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
- 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.