Options for Individual Customers
Financial institutions in Canada accept applications by residents and citizens of the age of majority. Banks are unlikely to approve your application if you have late payments. The interest rate offered depends on your credit rating. The application requirements vary from one bank to another, but rewards cards with many perks and incentives require high income. There are issuers that offer additional cards for a small annual fee or at no added cost. Some cards go with exclusive rewards and experiences and are offered to customers with solid credit. Applicants for a student card provide information such as whether they are domestic or international students, if they are landed immigrants or citizens, etc. Financial institutions also require work-related information such as occupation, income before taxes, and name of employer. The type of information banks request depends on the credit report, card of choice, and other details.
Best Canadian Credit Card and Documents and Requirements
Issuers also offer secured and unsecured credit cards to businesses as an alternative to LOCs and small business loans. As a rule, Canadian issuers request financial information such as occupation, business phone number, tax identification number, name of business, and others. The application must be filled by an authorized officer or the business owner. Authorized officers fill in a separate section. Many issuers are also interested in whether the company is non-profit or for-profit and if it is publicly traded. Specify the legal structure of the company as well – unincorporated association, sole proprietor, limited partnership, general partnership, LLC, C corporation, or S corporation. Many issuers require that the owner or authorized officer specifies their country of citizenship and residency, monthly housing payment, and occupation. Applicants also provide information such as income from second job, rent, investments, benefits, and superannuation. Some banks offer the option to check your application status online.
Customers are offered personal and business credit cards with airmiles and rewards points, zero balance transfer rates, and double and triple points on select items. Your FICO score is an important factor that shows whether you handle credit responsibly. Other factors include loan amounts and new credit.