Each card issuing company has different credit card eligibility criteria for its applicants. Some common credit card eligibility criteria include parameters such as age, income, credit score, etc. If you do not meet these credit card eligibility requirements set by the bank, your application might get rejected. To avoid this, this article helps you with everything you must know about credit card eligibility for some of the most popular banks in the country.
The credit card eligibility criteria may vary from one lender to another. Some of the important parameters are given below:
Using a credit card comes with a huge responsibility. As most individuals get a steady source of income only after a certain age, banks prefer having an age criterion to avoid defaults. Similarly, many card issuing companies may be reluctant against issuing credit cards to individuals beyond a certain age since their earning potential may decrease. You must be at least 18 years old to apply for a credit card.
Most credit card companies have a specific income requirement. This is because you must have a certain income to be able to use the card and repay the dues. Additionally, income also affects the credit card limit assigned to you. You must have a salary with minimum income of ₹1 Lakh to ₹3 Lakhs.
Another factor that affects your credit card eligibility is your employment status. Staying in your current job for more than a year can significantly improve your chances of getting a credit card. You must either be self-employed or a salaried employee.
Some credit card companies have a strict policy of issuing credit cards only to Indian citizens or, in some cases, Non-Resident Indians (NRIs).
Banks check your credit report at the time of card application. A credit score will outline your credit history, repayment history, and payment defaults (if any), and your overall credit behaviour.
You can use the eligibility for credit card checking feature available on Bajaj Markets to see which cards you are eligible for.
Step 1:Click on the ‘ Apply Now ’ option on the Bajaj Markets’ credit card page.
Step 2:Select your profession, enter your registered mobile number, your date of birth in DD/MM/YYYY format, and your name as per your PAN card.
Step 3:Click on the ‘Check Your Offer’ option.
Step 4:Validate with the OTP sent to your registered mobile number.
Step 5:You will be able to view the list of credit cards you are eligible for.
To make sure your credit card application is approved, you must understand the factors that affect your credit card eligibility online. Here is a brief list of such factors:
With a good credit score, you have a higher chance of getting your credit card application approved. If you have a low credit score, your online credit card eligibility application may be rejected or you may be offered a card with a lower credit limit.
Your credit card provider will also consider your credit utilisation ratio. Your current dues on your current credit card must not exceed a certain threshold, or it may affect the application process.
Working with your current employer or organisation for more than a year will make you appear credible and significantly improve your chances of getting a credit card.
Banks also consider your address when they assess your eligibility to apply for a credit card. Hence, some cards are only available to those residing in particular cities.
In most cases, having a monthly salary above ₹25,000 is good enough to get a credit card. However, it will vary based on the credit card type and whether you are a salaried or a self-employed individual. You can check the Axis Bank credit card, RBL Bank credit card, SBI credit card, ICICI Bank credit card eligibility requirements, etc., on the Bajaj Markets website/app to understand more.
The minimum age to avail of a credit card is 18 years. This may, however, vary based on the bank and the card type.
If you are looking to upgrade your existing credit card, you must have a good credit score, on-time payment history, and a stable source of income. All these things will help you to upgrade your credit card. You can visit the nearest branch of your bank to upgrade your credit card, or you can also request bank executives to visit your place. In addition to all these things, sometimes banks take the initiative to upgrade your credit card by knowing your interest and checking your credit card expenses.