Simple Guide to Applying for Credit Cards
Posted at by ifydcat on category CreditThe Internet has really helped to speed things along, including things as ubiquitous as credit card applications. The traditional way to receive credit cards has been in the mail where you fill in forms, mail the application back and the bank posts the card back to you. These days you can apply for a card online today and have the card in your hands within days.
Before you complete a credit card application, it is advisable to browse through various comparison websites, which provide succinct summaries of credit card offers. Figure out what the most important features you want from a credit card and the assess each card against how it meets your needs.
Offers for credit cards normally include rewards cards, low-rate cards, cash-back cards, and standard cards, along with the more exclusive gold and platinum cards. Interest rates and fees can vary greatly between the various card types.
When you have made a selection, simply click the link to the card issuer’s online credit card application processing facility. You should have no difficulty with the online form as it looks pretty much like the printed form that accompanies credit card offers.
You will need to provide essential personal information: your name in full, the name you want embossed on the credit card, birth date, driver’s licence number (if you have one), your sources of income (whether from employment, self-employment, retiree’s pensions, etc.), contact address details (residence, postcode, and e-mail), contact numbers (home, mobile, and office). Double check you type your email address correctly as this may be used by the bank to communicate with you about the application and its status.
Assuming you are employed then have the company name, business address and HR contact details for your employer. If self-employed, indicate your accountant’s business address and phone number.
There are also financial details to provide: property, deposits and other assets; loans (with the lender’s name and outstanding balance); other credit cards you may already have (specifying the card type, e.g. Visa, the card issuer, authorised credit limit, and amount outstanding). When you wish to transfer balances from existing credit cards to this new card, you should also provide the issuer’s name, your account number and the amount to be transferred.
Information about the amount of your yearly gross income (from each source) should also appear. Each credit card will have minimum income requirements which range from as low as k for entry level credit cards up to around ,000 for Gold cards and higher for Platinum cards.
As there are a few details required it’s a good idea to get everythign together before you start the application process. On the average, you should be able to complete the online credit card application in 10 minutes or so. In case you cannot immediately complete filling out the application, the system allows you to save the partially filled-out form; you will have a month to complete the process.
Many issuers will provide an initial response on screen or via email with an initial approval decision and an application number to help track the application. Verification of the information you provided may take several days.
Article by Richard of creditcardapr.com.au which compares cards including low interest credit cards
