Everything you should know when applying for a credit card online
You can typically apply for a credit card online in a few simple steps, but it's important to get the facts about what is included in a card application. To make the process easier, gather all the information you need before you get started.
- Who can apply for a credit card
- What you need to submit a credit card application
- How to apply for a credit card
- How credit card applications affect your credit score
Credit card applications are open to U.S. residents — in other words, people with a mailing address in the U.S. who are over 18 and either have a Social Security Number (SSN) or Individual Tax Identification Number (ITIN).
Following the passage of the Credit CARD (Card Accountability, Responsibility and Disclosure) Act of 2009, applicants under the age of 21 will need a co-signer or proof of income as part of the application process.
While credit card applications are open to nearly anyone, note that credit card issuers evaluate applications based on many different factors and criteria, which could include your reported income and your credit score.
What do you need to get a credit card?
Card issuers are interested in getting a full picture of your financial health. Besides collecting your basic contact information, they will use your SSN to pull your credit report. Consider finding out your credit score before you apply so you know what kinds of cards you're eligible for.
Most credit card applications require:
Your full legal name. This is the name you use on your official government documentation, like your driver's license and passport.
Your SSN and/or ITIN. The Social Security Administration provides SSNs, while the Internal Revenue Service issues ITINs. A credit card application typically requires only one or the other.
Your street address. The address needs to be a physical address (i.e. it can't be a P.O. Box which is where some may expect to receive their statements).
Your gross annual income. "Gross" refers to your income before taxes. Card issuers use this information to estimate whether you can pay off your card debt and determine what your credit line will be.
Your employment status. This identifies whether you are employed, unemployed or self-employed. You may need to provide your employer's phone number (or, if you are self-employed, a tax document) for verification purposes.
Your housing costs. Because this information may not appear on your credit report, card issuers may ask you about it directly, whether you rent or own your home.
Your phone number. Some card issuers may ask for additional information like your phone number as well as options for the best times of day to reach you. You may receive a call for follow-up requests or questions.
How to apply for a credit card online
Determine your credit health. Before you shop around for credit cards, consider ordering a copy of your credit report to review your credit history and look for errors. You can get a free copy of your credit report every 12 months from each of the three credit bureaus (Equifax®, Experian™ and TransUnion®) at annualcreditreport.com.
Your credit scores are not included on these free credit reports so it is recommended to check other sources for your credit scores to help you identify which cards you're eligible for. Chase Credit Journey® is a free resource for finding your credit score and monitoring it throughout your financial journey.
Do your research. There are hundreds of different credit cards available with a variety of offers, fee structures and rewards programs. Chart your spending behaviors so you know which categories you spend most heavily in, and then shop around for the card that matches your credit profile and best fits your needs.
Pull together all of the required information. While you may not need to provide a lot of documents, it's important that all your data is up-to-date and accurate.
Follow internet security best practices. If you choose to apply online, make sure both your web browser and operating system are up to date. Consider filling out the application on a mobile data connection or a safe, private network to prevent the risks of someone intercepting your personal information. And if you have any doubt about the legitimacy of an email from a card issuer, navigate directly to the issuer's website rather than clicking on any links in the email.
Submit your application. You can submit your application online, in person or over the phone. Online applications typically take the shortest amount of time to receive a response, sometimes it's within seconds. When you apply online, be sure you have a stable and secure internet or Wi-Fi connection. You can apply using your laptop, desktop computer or smart phone.
Will applying for a credit card affect my credit score?
Any time you apply for credit or a loan, the creditor or lender will order a copy of your credit report. This is known as a "hard inquiry." A significant number of hard inquiries may indicate that you are looking for credit and could lower your credit score.
New accounts make up just 10% of your FICO® score, however. Some scoring models will treat multiple inquiries within a short period of time as a single new-account activity, which won't affect your score much at all.
In conclusion
All you'll need to apply for a credit card is the right documentation in hand. Otherwise the process only takes a few minutes. Before you get started, shop around to find the best card for you and your lifestyle.
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