If you need to apply credit card online for the first time, there are a few steps you need to take before applying. You should choose the credit card you will apply for according to several factors including your occupation, your annual income and financial status.
If you meet the eligibility requirements, you can apply online for the credit card you choose and learn whether you get approved. After submitting supporting documentation, you can receive and activate your credit card.
Eligibility Criteria for Credit Card Applications
If you want to get approved for a credit card, you need to meet the eligibility requirements. There are 4 main factors most lenders generally focus on. Here is the checklist:
- Age: You must be 18 years old or older.
- Residency status: You should be an Australian citizen or permanent resident.
- Income: You need to meet minim annual income requirements.
- Credit status: You need to have good or excellent credit history.
Necessary Documentation for Credit Card Applications in Australia
If you meet the eligiblity criteria for applying credit cards, you can begin the credit card application process. Luckily, online application opportunity and digital signature technology allow you to upload documents online and complete your application in around a few minutes without leaving your house, going through long paperwork and waiting in long queues. All you need to do is providing several details and necessary documents to the lender including:
- Your personal details (your full name, date of birth, phone number, e-mail address, home address, dependents)
- Identification (a valid ID such as driver’s licence, passport, medicare card, etc.)
- Your residency status. (if you are a temporary resident, you should have a valid visa)
- Your employment details (your occupation, salary, your employer’s name and contact info)
- Your financial details (additional income, assets, savings, monthly expenses, regular payments and existing credit accounts)
- Card preferences (features, limit and promotions)
Some lenders may also require you to provide your recent payslips and recent bills or bank statements to support your application.
Some Credit Card Options
There are several types of credit cards such as low interest, no annual fee, rewards, balance transfer, etc. You need to choose the most suitable one for you to save on costs and purchases.
- Westpac Low Rate Card: You will be charged 13.74% p.a purchase rate and 0% p.a balance transfer rate for 16 months. You also need to pay off $59 annual fee.
- ANZ First: You will be charged 20.24% p.a purchase rate and 0% p.a balance transfer rate for 18 months with %2 balance transfer fee and $30 p.a annual fee.
- Virgin No Annual Fee Credit Card: You will be charged 18.99% p.a purchase rate and 6.9% p.a balance transfer rate for 36 months with 0$ annual fee.