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Credit Card Eligibility

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What are the Eligibility Criteria for Applying for a Credit Card

Each card issuing company has different credit card eligibility criteria for its applicants. Some common criteria include parameters such as age, income, credit score, etc. If you do not meet these credit card 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:

1. Age of the Applicant

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.

2. Income

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.

3. Employment

Another factor that affects your 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.

4. Nationality

Some credit card companies have a strict policy of issuing credit cards only to Indian citizens or, in some cases, Non-Resident Indians (NRIs).

5. Credit Score

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.

How to Check your Credit Card Eligibility at Bajaj Markets

You can use the credit card eligibility 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.

Factors Affecting Your Credit Card Eligibility

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:

1. Credit Score

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.

2. Existing Debt

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.

3. Employment

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.

4. Location

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.

Credit Card Eligibility Criteria for Different Banks 

1. SBI Credit Card

  • You must be a resident of India

  • As a salaried individual, you should be 21 years or above

  • As a self-employed individual, you should be above 25 years of age

  • As a retired pensioner, you should be between 40 and 70 years of age

  • You must have a good CIBIL score

  • You should have a regular source of income

 2.Axis Bank Credit Card

  • You must be between 18 and 70 years of age

  • You must be an Indian resident or a non-resident Indian

  • You should meet the card-specific income requirements

 3. Citibank Credit Card

  • You must be between 23 and 60 years of age

  • You should meet the card-specific income requirements, which will vary for a self-employed and salaried individual

  • You must be an Indian resident

  • You must have a good credit score of 750 or above

 4. ICICI Bank Credit Card

  • You must be between 21 and 60 years of age

  • You should meet the card-specific income requirements

  • You should have a regular source of income

 5. Bajaj Finserv RBL Bank Credit Card

  • You must have a credit score of 750 and must not have defaulted on any credit card payments

  • You must not be less than 25 years and not more than 65 years of age

  • Your residential address must be on the list of locations where the credit card is being offered

FAQs on Credit Card Eligibility Criteria

  • ✔️What are the key factors affecting my credit card eligibility?

    Some of the important factors that determine your eligibility are age, income, employment, nationality, and credit score. The eligibility criteria for a credit card will vary based on the bank and the specific card variant.

  • ✔️What is the minimum salary requirement to apply for a credit card?

    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.

  • ✔️Which credit card can I get quickly?

    If you do not have a good credit score, you can easily apply for a secured credit card against a fixed deposit to get a credit card quickly. For e.g., Axis Insta EMI credit card, Bajaj Finserv RBL Bank Super Card, SBI Card Advantage Plus, etc.

     

    Also, if someone in your immediate family has a credit card, you can get approved for an add-on credit card easily and enjoy the same benefits as them. If you are a student, you can also apply for a student credit card such as the Bihar student credit card, West Bengal student credit card, etc. If you are a farmer, you can apply for the Kisan credit card (KCC) under the KCC loan scheme of the government.

  • ✔️How can I get a credit card immediately?

    You can apply for a credit card online via the Bajaj Markets website or app for easy approval. It may require a little time for verification and authentication. Once your profile has been evaluated and approved, your credit card will be dispatched immediately. However, do note that you must match the specific credit card eligibility requirements.

  • ✔️What is the minimum age to get a credit card in India?

    The minimum age to avail of a credit card is 18 years. This may, however, vary based on the bank and the card type.

  • ✔️What are the eligibility criteria to upgrade my credit card?

    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.

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