Credit Card Application

Josh Riverside asked:




A bank credit card is an extremely incredible and convenient piece of plastic with which one can purchase goods and services. An average American now holds up to eight bank credit cards. In order to qualify for a bank credit card, the applicant must be eighteen years of age and should have a good credit history.

U.S. banks offer various types of bank credit cards. After choosing the appropriate bank credit card, the consumer needs to submit a duly completed bank credit card application. An application and processing fee must also be paid along with the application. An individual can apply for a bank credit card online or through the phone. U.S. banks usually send bank credit card applications by ordinary mail, since the consumer is required to sign the applications upon receiving them. When bank credit card applications are transmitted online, there are more chances for fraud.

Most bank credit card applications include personal information about the consumer such as name, age, date of birth, marital status, applicant’s current and previous addresses (only when the current address is less than two years), e-mail address, driver’s license number, and social security number. To enter the employment details of the applicant, fields such as occupation, employer, position, household income, and source of other income are available. Bank account information is also included in the bank credit card applications. Moreover, the applicant needs to specify whether he is a citizen or a permanent resident of the U.S. If necessary, the details of the co-applicant/spouse are also required to be entered in bank credit card applications.

If the applicant is a student, in addition to the basic personal information, bank credit card applications have fields for entering student status, school name, graduation year, major, and campus telephone.

Once the bank credit card applications are completed and submitted, the bank will verify the details by contacting the consumer in person or through the given telephone numbers. The bank issues bank credit cards only when the consumer proves to hold a good credit record.

Cindy

Eric Morris asked:




There are many sources where you can file a first time credit card application. These include banks, credit companies and other agencies. The Internet is the easiest way to locate your preferred credit card company.

When applying for a credit card, most companies need information such as name, age, address, social security number, any former address of yours, occupation, employer, and annual household income. These details are adequate for the credit company to verify your credit history, which is the major criterion for approval or rejection. Annual percentage rate (APR) often varies with your credit score. That is, a high score will get you a low APR.

Most first credit card application forms contain certain clauses written in fine print. Company salesmen are often outspoken about the advantages of their transactions. But these fine prints often carry conditions that are disadvantageous to you. One important thing to check is the APR. Most credit companies tempt you with a low initial APR score. Remember that it is the long term APR you should weigh most, not the short term.

A US citizen who is 18 years of age or older (the limit is lower in some states) has the legal right to demand a credit card with any US bank. Generally, credit card providers do not want a bank account to get a card. It is also possible to request many credit cards at a time. But multiple applications can affect the credit score negatively.

With great competition existing in the credit card market, most credit card providers look for an easy means to attract new businesses. They provide special gifts on many occasions such as Christmas and holiday shopping seasons.

Debra