How To Apply For A Credit Card
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Credit cards are usually issued by banks (or big companies like some travel agencies, museums, hotel chains and clubs etc). A credit card is usually issued for a period between one to three years. You need to be 18 years of age or older and to have at least one bank account in your name. There is no need to have a bank account in the same bank where you are applying for a credit card though.
How to choose the card you’d like to apply for? The easiest way is to search the internet for credit card offers. A lot of sites offer credit card comparison services and you can quickly find the card that best suits your needs without an exhausting hunt through the banks. Another option is to check the web sites of your local banks. Usually you can apply for a credit card online – it would take about 10 minutes and it totally secure.
The application process usually takes a week (bare in mind that each financial institution may quote different times for reviewing your application). During this time the bank would check your financial history and will either approve or reject your credit card application. The good news is that you can apply for a credit card as many times as you want. However be careful as receiving a lot of rejections can lower your credit score (a number calculated by a formula using information from your credit report). Credit score is used by lenders when you apply for a credit card, loan, mortgage etc and higher credit score can guarantee you lower interest rates. In case your credit card application is rejected, ask what the reasons are – it might be that you have not met some specific criteria of the bank. Ask the bank’s representative to advise you what should be done in order to fix the problems before applying again.
Regardless of the application method (whether you are applying online or filling a paper form in your local bank branch), you will be asked to complete an application form. While each bank has their own customized application forms, the questions you are likely to be asked are:
- Your name and address
- Contact information such as phone number and an email
- Marital / Civil partnership status
- Employment status and income
- Residential status
- How long you’ve been living at your current address
- Do you have any existing credit cards
- Your bank details (sort code, bank account number)
Read carefully the application form before signing it. Pay special attention to the small print. If you are uncertain about the meaning of something, do not hesitate to ask. It is always better to be fully informed before signing the contract as this will save a lot of hassle later.
Finally don’t stop looking. The financial products market is very dynamic and there are special offers every month. You better join some online forums and discussion groups and keep your eyes open for good deals.
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