Before applying for a credit card, especially if it is the first, many people doubt whether the bank will approve it because credit products require more requirements than savings.
But let’s think for a moment, if someone asked you to borrow money and you knew they had no way to pay it back, would you lend it to them? Probably not; in the same way, the banks ensure that the applicant for a credit card will have a way to pay their debts. And whoever applies for the card but does not qualify is simply rejected the application.
But how can you tell if you qualify for a credit card or not? The fastest way is to search the bank page where you want to request the card and verify that you meet the requirements to request it. For almost all banks and savings banks, the requirements are similar. So to find out if you qualify for a credit card, here are the general points that you should take into account.
1. Have a good credit history
A good credit score is essential to apply for any credit card. If the entity consults your ID in the credit bureaus and turns out that you have delinquencies and a bad credit rating, they will reject your application for a credit card.
So if you want to qualify for a credit card, start by having all your payment obligations up to date. And this goes from the loans you have with any entity to the payment of any service in your name. You can check your credit history on credit verify and Borrowell pages.
2. Have proof of income
Another of the essential requirements that you must meet if you want to qualify for a credit card is the accreditation of your income, whether you are a dependent, independent, pensioner, etc.
For example, to qualify for CIBC Dividend Visa Infinite card, the cardholders must have a minimum personal income of $60,000. In this case, you must present the proof of income that corresponds to you. It can be the last pay stubs, the last tax returns for fees, the last Income Tax Affidavit, etc.
However, some cards like National-Bank-MC1-Mastercard and MBNA Harley have no minimum income requirements. (See also: The best low income credit cards in Canada).
3. Other requirements
In addition to those we have mentioned, to qualify for a credit card, you must meet the following requirements:
- Be of age.
- Present your ID
- You must credit a certain amount of income to qualify for a secured credit card.
- If you are already a bank customer, you can qualify for a credit card according to your good payment history or receive your payroll account there.
In conclusion
These are the aspects that you must consider to know if you qualify for a credit card. If you meet these requirements, your application will likely be accepted, and you can use your credit card to make purchases in stores and online. If you don’t qualify, you can start to improve the flaw that discredits you and request a credit card later or start by requesting a prepaid card.