How will you be able to get a credit card today? Credit cards although marketed extensively are not just handed to every person applying for them. Every credit card company has standard requirements. You should know these and if you meet them, you have a big chance of getting a card in your first try.
What can prevent you and other consumers to get a credit card today? There are several factors and most credit companies will really want to grant you the plastic money. They want to make you their customer but they can have reason to turn down your application. Have you been listed in the credit rating bureau to have a poor credit score? Good credit history is just one of the requirements and you have to comply with more.
Know the requirements to get a credit card today
One of the first requirements is age. To be eligible and get a credit card today, you must be 18 years of age and you are either a full time student or an income earner.
You must be employed and with a steady income you have a source for bill payment. The higher your income is, the better you have proof that you are capable of paying your bill. Payment made on time can improve your credit rating and in the future, you will be able to get other credit cards or your existing card will have an increased credit limit.
Age requirement has something to do with maturity. A mature person will be able to see to it that credit card bill is paid on time. Furthermore, a mature individual will be able to have control of his expenses. If you do not consistently use up the entire limit, this will gain you a better credit score.
You must also be able to provide permanent residential address; this is for the mailing of your billing statement. Some credit card companies will require for guarantors.
There are three ways to apply for a credit card. One is to submit your application form cum requirements to the brick and mortar office of the credit card firm or affiliated bank. You will find telemarketers who will be offering you credit card application. You can fill up the form and submit to the marketing people. Lastly, the best way to get a credit card today is to apply online. A number of credit card issuers issue approval instantly to online applications. In minutes, you will know if you were able to get a credit card today. The plastic card will then be mailed to you.
In addition to these three methods, you can also mail a duly accomplished written application form. This will take longer because of the time frame from mailing to the receiving of the company then mailing back to you the notice of approval. Traditional credit card companies will be more than willing to expedite your application form but a fee will be charged for fast delivery.
Bases of credit card company’s decision
You know that there could be hitches to the application because the credit card company will have to check your application if it follows the standard procedure to get a credit card today. The issuing company will check how many credit cards are being used and your credit limit for each. Your monthly salary will be matched to the total credit limits. Will it suffice to cover payment for all usages?
Another thing considered is your character; this is not about your personality rather this pertains to your financial cash flow. Your length of tenure or employment is also considered. Job stability will ascertain your financial capability.
Collateral may not really be required. But if you can offer something that will secure the credit card purchases, then it is likely that you can get a credit card today. Remember that a credit card is also a loan, a revolving credit line type. Being like a loan, collateral will mean security, a feature that most lenders look for.