More often than not, you need a passport to apply for a credit card. However, if it is a large credit limit, you may need other documents. And today we’re going to talk about what you need to know before you apply for a credit card!
Documents
The list of documents you need to apply for a credit card is pretty standard and the same for almost all banks. It includes:
- application form;
- passport;
- Copy of work record book;
- A document confirming your monthly income;
- a second identity document (passport, driving license, state pension insurance certificate, tax registration certificate or MHI policy).
Desirable Documents
In some cases, bankers are less demanding of the package of documents, all they ask for is an application form and a passport. In this case documentary proof of income (in the form of a certificate of 2-NDFL, tax returns, extracts from the salary account, etc.) and provision of a passport are only desirable additions. How to manage your credit card you can read here.
Total
Collect the necessary package of documents will not be very difficult and does not take much time. That is why you can apply for the credit card at the moment of such necessity, but not beforehand. The card will be made within 1 to 7 working days.
The Process of Drawing Up A Card
In order to apply for a credit card you should come to a financial institution with a passport and fill in an application form. Depending on the rules of the bank and the conditions of the card product an employee of the credit institution may require an additional document of your choice. For example, a passport, driver’s license, certificate of registration with a tax authority (INN), insurance certificate of the State Pension Fund or compulsory health insurance policy. If a borrower wants to get a lower interest rate on the loan and a higher credit limit, he must provide the bank with documents, confirming his solvency. For example, a copy of a document on the car ownership, etc. If there is no opportunity to officially confirm his income, you can fill out a certificate in the form of a financial institution, it should also improve the conditions of credit.
You Can Also Apply for The Card Online
This requires the submission of an online application on the bank’s website or through specialized online resources. You can leave an online application for a credit card on the site. If the borrower is or has been a client of the bank, the probability that the financial institution will agree to issue a credit card is higher. People with a positive credit history have a better chance of obtaining a card. The application process in the bank may take from one to five working days. The card itself can be issued for another five to ten days.
If the bank approves the credit card application, it usually notifies the borrower by telephone and announces the preliminary terms of credit. If the client is satisfied and he gives his consent, then he has to come within a specified period at the bank branch, sign the contract and get your hands on a credit card. The card can be delivered by courier to your home or office. The courier will take a picture of the client and his passport and give him the contract to sign. You can check a great offer here on getmyoffer capitalone com.
Then the Client Should Activate the Card
This confirms the receipt of the plastic and allows its use. You should pay attention to the fact that the rules, conditions and terms of credit card processing may be different in the banks. So it is better to call the financial institution in advance and clarify how the registration procedure takes place, or read the information on the website of the financial institution. The bank usually provides a step-by-step procedure for obtaining the credit card, as well as the requirements for the borrower and the list of necessary documents.
Credit Limit
A credit limit is the amount of money you can spend. It depends on your ability to pay and your proof of income.
Credit limit can be increased by active use and timely repayment of the card debt. All transactions such as purchases in stores, payments on websites, auto-payments for cell phones, tax payments, as well as cash withdrawals and transfers to other cards reduce the balance available for spending. The interest charged for using the credit after the grace period does not reduce the available balance, but increases the amount owed. After the first charge on the card, a schedule of debts is formed. It can be viewed in the mobile app or personal office on the website. It will show the available balance, the dates of the current reporting period, the amount of debt, the grace period debt, the recommended payment and penalties for arrears, if any. To avoid penalties, you can set up autopay from your debit card.
What Is A Grace Period?
The grace period of the card is a period during which interest is not accrued. It is also called grace period, and its duration is set by the bank. Grace period duration varies with the different service packages, it can be as short as 30 days or more than 100. The client can choose a credit card with cash withdrawal options, a maximum limit, increased bonuses or cashback on all purchases, and a convenient grace period.
That’s It!
At the same time, it is worth remembering that the credit card is a product with an individual selection of conditions for each client and it is necessarily necessary to compare them in different banks. In addition, it is necessary to look at the privileges and bonuses that the borrower receives. Given the struggle of financial institutions for honest borrowers, such tools can be very attractive, he said. However, the first question to ask is whether this credit card is really necessary and additional, because people borrow money from someone else and for a while, and give them their own forever. Especially given the trend of rising credit costs. And once you’ve found the perfect card, you can start enjoying all the benefits that come with it. Thanks for reading!