Documents Required to Get a Credit Card
Credit cards are an amazing financial tool, but they can also be the most dangerous. If you’re new to credit cards and want to start building your credit score, or if you’re looking for some tips on what do you need to apply for a credit card, this is the article for you!
Basic documents
- Identity document. Any valid passport or identity card will work as long as it has a photograph of you on it.
- Proof of address. You’ll need to provide one primary and one secondary proof of address, preferably both things that are recent and have your name on them (i.e., utility bill, bank statement with your name printed on it).
- Proof of income. If you don’t have any credit history yet, then lenders will want proof that you make enough money to pay off the card balance each month if you suddenly start paying interest charges (which is why it’s recommended to get a secured card first instead!). If this step seems too easy for you to complete, look at how much debt is currently in your checking account or savings account—then add 10% more because there are always additional expenses like car repairs and medical bills coming up unexpectedly!
Income and employment details
In order to get a credit card, you have to prove that you have enough income and employment history of paying off your balance each month. This is called “income verification.”
You’ll need: proof of employment (your most recent paycheck stub); proof of income from other sources (for example, if you are self-employed or receive alimony payments).
If the company wants more information about your employment or income history—or if they don’t believe what they see on paper—they may ask for additional documentation.
Proof of permanent address
You will also need to provide proof of your permanent address. The most common way to do this is by providing a letter from one of the following companies:
- Your landlord should include the date you moved in and the date you will vacate (if applicable).
- Your bank or credit union should include details about your account and any credit cards you have with them. If they don’t allow you to keep a balance on your card, they can write “No Balance” in lieu of this information. If it’s from another country, make sure all letters are translated into English by someone fluent in both languages.
- Your utility company (electricity/gas/water), should list all bills sent over the past six months along with contact information for customer service if needed.
A letter of consent
You must provide a letter of consent from your employer and/or a bank confirming that you are employed and have an income. The amount of income required varies depending on your age and credit history, but most applicants must provide at least three months’ worth of pay stubs or bank statements to prove their earnings. If you are self-employed, you need to supply additional information, such as business plan documents and tax returns.
According to experts like SoFi, “Getting your first credit card is a big step in the direction of financial independence.” The documents required for a credit card vary depending on the bank you choose. However, it’s great to keep in mind that every bank will want proof of your identity, address, and income before issuing you a credit card.
