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A low interest credit card application is no different than any other type of credit card application required to be completed for the issuance of a card. There is nothing particularly special or unique about a low interest credit card application. The type of information requested in these cards provide the basis for the credit card issuers decision and helps them determine your interest rate and credit limit. All of this is based on the information you provide subject to verification.
Online Applications
Most all credit card applications are completed online. This is advantageous to the credit card applicant and company because it allows for a faster processing and decision regarding the applicant’s status. As soon as the information is provided online, a decision can be made almost instantly.
Basic Biographical Information
The first section requires the applicant to disclose certain biographical information. This includes the applicant’s full name and middle initial, their date of birth and social security number. The information provided in this important section is subject to verification in accordance to the provisions of the USA Patriot Act. The social security number is especially important because the credit card issuer uses this number to verify the applicant’s credit rating. Low interest rate credit cards are generally only available to people with very good credit ratings.
Financial Information
The next important section of a low interest credit card application is the section addressing an individual’s financial information. The application will ask the applicant to provide information concerning a person’s banking relationships, including savings, checking and/or money market accounts. This information helps the credit card issuer determine the financial ability of the applicant and helps with the decision making process.
Employment Information
The application will also have a section for the individual applicant to provide information concerning their employment status. Individual’s with jobs that can be verified stand a better chance qualifying for a low interest credit card than those with no verifiable sources of income or employment. This is yet another important section of a low interest credit card application.
These sections of a low interest credit card application closely mirror the sections of a regular application for a credit card. Whether completed online or on a paper-based application that is mailed to the issuer, the information required to make an assessment of an individual applicant’s creditworthiness is the same as well as the process for considering an applicant’s qualification for a low interest credit card.
