Credit Card Requirements

By http://debtconsolidation-ontario.ca/ – There is no debating the fact that credit cards are an absolute blessing. With a credit card, you can buy whatever you want and split the payment over the next couple of months so that it doesn’t cripple you financially. Credit cards allow you a remarkable degree of freedom and make transactions very easy to manage.

Due to the few benefits mentioned above and the countless benefits that we are skipping, almost everyone wants a credit card these days. However, that doesn’t mean that the bank will comply with your wants and needs and give you a credit card no questions asked. There are many stops, checks, and legal hurdles that you have to jump before you are even considered eligible enough to hold a credit card. Many different banks have different legal requirements, but the following are the ones that almost all of them require before they can accept your credit card application.

1. Age

The first requirement of getting a credit card is that you must be legally considered an adult in the country where you are applying. For most countries, the age of terming an individual an adult is usually 18 years, but some countries are known to have the legal age of adulthood at 21. You can check what regulations your country enforces and make sure you meet the minimum requirement.

2. Proof of Identification

To make sure you are not signing up on anybody else’s behalf or there is no foul play involved, banks require you to submit a proof of your identification. You shouldn’t consider this as racial profiling because all banks require applicants of all ethnicities to submit their proof of identification. You can meet this requirement by sending a copy of your national identity card with your application.

3. Proof of Employment

Before the bank can give you a credit card, it must make sure that you have sufficient income to afford one. This can be done by submitting a copy of your current employment letter, which must state your monthly income. The information about the income is important because it specifies the type of credit card you are eligible for e.g. people with a higher income can be eligible for a platinum credit card, while people on the lower side of the income spectrum will have to be content with a gold or silver one.

4. Proof of Residence

To make sure you live in an area where the bank operates, it asks you to submit a copy of your residency certificate. You must submit this document or the bank reserves the right to cancel your application altogether.

5. An Active Phone

The last requirement for a credit card is that you must have an active phone where the bank can contact you at all times. This can be a landline or a smartphone, but it must be active. Out of service numbers simply will not do.