What to Do When You Apply For a Credit Card Online?

When you apply for a credit card online, you need to locate the correct page of the website of the credit card you wish to own. A typical site will have links or banners that will lead you to an online form which you need to fill-out completely.

The online form is basically the electronic version of the paper form that you fill in when applying in person. The standard information that needs to be captured include the following:

• Personal Information such as name, birth date, mother’s maiden name, social security number;
• Contact Information such as Address, phone and office number, mobile phone number, email address;
• Income Details such as annual income, Monthly rate, employer name, employer address, employer phone number

Aside from the ones stated above, there might be additional questions that you need to answer, which will provide a hint to the credit card company on your financial status.

In most cases, after completing and submitting the form, you will be prompted that your application online is going to be processed. Usually, credit card companies will state that they will contact you for more details if needed. They will also provide details on how you can check the status of your credit card application online. Typical methods are by phone or through the website.

When more documents are required, the credit card companies will usually inform you through phone or email. You can give them the missing documents by sending it through fax or through email, depending on their policy. To make sure, you should read their process steps, FAQ or policies carefully.

Do Visa and MasterCard Allow Online Application?

Visa and MasterCard actually let you apply for a credit card online. You can do so by visiting their official website or by going to their partner’s website. There are a lot of bank and other financial institutions that offer their own Visa or MasterCard credit card. You just have to navigate through the process.

In most cases, the information required when applying for a credit card online is almost the same compared to the traditional in-person application. The online form will require details from you such as personal information (name, birthday, gender, nationality, social security number, etc), contact information (current address, permanent address, home phone number, office phone number, mobile or cellular phone number, email address), employer information (employer name, employer address, employer contact number), and income information (annual income, etc). Other credit card companies require more information.

Aside from the information typed into the fields, there are some requirements that need to be sent to the credit card issuer. Such requirements include proof of income, proof of billing, proof of address and one or two identification (IDs). You can fax these information to the number provided in their site. Other companies will allow you to email a scanned copy to them. A few companies will require you to mail it to them or submit it personally.

What’s basically automated is the application process and a small portion of the credit card processing procedure. Typically, when applying for a credit card in person, you will fill-out a paper form. This will then be submitted to a department that will validate the application and its corresponding requirements, encode it in the system, and route to succeeding approval and processing. When the credit card is processed online, what’s eliminated is the manual completion of the form, physical routing of the paper application from one person to another and encoding of the information taken from the paper form into the system used by the credit card company. As a result, there is somewhat a reduction in processing period for the credit card.

A Note on Security

Given that the information to be submitted online are personal and confidential, you need to make sure that the credit card application and processing online runs on a secured channel. Here are a few tips that you need to check:

• The URL is valid and matches the title of the website. (ex. Amazon is displayed in the browser but the URL shows www.xyz.com)
• The website displays logo of trust and security, like Verisign
• The URL starts with “https” which represents a secure connection

When applying for a credit card nowadays, you usually have three options – either in person, through phone, and online. The least popular is the phone method because of the lack of support for documented interaction, such as signed forms and images. This, however, is the most preferred way of knowing the status of your credit card application.

When applying for a Visa or MasterCard credit card, you can proceed by going directly to their website or through their bank partners’ website. Typically for the ones that allow online credit card application, you are required to provide details via a secured web page. The requirements can then be attached to the electronic form, or sent to the bank or credit card company through fax.

Lastly, among the three, the most preferred way is still to apply for a credit card in person. You have to present yourself to the bank and complete a certain application form. You can attach the requirements with your form. After being checked by a bank representative and if confirmed to have passed all conditions, your credit card application will then be processed.

Some of the basic items needed when applying for credit cards are stated below. Take note that these are just basic information and may or may not be the same requirements with regards to your chosen credit card.

• Proof of Income. In most cases, the applicant must be a taxpayer or somebody who has a source of income. If the applicant is self-employed or has his or her own business, the usual requirement is recent tax information or proof of business ownership. For employed applicants, a certificate of employment from your company that states your monthly/annual remuneration or a valid copy of your pay slip will suffice.
• Citizenship. An essential requirement for a credit card application is that you must be a citizen or a permanent resident in the country from which you want to apply for a credit card.
• Assets, Liabilities, Credit Status. It will greatly help the application if the applicant can provide details of any proof of assets, savings or investments. Somebody with good credit status is usually favored by banks as compared to those with a bad credit standing. Sometimes the bank will want to know if you have any pending balances or any form of liabilities such as against another credit card.

If you would like to know the detailed information on the credit card application, you would need to inquire specifically to the bank or the credit card company. There might be different requirements depending on the type of cards. Example, a student credit card would need less requirements as compared to a business credit card or a secured credit card. You might even have the chance to know of an instant approval credit card application offered by the bank if any.

Most banks almost have the same requirements for a standard credit card. Applying for a Visa or Mastercard credit card can be done directly through their website or through their bank partners. If you would like to know the detailed information, you would need to enquire specifically to the credit card company.

Basic information needed when applying for credit cards are provided below. Take note however that the overview provided below are some basic information that may or may not be the same requirements with regards to your favored credit card. If you are planning to apply for a business credit card or multiple credit cards, it is highly recommended that you consult your local bank or credit card company.

1. Citizenship. A basic requirement for a credit card application is that you must hold citizenship or at least a permanent residency in the country you wish to apply. This is to make sure, from the bank’s perspective, that the person applying will be able to pay the bills consequently.
2. Proof of Income. In most cases, the applicant must be a taxpayer or pretty much have a source of income. If not, how will you be able to pay the credit card bills? If the applicant is self-employed or is running his or her own business, they should be able to provide the most recent tax information as proof that they have a source of income and is capable of paying any borrowed money. For employed applicants, this is typically supported with a certificate of employment from your company that states your monthly/annual remuneration. A valid copy of your pay slip can also be added as supporting document.
3. Assets and Liabilities. It will greatly help the application if the applicant can provide details of any proof of assets, savings or investments. This will influence how much will be the credit limit granted to you by the bank. Sometimes the bank will ask if you have any pending balances or any form of liabilities such as against another credit card. The applicant should have full documentation of this in order to prove that they are capable of paying the subsequent bills.

How long does the process usually take?

Credit card processing actually depends on a lot of factors. One of which is the type of card applied for. There are those that offer instant approval especially for those with very low credit limit. Shorter processing days are also needed for some student credit cards. Secured credit card application would require more time to process.

If you have all the required documents at hand, the bank will be giving you an application form. The form will normally take a few minutes to fill out. Submit that to the bank and they should be informing you of the turn around time for their response. Typically, it would take about 3-5 days for them to complete the background check. If it takes longer than their estimated time frame you should get in touch with your bank and enquire of the status.

If all goes well your credit card should be delivered to you at your billing address or can be picked up from the bank where you applied. Regardless of the method of application, be it online or personally through bank, it would usually take days to process everything.