The Visa Signature Card offers additional benefits not available through a regular Visa card. Besides its cool black design, it has no preset spending limit, complimentary 24/7 concierge service, and offers many other perks. There are some very specific requirements for obtaining one.
You may apply online or through paper applications. Visa.com has links to all institutions offering the Visa Signature, so you know you are entering sensitive information on a legitimate site. Or you may apply directly through banking centres at banks which offer the Visa Signature.
To apply, you will need your name, your social security number, date of birth, residential address (most institutions require a U.S. residential address and do not allow post office boxes), length of stay at address, and your telephone number. If you are at a banking centre, you will need identification cards showing your identity (often two IDs are required).
More personal information
Mother’s maiden name and an e-mail address are often required for security purposes.
In addition, you will need to disclose the source(s) of your income and the amount of your income (i.e. your employment information). You will be asked your annual household income and your monthly rent or mortgage payment if applicable. This information is used to determine your credit limit. (While there is no preset spending limit, you are assigned an initial limit past which every transaction will be subject to independent approval.) You may be asked whether you hold checking or saving accounts with that institution. Income (and debt to income ratio) information is generally used to determine your credit limit. While Visa Signature's launch was targeted directly at America's "new affluent," i.e. U.S. households with more than £81,250 or more in annual income, individuals with less income but excellent credit have been approved.
Lastly, you will authorise by clicking online or signing on paper applications to certify the truth of your information. Your application then is submitted to be reviewed to be granted or denied based on your credit history. While banks generally do not disclose the lowest credit score at which they will approve an application, according to creditboards.com, the lowest credit score to receive a Chase Visa Signature within the past year (2009) was 683 and the lowest credit score to receive a Bank of America Visa Signature card was 703.