Credit cards are common among working adults, but not everyone can own one. Before a person owns a credit card, there are requirements to meet and things to be approved, such as having the minimum annual income of RM24,000. Once you are a credit card owner, you still have to maintain a good credit score to prevent payment charges or finance charges.
If you are struggling to get your credit card approved, it may be because you didn’t meet the minimum requirements. Here are some tips for you to get your application approved:
Make sure you meet the minimum annual income requirement
Depending on the type of credit card you’re applying, banks may set different types of conditions for it. However, even the standard credit card has a set of minimum expectations; and premium cards have a much higher requirement you need to achieve before getting approved. Before applying for any credit card, make sure you are qualified for the application.
Improve your credit rating
When you’re applying for a credit card, the bank will request for a copy of your credit report. Make sure you prepare one and ensure all the information on these reports are accurate. If you have any late payments, resolve these problems to avoid poor reflection on your credit history.
Ensure there are no errors in your application
Sometimes, banks may reject you for a simple mistake on your application. It may seem harsh, but these pieces of information have to be accurate, especially if you are submitting it online. Before you apply, double-check for any errors on your application form.
Build up your work history
You can apply for a credit card at the age of 21, but you also need a good work history to convince banks to approve your application. Without a sufficient employment history, banks can’t tell if you have the means to pay for the bills. You can prevent this from happening by building your work history or becoming a supplementary cardholder.
Conclusion
It is crucial to build an excellent credit score for you to choose the best credit card you can get. Make sure to pay your bills on time, and you have enough income to enjoy the benefits of owning a credit card.
Interested in applying for a credit card? Check out what RHB has to offer by clicking https://www.rhbgroup.com/personal/cards/credit-cards/overview/index.html.
