Obtaining a credit card is not necessarily obvious as one might expect. However, it is a credit that requires responsibility and the ability to manage one’s own finances. However, if your online bank says ‘credit card application rejected’, you should not be discouraged, the benefits of credit cards are worth applying for. Instead, think about the reason for the rejection. This is how you can prepare it for your next application.
You can find the best benefits by comparing cards, for example, in our unbiased and comprehensive credit card comparison:
Income level and credit line
Credit card companies usually require regular income to obtain a credit card. This may seem funny when it comes to something as casual as a credit card, but remember that credit is always borrowed money. Being in debt for credit is not good for the credit card holder or its provider. Fortunately, credit cards can also be used wisely and profitably, and using a credit does not automatically mean debt.
In addition to paid work, regular income can be, for example, retirement income, but a non-income student should not be discouraged. Certain credit card companies also offer cards to students, although it often requires at least 90 credits. Students are encouraged to take advantage of these offers, as obtaining a card can be more challenging due to income requirements when newly graduated and unemployed.
Your credit card always has a credit line that tells you how much credit you can use at any one time. If your credit card application does not go through right away, you may have applied for too high a credit line. Re-adjust your credit line to your own income and try again!
General terms and conditions for earning a credit card
In addition to your regular income, you are likely to meet a couple of general conditions. These are:
- age: Credit card applicants must be at least legal age, but sometimes the age limit may be higher.
- place of residence: You must have a permanent address in Finland to get a credit card. If you live abroad, your credit information cannot be verified as well as in Finland, your credit card company cannot verify your solvency.
- clean credit history: You may not have default payment records if you want a credit card.
Different requirements for different cards
If your credit card application was declined, don’t be discouraged. The requirements of credit card companies vary, for example, depending on the characteristics of the cards. So, once you have wondered why your application may have been rejected, you can look at the other cards and their requirements. However, with a credit card you can have access to travel insurance, loyalty programs or purchase protection, so it is a good idea to apply!
The benefits and terms of credit cards can be easily compared in our credit card comparison!