Credit Card Application Process
Written by Yun Yang   


Credit card application processing refers to data capturing, checking and verification. Reviewing and processing of a paper-based credit card application normally takes less than one week. But an online application is processed in less than two minutes. It is important to note that there are application processing fees. A typical application process is as the flow chart below.


Once you decide to apply for a credit card, check interest rates, incentives, terms, and conditions that suit your budget and requirements. To make an online application, go to the concerned site and click on the link that says 'Apply'. Fill out the form and pay attention to the details. For the application requirements, please see article Requirements and Options for Special Populations.

Online applications are usually the fastest and most convenient way to apply for credit cards. However, you may want to notice the spywares circulating in the internet as well as fake websites. Stay away from any suspicious-looking website, and always visit websites that are legitimate. To make sure your computer is free from any spyware, you should get the latest and the most reliable anti-spyware software. By doing this, you will protect yourself from identity theft or fraud. Before you have any anti-spyware software installed in your computer or you are unsure about the website, make sure that not to provide any financial and personal information.

After you finish your application, the credit card issuer will spend two days to two weeks to verify your information. They check the information you give them on your application form and your credit record from credit reference agencies, such as Experian, Equifax, and TransUnion. With all this information, the credit card issuers will determine your Annual Percentage Rate (APR) and your credit limit using their own systems. Your credit limit won’t be high at first. Once you’ve proved you can make your payments on time, your limit may be increased.

Once the banks or other credit card issuers approve your application, and you agree with all the terms and conditions, you can expect to receive your new credit card in a week to 10 days.
Last Updated on Tuesday, 21 December 2010 05:30