After learning about some of the basic benefits of credit cards, you may be thinking about applying for one. Here is a simple introduction to the credit card application process.

What You Need to Prepare

For a standard personal credit card application, you will generally need the following:

  • SSN: Commonly known as a US Social Security Number. For many students, you can get an SSN through on-campus work or by working as a TA or RA.
  • Income: If you have no ability to repay, why would a bank lend to you? Income here can include wages or financial support from your family.
  • Credit history: If you have previously had a credit card or a loan, then you already have a credit history. If you have none at all, it is still possible to get approved for a credit card with 0 credit history.
  • Home address: Most banks do not accept rented mailboxes, such as a UPS mailbox, as a mailing address. So just use the place where you actually live, whether that is a dorm or an apartment.

The Online Credit Card Application Process

Once you have your materials ready, you can fill out an application on a bank's website, or apply directly at a bank branch. Below, we use the Chase Freedom credit card as an example:

Basic Information

  • Name: Note that First Name corresponds to your given name, and Last Name corresponds to your family name.
  • Address: Enter your current residential address. In general, it cannot be a PO BOX. If you recently moved, using a new address may result in a call from the bank to verify your information.

Income-Related Information

  • Type of Residence: This refers to whether your current home is rented or owned. If you select rent, you will need to enter your monthly rent payment.
  • Gross annual income: This means your yearly income, such as salary or investment income. You may also include money given to you by family members or money they use to help pay your bills.
  • Source of Income: Where your income comes from. For example, if you have a job, you can enter Employed. Students can enter student. If you work on campus, such as as a TA or RA, either may work depending on the situation.
  • Employer: Enter your employer's name. If you do not have a job or are self-employed, it may be fine to leave this blank.
  • Select the types of accounts you own: If you have a checking or savings account in the US, check the appropriate boxes.

Note: Financial information is an important factor in whether a bank approves your credit card application. If your income is too low or you do not have a job, it can be harder to get approved. However, no single item is usually decisive. Banks generally look at your income after housing costs, the stability of your income source, and your deposits or bank accounts, such as checking or savings. Personally, I do not recommend overstating your income just to improve your approval odds, but I do think it is reasonable to include family support on top of your regular income when appropriate. Be especially careful when reporting income on an AMEX credit card application (more on that below).

Personal Information

  • Phone and Email: Use the phone number and email address you use most often. When you call the bank, your phone number may be used to identify you. Sometimes, if a purchase is declined, you may also receive a call so the issue can be resolved.
  • Date of Birth: Enter your birthday and make sure the format is correct.
  • Social Security Number: Be careful not to enter this incorrectly, or it can create a lot of trouble.
  • Mother's Maiden Name: This is essentially a security question used for verification. Just enter an answer you will remember.

Reviewing the Application, Terms, and Other Items

  • Authorized User: You can add another person as an authorized user on this card. They will receive their own card and can also make purchases with it. Keep in mind that those purchases will appear on your main account, and you are responsible for paying them.
  • Balance Transfer: You can transfer the balance from another credit card to this new card. Note that there is usually a 3% fee, and you may also have to pay interest.

At the end of the application, there are usually some bank terms and conditions that you must agree to. You can review them, then check the box before submitting your application.

Things to Keep in Mind

  • How to fill out Income: If you already work or have a TA or RA position, you can use the amount shown on your W2. If you are a typical student, you can estimate based on tuition plus living expenses. Keep in mind that bigger is not always better. If you report too much and the bank later determines that you misrepresented your information, that can create problems. For AMEX, it is best to report income based on your tax forms whenever possible.
  • Resident status: Some banks ask about this. If you are a Chinese national, you can generally enter China here (for example, if you are on F1 status).
  • Applying by phone or at a bank branch: The information required is basically the same. At the end, the representative will usually read the credit card terms to you, and you will need to give your verbal consent.

Waiting for Review

After you submit the application, the bank will review it. Your application may be approved immediately (instant approve), or it may require additional review. You can:

  • Call to check the status of the review
  • Request a faster manual review

After Approval

Congratulations. Once the bank approves your application, it will usually mail the card within 2-3 days, and you should receive it within 2-10 business days. Most standard credit cards are sent by regular USPS mail to your mailbox. Some premium credit cards may be shipped by UPS or Fedex instead. In any case, keep an eye on your mailbox each day so you do not miss it. After that, follow the instructions in the letter to activate your card, and you will be ready to start using it.