Tools & calculators
Balance transfer calculator
Credit card debt calculator
Minimum repayment calculator
Points destination explorer
Points transfer calculator
Filling in a credit card application can be a little scary if you’re not confident that you’re gonna be approved. In this video we look at “How to get approved for a credit card”
In this video we look at “How to get approved for a credit card”
Hi, I’m David and this is Credit Card Compare.
We’re looking at how to complete a successful credit card application so that you get approved.
Filling in a credit card application can be a little scary if you’re not confident that you’re gonna be approved.
Now, thankfully, a lot of credit card providers have made the application process as easy and seamless as possible. Most banks can process your application and give you an approval decision in a 7-10 days. Some of the leading credit card providers will give you an approval decision within 60 seconds.
Ultimately, there’s no 100% foolproof way to make sure that you’ll be approved. Even if you do meet all of the minimum criteria, the final decision is in the hands of the credit provider. Even Senators get knocked back. Senator Xenophon revealed in a Senate Estimates Hearing on credit cards that he was knocked back by the NAB in 2014 for a credit card application!
According consumer credit law they can only approve your application if they think that it’s fair and responsible thing to do.
When you submit your credit card application, the bank will need to:
If they’re satisfied you should get approved.
All up, your credit card application should only take 15 mins to complete and there’ll be a few follow up steps to take after you’ve hit the submit button. You can expect a phone call from the credit card provider the same day or next day as your application progresses.
1. On the first part of your application it’s about establishing your identity
Make sure you have all your necessary documents and details ready to fill in your credit card application. It includes your:
The main thing is that you wanna make sure that your details are accurate and verifiable. This is one of the most common reasons why applications don’t get approved.
2. Assess your financial profile (which involves looking at your credit report)
You’ll maybe have noticed that credit providers set a minimum credit criteria to be considered eligible, and this varies from card to card, but typically they are going look for these 4 different things:
Compare cards first. Don’t apply for multiple cards in quick succession. It negatively affects your credit report and from the lender’s perspective it doesn’t look good.
Only apply for a card if you meet the minimum credit criteria. For example, there’s no point applying for a card if you don’t earn the minimum pre-tax income.
You wanna make sure that all your details on the application are accurate and verifiable.
Best of luck, we hope your application is successful.