What do you need to apply for a credit card?
Credit cards are easy to use, incredibly valuable and a great way to streamline your monthly spending. Even so, plenty of Australians still don’t have one. For some, the reason is a lack of understanding when it comes to the application process, but this is no reason to throw away all of the benefits that they can provide.
If you’re new to the world of credit and are planning on applying for your first credit card, it’s a good idea to know all of the information that will be required. This will ensure you have everything you need close at hand when it comes to filling out the relevant forms.
Make sure you’re eligible
The first step in applying for a credit card is making sure that you are eligible. The requirements for this are relatively straightforward. You will need to:
- Be over 18 years old.
- Be an Australian citizen or permanent resident.
- Have a good credit history and agree to a credit check.
- Have a net income of more than $2,000 each month.
If you’re worried about any of these criteria, speak directly to the team here at Beyond Bank. We’ll be able to clear up any questions you might have, or direct you to a credit score checking service if you’re unsure of your history.
Select your credit card details
Next, you’ll need to decide what type of credit card you want. This is where you can outline exactly what sort of arrangement will work best for you, specifically when it comes to a credit limit. This is the amount of money that you’ll have available each month – assuming you pay off your bill in full. To give yourself the very best chance of having your application approved, it’s important to choose a limit that you can realistically cover, so make sure to consider your income, spending habits and any debts before settling on a figure.
This stage of the process is also where you can elect to have an additional cardholder, whether that’s your partner or one of your kids. An extra cardholder can be a great way to consolidate finances or give children a bit of financial freedom, although it’s vital to make sure you still know exactly what your credit is being spent on so you don’t rack up excessive debt.
Fill out your application
Before you start your credit card application, there are a few documents that you should make sure to have handy. These are:
- Employment details, including previous jobs if you’ve been in your current position for less than a year.
- Property details, including previous residences if you’ve been at your current home for less than a year.
- Your driver’s licence.
- Your income details.
- Details of any significant assets (things you own) or liabilities (things you owe).
Once you’ve got all this information together, the application process is quick and easy. With Beyond Bank, the process is done online and only takes about 15 minutes, so you can apply for a credit card anytime, anywhere.
The application process is broken down into different sections, covering the card itself (e.g. what name will be on it) and then moving on to your personal information, income details and finally any assets or liabilities. If at any stage during the process you need to talk to a member of our team for advice, simply get in touch on 13 25 85.
Once you’ve completed the online form – which you can find here – your application will be submitted to us for review. We’ll get in touch to let you know the outcome, and if you’re successful, when your new credit card will be ready to use!