You’ve just received notice that your credit card application has been approved… So what happens next?
After taking the time to compare credit card offers, choosing the right one, and filling out the application, getting word that you’ve been approved is very exciting. Now all you have to do is wait for it to arrive so you can start using it. This may seem like a drawn out process, but if you know what steps you need to take first, the only hard part will be staying patient while you wait for the card.
|NAB||Allow up to 5 business days|
|ANZ||Within 5 business days|
|Commonwealth Bank||Within 10 working days|
|St. George||5-10 business days|
|Bankwest||5-10 working days|
|HSBC||5 business min 10 max|
|American Express||7 to 10 calendar days|
|Diners Club||Up to 21 Days|
What do I need to know about the approval process once i’ve applied?
After submitting your application for a credit card to the bank, they will assess your credit history and current finances in order to determine whether or not you are eligible for credit. This also helps in determining how much credit they are willing to offer you. For an Australian who has a perfect credit rating, the bank may offer you instant approval. For everyone else, you may get a follow up call or email from the bank asking for further details about the marks in your credit history.
You may also be asked to confirm your income information or current balances on other credit products. This can usually be handled by faxing or emailing the appropriate documents to the bank. However, this is not the norm, and with most applications online a response is given in just minutes.
How will I receive my card?
You will have a few days to start making your shopping list once you’ve gotten word that your application has been approved. The bank needs to process your application and create your account before the new credit card can be issued.
Once your application has made it past all of the necessary departments in the bank or financial institution, a “welcome pack” will be put together for you. This contains valuable information about the bank, the credit card and its terms and conditions of use. Make sure you read through that information thoroughly before you make any purchases using the card, which is also included in the welcome pack. Now all that is left is to wait for the Australia Post to deliver it to your mailbox, which could take anywhere from five to ten business days depending on where you live.
How do I activate my card?
By far the easiest step in the process – besides using it – is activating your credit card once it has arrived. This will involve a quick call to the bank to verify who you are and that the correct card has been issued to you. Try to call during off-peak hours, as you may be left on hold waiting for up to 30 minutes when the bank is busy.
The last thing you need to do is sign the back of your credit card in the white strip centered down the middle. This protects you against anybody else being able to use the credit card. Merchants are responsible for verifying your identity when making a purchase based on your signature on the back of the card.Back to top
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 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.
Can I pick up my new credit card at the branch?
This will depend on the bank you are getting the card through. Some prefer to mail it as a way of confirming your physical address.
I only make purchases online with my credit card, do I still have to sign it?
Yes, an unsigned credit card is not considered valid. Plus, you want to be protected in the event of a theft.