What Is The Eligibility To Apply For a Credit Card?

Hong Kong Credit Card – The eligibility to apply for a credit card from an established bank or a credit card company, simplistically put, is the credit worthiness of an applicant. This being fundamentally the only consideration for a credit card company or a bank to offer a credit card, is not, in truth, the only factor that decides the outcome of the application though. Pay, the nature of residency in Hong Kong, collateral, the relationship you have with your bank and its relationship with the card issuer, if the card issuer is not a bank, all come into play when applying for a credit card in Hong Kong.


Here Is a Check List-( not a fool proof one though)

Income: Income, as a criterion, differs from card issuer to card issuer. For a non Hong Kong resident this again may differ. A foreigner staying in Hong Kong for sometime may become eligible on a certain income while his or her colleague with the same income may not qualify. Proof of income too varies. A pay stub may work for some banks while for others a full set of salary credits on statements is required.

Credit History: Income alone does not testify for a person’s proclivity to pay regularly, but a credit history is technical proof that someone who has taken a loan has paid back consistently or is paying back without fail month after month. The process of credit rating differs from bank to bank and from card issuer to issuer. By and large, while the rating system differs, missed payment, delayed payments, defaults etc invariably reflect poorly on your chances to get a credit card sanctioned.

Also, Check: Tips For Credit Cards Management

Residency status:  In Hong Kong there still are banks and credit card issuers that emphasize quite a bit on the residency status. Some do not ask expressly for a permanent residence status, some ask for it to be produced merely on paper and then there are others that simply don’t budge if the applicant is not a permanent resident. However, it is not uncommon for even the big established banks to settle for a Hong Kong ID card and simple proof of income that comes with a job contract.

This check list enumerates areas that one needs to consider while making an application but it is always best to reach out to a bank or card issuer to check for eligibility, with your personal details duly filled in. Since it happens a lot on case to case basis, the information you furnish in the application will be the deciding factor.

Credit Card Eligibility – Banks like Citi bank Hong Kong make the application process simpler by not only allowing one to compare cards but also apply online with relevant information. The information you furnish online will be the first eligibility check and doesn’t actually call for you to visit the bank in person. Online application is popular and is a faster way of knowing which card to go for and which card one is eligible for.


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