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Do you want a new credit card, but you're unsure how long it will take to apply, get approved and receive it in the mail?
Turns out there isn't one answer to this question. It all depends on the lender/issuer. While some credit card companies or lenders such as banks may offer instant credit approval or will make a decision on whether to approve you for a card the same day or within a few days business days, how long it will take to get it in the mail may vary.
We walk you through everything you need to know about getting a new credit card, from how long it might take for you to get approved to how long it could take for you to receive your new credit card.
Before you apply for a new credit card, you will typically need to gather and provide certain information, such as:
- Personal information: including your full name, date of birth, full address of where you reside, phone number, and ID
- Employment and income information: including your employer’s name, location, your occupation and status (example whether you are full-time or self employed), and your verifiable gross monthly income. You may need to provide verification of your employment and income amount.
- Debt or other payments that do not appear on your credit bureau: ex. spousal or child support payments
You can usually apply via an online application, over the phone or even in person if the credit card issuer or lender has a physical location or branch.
Once you've completed the application, things like your credit score, credit report, credit history, other debt, and your income is considered by the credit card issuer/company you applied with, to help them decide whether to approve your application and how much credit (the credit limit) to offer you.
Your credit score tells them how likely you are to repay the money that you borrow, and they use your income and information about other loans or credit cards you have to determine if you would have the capacity to take on and repay more debt.
Many of them will approve your credit card application in one to two days. However, some might take as long as a 5 to 7 business days.
Before you apply, make sure you review the details of the card, including credit card offers, balance transfer fees, cash advance fees, rewards available, annual fees and the interest rates that apply, before you decide what card to apply for so that you get the best credit card for you.
Explore what Scotiabank credit card could work best for you.
After you're approved for a new credit card, in most cases, you will have to wait for it to come in the mail (unless you are applying at a store retailer, and then they may allow you to use your account immediately after approval).
It can take up to 14 business days to process your information and get a new card to you.
Once again, most companies will list online or will tell you over the phone how long it is likely to take to get your card in the mail. Some may be able to ship it to you on expedited basis (but check first if there is any fee for this service).
Sometimes, you may have to pick up your card at a branch (for some banks) or a post office – that is done if the bank needs to verify more information about you to authenticate you (for example, this might happen if this is the first card or product you have ever obtained from this bank or if you recently changed your address).
Once you receive your card, you need to activate it before you can start using it. To activate your credit card, you typically have to call a toll-free number and answer a few questions to identify you. After that, it's ready to use.
Be sure to switch over any monthly charges you had on any out-of-date credit cards to your new card so that your services and subscriptions don't get disrupted, like automatic payments for your utilities or phone bills via your card.
You can also set it up so that your bank account automatically pays your credit card bill every month.
Whether you're in the process of applying for a card or have already gotten your card, here are a few ways that you can help you increase your likelihood of getting a credit limit increase (or higher limit):
- Pay your credit card on time: Paying your credit card on time consistently will increase your credit score and show your credit issuer that you're a trustworthy borrower.
- Keep your credit utilization under 30%: Your credit score may if your credit utilization (credit used vs credit limit) on your cards remains under 30% of your total credit limit. For example, if you have a limit of $10,000, you should ideally only have $3,500 outstanding on your card at any one time to optimize your credit score and help set yourself up for future credit limit increases.
Since your credit score is important when it comes to applying for a new credit card and how quickly you're approved for a card, here are some things you should know about your credit score.
While there are multiple ways that companies calculate it, many use FICO's breakdown. FICO scores range from 300 to 900 and is calculated based on payment history (30%), amount owed (30%), length of credit history (15%), credit mix (10%) and new credit (10%).
You can increase your credit score by doing things like:
- paying your credit accounts on time
- paying off debt or reducing your credit utilization below 30%
- reducing the number of credit card applications you submit
Scotiabank customers can check their TransUnion Credit Score for free any time. You can track your monthly score history and view your personal credit report.1
Wondering if applying for a credit card will lead to a lower credit score? The short answer is yes.
Every time you apply for new credit, and a company does what is referred to as a “a hard inquiry” (requests a credit report as part of your application) on your credit information, this is noted on your credit history, and your credit score temporarily goes down. That's because sometimes people having financial challenges apply for a lot of credit and that indicates they might be a credit risk. The good news is the amount that your score goes down by is often negligible, and it can recover relatively quickly if you don't apply for more credit.
For that reason, however, it's not a good idea to apply for a bunch of credit cards at the same time as each card application will have an impact on your score.
Getting new credit doesn't take as long as many people think it will, but it isn't necessarily an instantaneous process either. Even companies that may be able to approve you for a new card the same day, it could still take two weeks to receive your card. It's important to plan ahead when you anticipate needing a new credit card. Give yourself plenty of time so that you can choose the card that's right for you, not just the card that will arrive the fastest or give you the quickest credit card approval.
