Applying for a credit card may seem straightforward enough – until you start seriously looking around and realising that there are significant differences in many of the plastic products on offer.
Credit cards are generally used to make our lives easier by providing access to funds which aren’t necessarily available, when you need to make a purchase. And while every card comes with different options and features, the card you use should always suit your needs and lifestyle.
RateCity.com.au notes there are over 250 credit cards in Australia, all bombarding consumers with attractive ‘take me home’ offers. Credit cards can be divided into the following main groups:
- Low Rate Cards
- Low/No Fee Cards
- Rewards Cards
When applying for a new card, one of the most important things to do is to evaluate your lifestyle to help identify the card that best fits your spending and repayment habits. Credit card products are specially designed to suit particular spending types which is why it is important to refine the kinds of product available and eliminate cards that are entirely unsuitable for you. This is the most important step you can take to keep card costs at a minimum.
Online credit card applications should take no more than 30 minutes to complete and some provide you with an instant assessment. As a new customer applying for a credit card online you are still required to verify your identity. In most circumstances you will need personal identification that reaches to and beyond the value of 100 points. Institutions will usually request a selection of the following information:
- Copies of your most recent payslips
- Your monthly income (wages, salaries and other)
- Details of your employer – including name, phone number and address
- Details of savings and investments, including account details, account number and credit balances
- Details of any existing loans, such as personal loans, leasing and any other personal debts such as credit cards
- Your Driver’s Licence state, number and expiry date
- Mobile phone number
- Email address
- Medicare number
Basically, they are aiming to piece together as much information as possibile to confidently identify you, given that they cannot see your face at the time.
In order to assess your application you may also be asked to provide confirmation of your monthly income, details of your any assets as well as any outstanding monies owing on any liabilities. If you are self-employed recent tax information and additional documentation may be required to prove your income.
Online credit card applications will often return approval results within minutes. Others will get back to you via email, mail, or phone in the following hours or days. Once your application is approved, expect to receive your card within around 10 business days from the date all necessary information is received, however again, this can vary by provider.
You can search and apply for credit cards at RateCity.com.au. To make things easier for you we’ve put together the table to the right with credit cards with some of the lowest interest rates. Click Go to Site to find more info, and you can apply for online if you find the card for you!