How to Obtain a Personal Card

by John_S on October 3, 2014

Canadian financial institutions offer different types of cards based on credit rating. When applying, customers fill in an application form to be reviewed while banks run a credit check. Canadian issuers request financial, employment, and personal information, including your credit score, authorized users, and types of accounts owned, i.e. savings, checking, high interest, money market, and others. Banks are unlikely to approve your application if you have late payments. While unsecured cards require good to excellent credit, secured and prepaid cards are offered to applicants with poor and fair credit. cardThe application requirements vary from one bank to another, but rewards cards with many perks and incentives require high income. There are issuers that offer additional cards for a small annual fee or at no added cost. Some cards go with exclusive rewards and experiences and are offered to customers with solid credit. Different cards are offered to students, and issuers request contact and personal information as well as school information such as class year, enrollment status (part- or full-time), and school name, city, and state. Financial institutions also require work-related information such as occupation, income before taxes, and name of employer. Provide your permanent and current address if you live on-campus.

Financial institutions require information such as monthly housing payments, social insurance number, and other details. Banks ask whether the applicant has a savings or checking account with them. Customers who apply for a balance transfer card are asked about their payment address and credit card number. Businesses are also asked if they require overdraft protection facility. Applicants are also asked whether employees will be added to the card account. With some banks, customers are asked to specify whether they apply for a card with the maximum credit limit. Some banks offer the option to check your application status online.

A Selection of Canadian Credit 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. Look at factors such as minimums, expiry dates, billing cycles, and others.

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