It goes without saying that credit cards are an important part of our personal finance. No doubt credit cards afford us a certain degree of convenience and for some a sense of security and banks realise this and are trying to make it easier for us to apply. These days one can even apply for a credit card from the comfort of their home. All that’s needed is an internet connection and a scanner or fax machine. If you are thinking of applying for a new card this way here are a few things to take note of to help expedite your application process.
Full Application Online? Really?
Although many banks claim on the website that you can apply online some of the application process still requires you to either mail in the application form and documents or physically hand them in yourself at a specific branch. Here are the three most common online application processes you will encounter in Malaysia:
- Just a downloadable form – Many banks have a downloadable PDF form which you’ll need to fill. This requires you to print out the application form and post or hand deliver it with relevant documentation to your nearest branch.
- Partial online application – Normally this process starts with the customer filling up a basic contact form and a bank representative will call them usually within 24 hours. Hard copies of documentation may be requested though soft copies are often preferred.
- Full online application – This paperless application procedure requires that the customer has access to a scanner or a fax machine. The bank will require you to fill in an online application form and submit it. Soft copies of documentation can in some instances be attached during the online submission process but some other banks require this sent via email or fax. There are banks that offer incentives for you to submit your documentation within 24 hours but it’s always good to be quick if you want your application processed expediently too. If you don’t have a fax machine or scanner, you may need to go down to a bank branch anyway, to submit your documents.
Preparing Your Documentation
Here’s a list of documents banks commonly ask for in a credit card application. The number of documents required may vary depending on the bank and the type of credit card you are applying for. But just in case the bank asks, it doesn’t hurt to have a couple of backups ready at hand.
- NRIC – This is the most important piece of documentation that every bank will need. Scan/photocopy copies of the front and back of your identity card or passport if you are a non-resident.
- Salary slip – This will proof to the bank that you have stable income and so they can gauge how much credit you can afford. Depending on the type of credit card you are applying for you may be required to provide anywhere between 1 – 6 months of salary slips. Alternatively a confirmation letter from your employer might be sufficient.
- EPF statement – You can present this in place of your salary slip but make sure that you are able to provide at least 3 months’ worth of your EPF account. Some banks will even ask to see a full year of your EPF statement.
- B Form/ Business Registration Form – For the self-employed or applicants with their own business(es).
- Bank Statements – If you’re a salaried worker, this is usually to see where your salary gets credited every month so do send the statement of the relevant bank account. If you’re self-employed or run your own business, it’s just to see if you’re solvent.
It usually takes a few days for your credit card to be approved. General rule of thumb is to allow from 5 to 14 working days and if you don’t get a response try calling up the bank. Sometimes the delay might be attributed to missing details on the application form or insufficient supporting documents.
Even if your application is unsuccessful there are plenty of other banks offering generous sign-up offers. Be sure to check back on RinggitPlus.com for the latest credit card promotions and offers.