Online credit card applications

Ldimes on 01/07/2014 - 07:37

Hi all,

I was looking at NAB's balance transfer offer, which is 0% interest for 15 months, seems pretty good. The thing is, it is only available online, and it says you can get a response in 60 seconds.

My question is, how do they check with your employer?? How can they determine your application in 60 seconds AND check with your employer? Or do they not check with the employer at all? Or do they just send you a response saying 'pending verification with your employer'?

Any help would be much appreciated, thanks.

The link is here:

http://www.nab.com.au/personal/campaigns/credit-card-affiliate-premium?ps_kwcid=QdHFdL7z|dc

Financial

Comments

  • rockman117 on 01/07/2014 - 08:24
    +1

    When I applied for 28 degrees they just asked for my two latest payslips.

  • Smulder on 01/07/2014 - 09:32
    +5

    Usually, you enter your income, then they accept your application based on that, conditional on you confirming your income by supplying payslips etc at a later time.

  • dimes on 03/07/2014 - 21:53

    Thanks rockman and smulder.

    I have another question - does the balance transfer bank make any contact/inquiries with your current credit card bank? By that I mean, does one bank call up the other to confirm the balance of your credit card? Or do they just pay the amount that you tell them is owing?

    What if I have a $5000 balance on my credit card, and tell the balance transfer bank that my I need a $10,000 balance transfer? Does the balance transfer bank just send $10k to my current bank without checking?

  • Baysew on 04/07/2014 - 19:22
    +1

    Depending on the bank, you will most likely get a decision in 60 seconds and won't have to provide payslips or confirm income. This varies between banks and policies on different applications.

    Yes they will transfer what you request without any reference back to the other bank.

    See similar deal with ANZ Oz B

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