CreditCards.com.au - Australian Credit Cards Online

4 January 2010

Say you have found the right credit card for you, you have compared them all and come out with one with an interest rate, rewards plan and repayment program that suits you and your financial situation. Now you only need to apply and you are n your way, right? What if you are rejected? Do you have a backup plan for financing or was this it?

If this is your first and last option for financing than you want to get it right the first time and get the approval you need. This means meeting all the application process approval criteria and giving yourself the best possible chance of getting the credit card you want.

Step One
For starters, do you satisfy the basic criteria that all lenders and financial institutions will apply to credit cards? These will include:

• Are you an Australian citizen or permanent resident
• Are you at least 18 years of age or over, or do you have a parent/guardian's signature if you are over 16
• Do you meet all the income requirements? These will generally start at around $20,000 for standard credit cards but will be far lower for student credit cards and much higher for gold or platinum credit cards
• Do you have adequate ID if you are applying with anew bank or financial institution
  
• Are you employed? Can you prove your employment status and job stability?
• What are your living arrangements i.e. rent

Step Two
If you do satisfy all the necessary basic criteria for the credit card application process and you have done your research on which card you want, be sure to do your homework and read over all the fine print. Make sure to understand all terms and conditions along with penalties and fees that can occur.

Step Three
Choose your preferred application process depending on which you are most comfortable with and that you have the easiest access to. Your choices are:

• apply for a credit card online (typically the fastest and most convenient way to apply)
• over the phone
• in person at your chosen institution

Remember that if you do choose to use the online application process that you need to ensure the security of the website you are using. That is as simple as looking to the advertised security measures attached to the website and for the padlock in the information bar on a secure site.

Handy Tips

• Check out your credit rating before you start applying to ensure that all information is correct and accurate
• Do not apply for multiple credit cards at once as all applications are recorded on your credit rating and multiple applications will negatively impact on your rating
• In fact, it is advisable to wait several months between failed application attempts, this includes balance transfers
• If you are in need of a substantial amount of funds and credit card debt is an issue for you, consider a personal loan which are more stable in terms of interest rates and repayments
  
• Meet with a bad credit expert if you still encounter issues with your credit rating and they can advise how best to repair any damage

CreditCards.com.au is an Australian owned information provider on Australian credit card products. Please use our Compare the Top Ten Credit Cards table to find the right credit card for your financial needs.

We cover a wide range of credit card services provided by credit cards companies through the banking and financial sector.

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