There are several ways to apply for a credit card in Canada and there are things to know before applying.
If you’ve found a credit card that fits your needs and lifestyle, you’re probably ready to apply! Here’s the information you need to get started.
How to qualify for a credit card in Canada
Let’s start with the beginning. There are several criteria to meet before applying for a credit card in Canada:
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Have reached the age of majority (18 or 19, depending on the province you live in)
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Be a Canadian citizen or resident (Note: temporary workers and newcomers to Canada can apply for a credit card, but eligibility criteria may be different.)
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Have a credit score or credit history in Canada
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Meet minimum income requirements, if applicable
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Additionally, any major credit events, such as a bankruptcy within the last seven years, will impact your eligibility.
Next, you must provide information to the credit card issuer. Here they are :
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Your name Your full legal name as it appears on your driver’s license or passport.
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Your address Your current primary address.
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Your income
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If you are unemployed or not earning income (e.g., retired, student, or homemaker), you can still apply, but it is best to visit a branch to speak to an advisor.
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If you are employed, you can prove your income using a pay stub or T4 slip.
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If you are self-employed, you generally must provide documentation that indicates stable income for at least two years. This could be a tax return, income statement, or other documentation that shows you have cash coming in.
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Your social insurance number (SIN) The SIN is no longer required for credit card applications. However, if you provide it, your request may be reviewed more quickly.
How to check your credit score
Your credit score is a three-digit number that indicates the quality of your credit history. A number of factors affect your credit score. These include whether you carry a balance on your credit cards, whether you’re close to your credit limit, and whether you pay your bills on time.
There’s no magic number for applying for a credit card and it’s certainly not the only detail card issuers look at. If you have a credit history, a score of 660 or more favorable. If you’re unfamiliar with credit and are a student or newcomer, for example, credit card issuers will look at other criteria before approving your application.
You can check your credit score in several ways. If you’re an RBC customer, you can easily check it for free in Online Banking. You can also consult Canada’s credit bureaus, Equifax or TransUnion.
If your credit score is low, there are ways to improve it. You can still apply and get a credit card. Read on!
Three Ways to Apply for a Credit Card
There are three main ways to apply for a credit card: online, at branches of financial institutions or by telephone.
Online request Applying for a credit card online is quite simple. You must answer questions about yourself and submit the requested information. In some cases, you may be required to show proof of your income. Many credit card issuers approve online applications in just a few minutes.
Ideal for people who want to use the fastest way to apply for a credit card, who do not have limits or other specific requests and who have a simple income.
Branch request You can apply for a credit card at your bank or credit union. It’s best to make an appointment so an advisor can review your credit card options with you. The advisor can help you determine which credit cards you are eligible for and which best meet your needs. You must present paper copies of your identification and proof of income.
Ideal for people who want to discuss their credit card options with an advisor, such as students looking for a first credit card or people who have a specific limit request or a more complex income situation. New arrivals are invited to visit a branch, as additional information may be requested.
Request by telephone Applying by telephone can be a convenient alternative to applying in-branch. Indeed, an advisor will tell you how to send your identity documents and your income requirements. Additionally, it will introduce you to all the other steps you will need to follow.
Ideal for people who want to speak to an advisor, but who do not want to go to a branch.
Don’t know which credit card to choose? Review RBC credit cards or use the RBC credit card selector to find out which options are best for you.
A word from our lawyersA word from our lawyers
This article is intended to provide general information only and is not intended to provide legal, financial or other professional advice. Please consult a professional advisor regarding your particular situation. The information presented is believed to be factual and up to date, but we do not guarantee its accuracy and it should not be considered an exhaustive analysis of the subjects discussed. The opinions expressed reflect the judgment of the authors as of the date of publication and are subject to change. Royal Bank of Canada and its entities do not promote, either explicitly or implicitly, the advice, opinions, information, products or services of third parties.
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2024-04-01 15:53:57
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