You’ve just found out your credit card application is approved, so what happens next?
After taking time to compare credit card offers and apply for one that suits your needs, it’s exciting to find out your application is approved. But waiting for the card to arrive can feel like a drawn out process.
This guide explains what happens after your application is approved, when you can expect to receive your card and what you need to do when you get the card, so that you can be as prepared as possible when it finally arrives.
|Institution||Application length (approx)||Waiting period|
|American Express||10 minutes||5-10 working days|
|ANZ||5 minutes||Within 5 business days|
|Bank Australia (bankmecu)||10-15 minutes||7-10 business days|
|Bank of Melbourne||10-15 minutes||5-10 business days|
|Bank of Queensland||20 minutes||7-10 working days|
|Bankwest||5 minutes||5-7 working days|
|Citibank||10 minutes||7-10 working days|
|Commonwealth Bank||15 minutes||Within 10 working days|
|Diners Club||10 minutes||Up to 21 days|
|GE Money||10 minutes||5-10 working days|
|HSBC||10-15 minutes||Up to 10 working days|
|NAB||10 minutes||5-7 working days|
|St George||10-15 minutes||5-10 business days|
|Suncorp||10 minutes||5-7 business days|
|Virgin Money||10 minutes||Within 10 working days|
|Westpac||10 minutes||Within 7 business days|
What do I need to know about the approval process once I’ve applied?
After you submit your credit card application, the credit card issuer will assess your credit history and current finances in order to determine whether or not you are eligible for credit. They also use this process to determine how much credit they will offer you.
Providing you meet all the key application criteria, you could get conditional approval for the card within 60 seconds of submitting an online application. If not, you may get a follow up call or email from the credit card issuer asking for further information.
When you receive conditional approval online or after a phone call, the issuer may also ask you to submit supporting documents, which could include:
- A copy of your driver’s licence
- A copy of your passport
- Recent payslips
- Your most recent Tax Assessment Notice or PAYG summary
- Your Employment contract
- A letter from your employer or accountant verifying your employment and/or financial details
The credit card issuer will inform you of which of these documents you need to submit. Usually you can submit them through the online application website or via email, as well as by post, fax or to a nearby branch. After the issuer receives these documents, your application approval will be finalised and they can issue your new credit card.
How will I receive my card?
Your credit card will usually come in the mail, although in some circumstances you may be asked to go to your nearest branch to pick it up. Your new credit card issuer will also put together a ‘welcome pack’ for you containing valuable information about the bank, the credit card and its terms and conditions of use. The welcome pack could arrive before the card, or come with the card when it is posted to you. Make sure you read through the provided information thoroughly before making any purchases using the card.
How do I activate my card?
Depending on the issuer, you may be able to activate your new credit card online, over the phone or in person. Information about card activation will also be included in your welcome pack and usually takes just a few minutes to complete.
You’ll also need to sign the back of the credit card, which gives you the authority to use the card and protects you against unauthorised transactions if it’s lost, stolen or compromised. After that, you can start using your credit card.
While it is exciting to be approved for a new credit card, there are a few more steps you need to know about before you can start using it. Being prepared for this process means you can tick all the boxes along the way and start using your credit card as soon as possible.
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Rates last updated September 28th, 2016.
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Frequently asked questions
If I apply online for my credit card can I go back later to finish it?
Yes, most banks do have a feature that allows you to save an application to be completed at a later date. Just check first to see how long they will wait before deleting the details.
What is my credit card application number? Where can I find it?
Credit card issuers assign you an application number when you apply for a credit card online, and will be shown on the application page. It may also be emailed to you once you have submitted your details. This number can be used to complete the application later, check your application status or upload supporting documentation.
What kind of information will I need to provide on the application?
As with any lending product you will need to give details about your income and expenses along with your personal information.
If I ordered an additional card will that need to be activated too?
Yes, all cards issued will need to be activated before they can be used. This is done to verify that they were delivered to the correct person.