These are forms or procedures through which a person requests a credit card from a financial institution, providing personal, employment, and financial information so the bank can evaluate their eligibility.
Main elements:
- Personal and contact information of the applicant.
- Financial and employment information.
- Credit history and references.
- Acceptance of the bank’s terms and conditions.
Importance:
- Allows access to revolving credit and financial services.
- Facilitates building or improving a credit history.
- It is a prerequisite for card issuance and the allocation of credit limits.