Applying for a Personal Credit Card

When applying, customers fill in an application form to be reviewed while banks run a credit check. Banks request different types of information, and the minimum requirements include being of the age of majority and having a Canadian credit file. Customers are asked whether their payment history is clear of negative events such as delinquent accounts. While unsecured cards require good to excellent credit, secured and prepaid cards are offered to applicants with poor and fair credit. Some banks require a minimum annual income of $20,000 while others require a total income, including spousal and own income of $60,000 or higher. Many banks allow customers to add users free of charge. The income level and payment history determine whether customers qualify for a specialty, standard, or secured card. When applying for a credit cards in Canada, issuers ask about employment status and types of cards help, i.e. department store, AMEX, MasterCard, and Visa. Financial institutions also require work-related information such as occupation, income before taxes, and name of employer. The type of information banks request depends on the credit report, card of choice, and other details.

Eligibility Criteria and Businesses

runMost issuers require financial information such as average turnover, gross annual income, and full business name. Banks also request information about other accounts and dates the accounts were opened. Banks ask whether the applicant has a savings or checking account with them. Many issuers are also interested in whether the company is non-profit or for-profit and if it is publicly traded. Businesses are also asked if they require overdraft protection facility. Many issuers require that the owner or authorized officer specifies their country of citizenship and residency, monthly housing payment, and occupation. Applicants also provide information such as income from second job, rent, investments, benefits, and superannuation. Some banks offer the option to check your application status online.

How to Choose from Different Personal and Business Cards

Customers are offered personal and business credit cards with airmiles and rewards points, zero balance transfer rates, and double and triple points on select items. Your FICO score is an important factor that shows whether you handle credit responsibly. Other factors include loan amounts and new credit.