Credit Card Application
The credit card application process can be long and fraught with risk. We help you through the process to make it quick and painless, and give you all the tips to get approved.
When you get ready to fill out a credit card application you should have more at your disposal then a pen. Making sure you get the right card and the right rates requires research into card choices and your credit file. If you are diligent and honest you will get approved for a great credit card
| Credit Card | Card Details | Interest Rate (p.a.) | Cash Advance Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest free days (up to) | |
|---|---|---|---|---|---|---|---|
 |
See why HSBC is shaking up the credit card market with their no annual fee credit card... |
16.99% p.a. | 20.75% p.a. | 0% p.a. for 6months | $0 | 55 |   |
 |
Do not miss out on what everyone else knows is one of the best credit cards on the market. |
12.49% p.a. | 21.24% p.a. | 2.99% p.a. for 6months | $55 | 55 | |
 |
Get rewarded for paying of your balance! What more motivation would you need?! |
14.24% p.a. | 21.49% p.a. | 0% p.a. for 6months | $79 | 55 | |
 |
Get Suncorp's most prestigious credit card! Balance transfer for life and get access to the great rewards programs. |
19.99% p.a. | 19.99% p.a. | 3.9% p.a. for life | $205 | 55 | |
 |
500+ rewards programs means you will plenty of choice with your ANZ Rewards credit card. |
19.49% p.a. | 20.74% p.a. | $89 | 44 | | |
 |
Enjoy the rewards of a platinum credit card, but the interest rate of a standard card! |
11.49% p.a. | 21.24% p.a. | 0% p.a. for 6months | $49 (First Year, Save $50) | 55 | |
Filling out a credit card application to the show you in the best light is an important step in acquiring the right card. First you must understand what it means to show yourself in the best light because it certainly does not mean lying. Credit card issuers are smart and they have loads of resources at their disposal. If you falsify any information on your application they will discover it and reject you immediately.
Some credit card companies, like American Express, delve deeply into your application by double checking your work or housing history. By only putting down truthful and honest information you will get the card that you deserve and can afford. Showing yourself in the best light means making sure that you apply for a card that is within your budget. It also means double checking to make sure that your data is accurate. It may even mean waiting weeks or months to fill out the application until your credit file proves that you are not a credit risk. All of these steps improve your chance of getting approved for the credit card. It also improves the chance that you will get lower interest rates and better terms which save you money over the life of your credit card.
Some credit card companies, like American Express, delve deeply into your application by double checking your work or housing history. By only putting down truthful and honest information you will get the card that you deserve and can afford. Showing yourself in the best light means making sure that you apply for a card that is within your budget. It also means double checking to make sure that your data is accurate. It may even mean waiting weeks or months to fill out the application until your credit file proves that you are not a credit risk. All of these steps improve your chance of getting approved for the credit card. It also improves the chance that you will get lower interest rates and better terms which save you money over the life of your credit card.
Check Your Eligibility
Before you fill out any applications you should evaluate different card offers. We would all like to get a Platinum credit card with loads of fancy rewards. However, not every person is eligible for that level of credit. You must carefully examine your finances to see what card best suits your needs. Take into consideration how you will use the card and how much you can reasonably afford to spend on annual fees and interest. It is easy to find breakdowns of credit card interest rates and fees and compare them to your finances
Remember also, that your income is going to be a factor in the approval process, most Gold and Platinum cards have minimum income requirements. There is no sense in applying for a card that you know you will not meet the minimum requirements for approval. Every time you apply for credit it is noted in your credit history. Further, if you are rejected it is also noted simply as a rejection with no reason as to why the application was refused. You do not want these marks on your file because then when you apply for a card for which you are eligible you could get rejected based on these marks alone.
Review Your Credit History
Once you know which cards you could reasonably be approved for the next step is to check your credit history. It is probably surprising to you, but many credit files contain errors. Make sure that everything listed in your file is correct. If you not any mistakes contact the credit reporting agency who gave you the report and see how you can fix it.
If the report is correct look at any negative marks on it and see if you can also fix them. Perhaps you have an unpaid bill that you can easily pay off now. Maybe you see that all those late utility payments look damaging, so set up a direct draft to the bill each month so that you never make another late payment. If your credit history is less then stellar you should give yourself about six months to work on improving your credit file before your submit any applications.
Also, if you have recently moved or changed jobs you should wait a little while before sending in applications. Many credit card firms want to know that you are settled in and your income and assets are dependable before they will issue a new card. By waiting, it assures them that you are not a credit risk and allows you to get a card or to get a better interest rate.
Filling Out An Online Credit Card Application
The fastest and easiest way to fill out a credit card application is to do it over the Internet. All of the major card issuers have websites that allow you to input your data and get usually get a response in moments. When you sit down to fill out the application give yourself about fifteen minutes to read everything and type in all your information. Most of the sites allow you to stop and save the form and come back to it later if, for whatever reason, you are interrupted. Be sure that you have your financial information including the address and phone number of your residence and your employer handy. You will also want to have your income and asset information close by to include it on the application.
Applying online is one of the most secure ways to get a credit card. It used to be that we had to fill out paper forms and then send them through the mail to a credit card issuer. That process could be stressful when you consider how easy it would be to steal your identity if those forms wound up in the wrong hands. An online application negates this issue. Bank websites have built in security protections for all of your data. Even as the data is processed it is likely that the receiver at the card issuing company can not even see sensitive information like your account numbers as your application goes through. You can rest easy knowing that it is in both yours and the card issuers interest to keep your personal data safe.
What To Do If Your Credit Card Application Is Rejected
If your credit card application is rejected the first thing to do is find out why. Usually you can call the credit issuer and ask why your application was declined. It might take a little pushing but they will be able to explain which criteria you did not meet or if it was due to negative marks on your file. Sometimes credit issuers reject applications just because you were rejected on that last card application you submitted. If this is the case you might have to keep going back to the previous issuer to find out why they rejected your application. When you find out why see if it is something you can fix. Maybe it was an error on your part in filling out the application. If it was due to a negative mark in your credit file you should see if you can fix that problem.
After you have received an application rejection it is important to wait a couple of weeks before you apply for a card again. The same is true for filling out the initial credit card application. Do not fill out a bunch of applications and hope you get approved for one of them. Start with the card that you want the most, the one that best suits your financial status. If you apply for all of the cards and get rejected then you wind up with several negative marks on your file. But, if you only get rejected for one you can find out why and fix the problem, with only one rejection on your file.
An Approved Credit Card Application
Even if you wind up getting approved for all the cards, that is not necessarily always a good thing. For starters, having lots of credit cards increases the risk of overspending. It also means you will pay annual fees on several cards even though you only need one or two credit cards to manage your finances. Lastly, once you have a credit card it is not always simple just to close that line of credit and again, that action will be reflected on your credit report. If you have really great credit and apply for cards within your budget you will likely be approved. As a matter of fact, the credit issuers will want your business so you could wind up with a pile of cards fairly easily.
When you know that your credit status or income preclude you from most credit cards you should consider getting a secure card. A secure card gives you the convenience of owning a credit card with none of the risk. Instead of getting a line of credit you must back up the credit limit with a cash deposit.
While this does not give you the spending power and freedom of a traditional card it does give you the convenience of one. You do not have to carry cash, just the card and it is accepted anywhere that has the logo of your secure card. More importantly a secure card helps you improve your credit rating. If you have fallen behind in payments or overspent in the past you can show that you are ready for a real credit card by first showing you can handle your secure one. It might take a year or so of using the secure card, but in the end it will be worth the effort.
While this does not give you the spending power and freedom of a traditional card it does give you the convenience of one. You do not have to carry cash, just the card and it is accepted anywhere that has the logo of your secure card. More importantly a secure card helps you improve your credit rating. If you have fallen behind in payments or overspent in the past you can show that you are ready for a real credit card by first showing you can handle your secure one. It might take a year or so of using the secure card, but in the end it will be worth the effort.
A credit card application is a door to financial freedom. In this day and age everyone needs to own a credit card. We use them to rent cars and reserve hotel rooms. We use them to make online and telephone purchases. We also use them because they are more secure then cash as they are insured against loss and theft. All you have to do is make sure your credit is in good shape and apply for the right card and you too can take advantage of the benefits of card ownership. Be honest about where you stand financially and what card suits your needs. Be honest when you fill out the application and you will get the card you want.
