4.3 When you will get your credit card

After you have filled in your application form, the credit card provider will need to perform a credit check to see how you have handled previous credit facilities. More specifically, they will want to see if you have defaulted on any previous debts or regularly made late payments.

If you have not met their acceptance criteria, the lender will write to you to inform you that your application has been unsuccessful and may suggest an alternative card to apply for.

If your application has been successful, the company will write to you to tell you. If you applied online they will send you a copy of your filled in application and a credit agreement to sign in person which you will then need to send back.

Once the lender has received this form they will send you your credit card and Personal Identification Number (PIN). Your credit card will come with a letter detailing your credit limit, your interest rate and a list of terms and conditions relating to your new credit account.

If you haven’t received your credit card in the time frame as specified to you by the credit card company, or if no time frame was specified, in a couple of weeks, ring your provider and tell them you have yet to receive your card. They will cancel the original card and send you a new one. If you receive the original card, you can cut it up and safely dispose of it because it will be void.

As soon as you receive your credit card, sign it on the signature strip. Most credit card providers now require you to activate your credit card once you have received it. To do this you have to follow the instructions on the label attached to your card or, if there is no label, the instructions in the letter received with the card.

Your randomly generated PIN number will be sent out separately to your credit card for security reasons. Once you receive your PIN number, you can change it at a cash machine to a number you are more likely to remember. You can then destroy the letter containing the original PIN.

Don’t take your PIN letter with you when you go to change your PIN.

If you choose not to change your PIN, memorise the number and then destroy the letter.

Back to Guide to Credit Cards Contents

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