Credit Card Application
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In order to receive a credit card, you should go through the process of filling and submitting a credit card application. Do your homework and prepare for the questions asked in the application and it won’t take long until you are happily using your new credit card. We’ve put together a brief guide with the most frequently asked question about credit card application.
What questions to expect in a credit card application?
While credit card applications vary there are some standard questions that you are likely to find in any of application form. The questions depend on the type of the card you are applying for and the policies of the company issuing the card.
your name
your address
contact details such as phone number, email address
the type of the card you are applying for
are you currently using any their credit or debit cards
your bank account information
You may be asked for information about your marital status, employment history and income, residential status, etc. The information is used by the bank to a) determine are you a reliable customer and b) process future card transactions and c) contact you.
What to look for when signing a credit card application?
Always read very carefully everything that’s written on your application. Pay special attention to interest rates and charges applicable, the small print and any references to other documents determining your contract terms.
How should you submit a credit card application?
There are several ways of submitting a credit card application. You can fill in and submit it online or just fill it online, print it and post it to the bank. Or you can fill a paper application form in your local bank office and file it there.
How long it does usually take for a credit card application to be reviewed?
Usually the card issuing company will review the application and answer you within 10 working days of the date you’ve submitted the application. However note that each bank has its own working practices and this period can be shorter or longer. The bank may also contact you and ask more questions in case they find the information provided in the application is not enough.
What if your credit card application is rejected?
Well, first of all don’t get discouraged. This has happened at least once to every one who applies for a credit card. There might be various reasons why your application has been turned down. A wise move will be to check what the reasons are before applying again. It can be something as simple as not having a credit history (if this is your first credit card application for example). If this is the case consider applying for a secured credit card. Although there is no restriction in the numbers you can apply for a credit card, numerous rejected applications may harm your credit rating.
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