Why Your Credit Card Application Wasn’t Approved: Incomplete Requirements
Applying for a credit card can be simple or complicated, depending on whether you meet the necessary conditions or not. At any rate, any credit card application will have its own set of requirements that you must complete to proceed with the application process. Different banks may ask for different documents or requirements, but the common theme is showing proof of financial capacity so they know that you can pay your bills on time.
What do you need to get a credit card?
In this final part of the credit card application series, we talk about the common requirements often needed when applying for a credit card from any bank. Read on and see if you have the following documents and requirements to make your credit card application easier and processing faster.
Proof of identification
Before applying for a credit card, you must ensure that you have at least one “official” ID; “official” here means that your ID must be issued by the government or company you work for. To avoid problems, it’s recommended that you prepare several ID’s. The most common ID’s used for credit card application are SSS ID, company ID, driver’s license, and passport.
Social security and tax identification numbers
These are the first things you need to establish a credit history, and all credit card providers will look for this upon application. This also acts as proof of your citizenship, which is sometimes required to get a credit card din the Philippines. Some banks may offer credit cards for foreigners, but these have different requirements and benefits.
A source of income
In not so many words, most banks need you to have a job before you can get a credit card. In lieu of a job, you must show proof that you have a regular source of income, like a freelance gig or a small business. At any rate, showing banks that you have the capacity to pay your dues is required before they will allow you to have a credit card.
Government-issued financial documents
Since they are government-issued, these financial documents hold much weight when it comes to credit card applications. These documents include your income tax return (ITR), BIR form 2316, and business permits.
Check if you have these requirements before proceeding with your credit card application. When you’re ready to apply, compare credit cards with GoBear on https://www.gobear.com/ph/credit-card to see the ones with the lowest interest rates and best rewards!