a cash advance requires you to use your line of credit, it will increase your credit utilization rate. Keep in mind if your credit utilization ratio exceeds 30%, your credit score might be negatively affected.

Does paying the minimum balance count toward a cash advance every month?

Not necessarily. Every credit issuer determines how to distribute your minimum monthly payment. Therefore, your credit issuer may choose to put your minimum payment amount toward new purchases before putting funds toward repaying the cash advance. Doing such may make it more challenging to repay your outstanding balance.

How can you get cash from your credit card?

You can get cash from a credit card by requesting a cash advance through an ATM, bank branch, or convenience check. However, take note: Your credit card issuer may apply a fee and a higher APR for the cash advance.

About the author

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Whether you’re making home repairs, planning a bucket-list trip, or consolidating debt, getting a $4,000 personal loan can be a flexible solution. As long as you meet the lender’s criteria, the process of applying for a loan is generally straightforward. However, before you apply, it’s a good idea to understand how personal loans work, where to find one, and what they offer.

Read on to learn about the pros and cons of a personal loan for $4,000 and the qualifications you’ll need to meet to get one.

How to Get a $4,000 Personal Loan

Knowing how to apply for a $4,000 personal loan can make the process a lot easier. Here are some steps to help you get the loan that’s right for you.

Check Your Credit

When you apply for a personal loan, lenders will check your creditworthiness, so you’ll want to review your credit report first. You can get a free copy from the three main consumer credit bureaus — Equifax®, Experian®, and TransUnion® — at AnnualCreditReport.com®.

After you receive your credit reports, read them over closely and report any inaccuracies. Errors could impact your loan terms and chance of getting approved.

Shop Around

Interest rates and terms vary by lender, so shop around and compare your options. Many lenders will let you prequalify first, which gives you a sneak peek at potential interest rates, terms, and fees before you submit your final application. Comparing at least a few different offers can help you find the one that suits your needs and budget.

Apply for the Loan

Once you’ve selected the loan you want, it’s time to apply. Once you send in your application, the lender will do a hard credit check to see how creditworthy you are. You may also be asked to provide certain documents, including:

•   Identification

•   Proof of income

•   Proof of residence

After your application and required documents are in, the waiting game begins. Some lenders may swiftly approve your application and get you the funds in a lump sum — minus any origination fees — in a few hours or days. But if you have a more complicated loan application, you could be waiting a week or more for a decision.

Pros of a $4,000 Personal Loan

There are several benefits to taking out a personal loan. These include:

•   Flexibility. You can use the funds for just about any purpose.

•   Lower interest rates. Personal loan interest rates are often lower than credit card rates.

•   Bad credit eligibility. You may still qualify for a $4,000 loan even with bad credit.

•   Fast approval. Certain lenders offer fast approval, with funds available to you in a matter of hours or days.

Cons of a $4,000 Personal Loan

While personal loans have plenty of selling points, they also come with some drawbacks. Here are ones to keep in mind:

•   High fees. Personal loans can come with fees, such as origination fees ranging from 1% to 8% of the total loan amount.

•   Prepayment penalties. Some lenders charge penalties if you pay off your loan early.

•   Increased debt: A personal loan can add to your debt load, especially if you spend the funds on big-ticket items instead of consolidating high-interest debt.

•   Negative credit impact: When you apply for a personal loan, the lender will perform a hard inquiry. This can cause your credit score to drop slightly, though the dip is temporary.

Recommended: Fee or No Fee? How to Figure Out Which Loan Option Is Right for You

Can You Get a $4,000 Personal Loan With Bad Credit?

As we mentioned, even if you have poor credit or no credit history at all, you might still be able to qualify for a $4,000 loan. If your FICO® Score is lower than 580, it’s considered poor and you’re generally seen as a high-risk borrower.

While there’s no set credit score you need for a personal loan, many lenders prefer that borrowers have a credit score above 580. You can still qualify if you have a lower score, but the terms may not be as favorable. You could be offered loans with higher interest rates and additional fees. And you may be required to put up collateral, such as a car or your home, in order to secure the loan.

How to Compare $4,000 Personal Loans

Personal loans are offered through online lenders, traditional banks, and credit unions. Just like you shop around for the best deal on a big purchase, it’s smart to compare lenders’ rates and terms before you apply.

Here are a few things you’ll want to consider as you review your options.

Fees and Penalties

Some $4,000 personal loans come with fees, while others don’t. Lenders also have different ways of applying these fees. For example, some lenders may include fees in the loan amount, increasing your total debt. Others deduct fees from the loan proceeds, reducing the amount you receive. Be sure to crunch the numbers because they can increase your borrowing costs.

Prequalification

When you apply for a loan, the lender often looks at your credit to help determine the rates and terms you qualify for. This requires a hard inquiry, which can temporarily lower your credit score by up to 10 points. If you prequalify with multiple lenders, you can compare different offers without harming your credit. You might also want to use a personal loan calculator to get a better idea of what your monthly loan payments may be.

Flexibility

What if you face financial difficulties and struggle to pay back the loan? Or if you miss a payment and incur a late fee? Some lenders offer financial protection programs for borrowers, which can give you peace of mind when choosing a $4,000 personal loan.

The Takeaway

A $4,000 personal loan can be a quick way to get money for almost any need. You can get these loans from banks, credit unions, and online lenders. Requirements vary by lender, and each might offer different interest rates and terms. However, having a good credit score typically gets you a better rate.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

How much would monthly payments be on a $4,000 loan?

The amount you’d pay each month for a $4,000 loan depends on the interest rate and loan term. For example, if you had a three-year loan at 12.00% APR, your monthly payment would be around $133. However, with a two-year term at the same rate, the monthly payment would be closer to $188.

What is the interest rate on a $4,000 loan?

According to data from Forbes Advisor, personal loan interest rates can vary widely, though they’re typically between 7.00% and 36.00%. Rates for a three-year loan are generally between 12.00% and 15.00%. But keep in mind that the rate you qualify for depends on your credit score and loan terms.

What credit score do you need for a $4,000 loan?

In order to qualify for a $4,000 personal loan, most lenders typically prefer a credit score above 580. However, borrowers with lower scores may also qualify for a loan depending on the lender’s criteria.

About the author

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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It’s entirely possible to find, when looking at your credit card statement, that you don’t owe any money this month. In fact, you have a negative balance on your credit card. You may assume there is a glitch in the system, but there are several reasons this can happen.

Read on to learn what a negative balance means on a credit card, how it can occur, and what to do if you see a minus figure on your statement.

What Is a Negative Balance on a Credit Card?

A negative credit card balance is when the credit card issuer owes the cardholder money instead of the cardholder owing money to the credit company. If you have a negative balance on a credit card, your outstanding balance is below zero.

How Does a Negative Balance Happen?

A negative balance on a credit card usually occurs for one of several reasons, which include:

You Overpaid Your Credit Card Bill

The first reason you may have a negative credit card balance is that you may have overpaid. For example, say you entered a specific payment amount that exceeded the amount due. Or, perhaps if you used autopay to cover your credit card minimum payment but made a manual payment simultaneously, you could end up having a negative balance on a credit card.

You Returned Something You Bought With the Credit Card

If you return an item and the amount of the refund exceeds your current credit card balance, it could result in a credit card negative balance. For example, perhaps you bought a $50 frying pan from your local home supply store. If you paid off your credit card and then decided to return the frying pan, your credit issuer will refund the $50. This refund will now make your new balance -$50, meaning you have a credit card with a negative balance.

You Cashed Out Too Many Rewards

Some credit cards let you redeem your rewards in the form of a statement credit. If you redeem your rewards and also pay off your revolving balance in full, for instance, you could end up with a negative credit card balance.

You Had a Charge Removed from Your Statement

Here’s another example of a scenario that could leave you with a negative balance on a credit card: Say you reported a fraudulent charge on your credit card. If you decide to repay the entire amount that’s due without accounting for the fraudulent charge, you could have a negative balance once the charge is reimbursed to your account.

Also, if you had a fee canceled or removed from your account, this could happen as well. This could also happen in the case of a credit card chargeback.

How to Get Your Money Back From a Negative Balance

If you see a negative credit card balance, it’s not something you necessarily need to worry about. However, if it’s bothering you, there are actions you can take to bring your balance out of the negative.

Here are your options if your credit card balance is negative:

Leave the Balance Alone and Decide Later

If you discover a negative balance on your credit card, you don’t need to take immediate action. Instead, you can just let it be and decide how to move forward at a later time. Because you’re owed money from the credit card issuer, you won’t need to worry about credit card interest accruing.

Use Your Credit Card for Additional Purchases

One of the easiest ways to resolve a negative balance is to make other purchases. Given how credit cards work, spending money on your card can help your balance get back to zero.

For example, if you have a -$100 balance and then make a $100 purchase, your credit card balance will even back out. Then, you don’t have to do anything until you receive another bill, nor will you have to worry about the APR on your credit card yet.

Get Your Money Back as a Credit Balance Refund

If your negative balance is an amount that’s more than you’re comfortable with or you need the money for other expenses, you can request a refund from the company. To comply with the Truth and Lending Act, credit issuers must refund negative credit card balances that exceed $1 within seven business days of receiving a written request from the cardholder.

You can expect the refund to come in the form of a check, money order, or direct deposit to your bank account. In some cases, you might be able to get a cash refund if the card issuer has physical locations.

Is a Negative Balance a Bad Thing?

A negative credit card balance isn’t a bad thing. However, if you need the funds for other bills, it’s wise to request a refund immediately.

And if you’re concerned, a credit card negative balance could impact your credit score, don’t fret — it won’t. Credit scoring models generally treat negative credit card balances as the equivalent of a $0 balance. In fact, if you have a negative balance, it likely means you’ve been staying on top of paying your balance off each month and are in good standing.

Also, keep in mind that although a negative balance may temporarily allow you to spend beyond your credit card limit due to the addition of the negative funds, it won’t actually increase your limit.

Recommended: How Many Credit Cards Should I Have?

The Takeaway

While a credit card negative balance isn’t a bad thing, it’s always wise to keep tabs on your credit card activity. Not only should you monitor what you owe, but you should identify credits or refunds you’re entitled to and factor those in when paying your balance each month. If your balance does end up in the negative, there are steps you can take to bring it back to zero, but you’re also fine to just leave it alone — unless, of course, you need the funds for other things.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Will a negative credit card balance affect my credit?

No, a negative credit card balance will not affect your credit score. This is because credit bureaus consider negative balances as equivalent to a $0 balance.

Can I close my account with a negative balance?

Yes, you can close an account with a negative balance. In most cases, your card issuer will process a refund automatically. If they don’t, you can request one when closing the account.

What do you do with a negative balance on a closed credit card account?

Usually a credit issuer will refund your negative balance before completely closing the account. However, if the credit card is canceled and you lose access to your credit card login, you’ll need to contact your credit issuer to process a refund.

About the author

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.

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It can take between mere minutes and 30 days to be approved for a credit card, and then up to two weeks for it to arrive in the mail. If you want to shorten the timeline and get access to credit ASAP, there are moves that can help you out.

Read on for tips on expediting the process and best practices for using your new card once you get it.

How Long Does It Take to Get a Credit Card Approval?

Usually, many creditors have an instant approval process if you apply for a credit card online. If you meet the issuer’s approval criteria, you may qualify right away. However, if your requirements are on the borderline, the creditor may have someone review your application by hand, which can take a week or so to complete. This is also the case if you submit your application over the phone or through the mail.

Additionally, even if you meet the requirements, approval could take longer due to security protections. If your credit is frozen, for example, a creditor won’t be able to gather all of your credit information. Therefore, you’ll have to remove the freeze before moving forward with the approval process.

Recommended: Why Credit Cards Get Declined: Reasons and Solutions

How Long Does It Take to Receive Your Card?

Once approved, it can take anywhere between five business days and two calendar weeks to receive your credit card in the mail. Some creditors may allow you to speed up the process free of charge. Others may charge a fee to do so.

If your card is lost or stolen en route or once it arrives, it may take anywhere from three to 14 business days for a new one to get sent out. Like with a new credit card, your creditor might be willing to expedite the process for free or if you pay a service fee.

Meanwhile, what if you’re in the situation of having a credit card that’s nearing its credit card expiration date? You can expect to get a replacement card anywhere from one to two months before it expires. If you haven’t received a new card and your card is about to expire, you should contact your credit issuer.

Recommended: How to Get a Credit Card for the First Time

Getting Your Credit Card Faster

If you’re not satisfied with the standard timeframe for how long it takes for a credit card to arrive, there are ways you can expedite the process.

Preapproval

Creditors often send preapproved credit card offers to consumers who meet their approval criteria. If you don’t receive a preapproval offer in the mail, you also can typically apply online through the creditor’s website. You’ll need to answer a few questions and provide some personal information, and then the creditor will offer preapproval if you qualify.

Credit card companies run soft credit inquiries to determine your qualification status, which will not impact your credit. Preapproval isn’t the final approval, but it still can indicate that you have a good chance of getting approved.

If you choose to move forward after preapproval, you must submit a formal application. At this point, the credit card company will do a hard inquiry, which can temporarily impact your credit.

Instant Approval

Similar to a preapproval, credit card issuers offer instant approvals. With an instance approval, the creditor will run a preliminary check on your credit to see if you meet their approval requirements. If you have a higher credit score, it’s more likely you will qualify instantly.

Credit card companies usually look at your creditworthiness (your history of on-time payments, credit cards usage, etc.), your income, and whether you’re old enough to get a credit card. You’ll be instantly approved for a card if you meet the approval requirements.

Expedited Shipping

Another solution if you’re wondering how fast you can get a credit card is to request expedited shipping. While some companies offer expedited shipping free of charge, others may charge a fee to get your card faster. Again, check with the credit card company to make sure you understand their rules and guidelines around expedited shipping.

Applying for an Instant Use Card

Some credit card companies and retailers offer instant use credit cards. This means that you may apply and be able to use your credit card immediately after approval. You don’t need the credit card in hand to do so.

For example, if you apply for a retail credit card in the store, they may let you use it right there and then. Or, if you apply for an Apple card, you can typically add it to a digital wallet like Google Pay or Apple Wallet for instant use.

You can usually use instant credit cards for your online shopping transactions. However, some co-branded cards may have restrictions on where you can make purchases. Otherwise, these cards are similar to what a credit card is typically.

What to Do If the Card Does Not Arrive Within the Expected Timeframe

If you never received your credit card, call your credit card company right away. You may be able to go to a bank branch to resolve the issue if you applied for a credit card through your local bank.

Credit card companies may allow you to request a temporary credit card until your permanent credit card arrives.

Using Your New Credit Card

Now that you have your new credit card in hand, it’s smart to make sure you know the best practices for using it and fully understand how credit cards work. While using it irresponsibly could impact your credit score and overall financial situation, responsible credit use can help you boost your credit score and leverage perks.

Here are some tips for getting the most out of your credit card:

•   Make timely payments. Your payment history is one factor that credit bureaus use to determine your credit score. Making late payments may ding your credit and cost you a late payment fee. Setting up automatic payments is one of the easiest ways to ensure you make timely monthly payments and avoid penalties.

•   Keep your balance low. Another factor that credit bureaus use to calculate your credit score is your credit utilization ratio. This is the percentage of your credit available you’re using at any given time. Aim to keep your credit utilization ratio below 30% (ideally at or under 10%) to avoid any impacts to your credit score.

•   Pay more than the minimum monthly payment. Only making the minimum monthly payment on your credit card may cause you to carry a balance into the next month, in which case you’ll incur interest. If you continue this cycle, it can make it hard to repay your total outstanding balance due to interest adding up. This is why it’s important to pay off your balance in full when you can.

•   Only use your card when it’s within your budget. Using your credit card for purchases like gas and groceries can help you build credit (as long as you can pay it off). However, using it for large items or impulse buys may lead you to rack up a lot of debt, which could be hard to dig out of. When using your card, make sure it’s within your budget to pay off your purchases.

The Takeaway

Getting a credit card can be a great way to build credit and earn rewards on purchases. Approval can take minutes or up to 30 days, and it can take anywhere from five to 14 days to receive your card. If you need to make a large purchase immediately, you may be able to request expedited shipping when you’re approved for a credit card, so you receive it sooner. You might alternatively apply for an instant use credit card, which could enable you to make charges to the credit card right away.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

How many days does it typically take to get a credit card?

The application and approval process can take minutes or up to a month: It can take anywhere from five business days to two calendar weeks to receive your card. If you apply through the mail or over the phone, it can take longer for your card to arrive.

Can I use my credit card before it arrives?

If you get approved for an instant use card, you can usually use it immediately. However, some restrictions may apply depending on the card you choose.

What is the earliest I can get a credit card?

Some companies offer expedited shipping, which can help you get your credit card within two business days. Keep in mind that you may have to pay a fee for expedited shipping depending on the card issuer.

Why was my credit card delayed?

If you’re on the borderline for meeting approval requirements, such as for income or credit score, it can take longer to receive a decision on your credit card application and thus to receive the card. It can also take longer to get your credit card if you mailed in your application as opposed to filling it out online.

About the author

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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