Eligibility Criteria for a Credit Card

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Key Highlights of Credit Card Eligibility

Here are some of the eligibility criteria necessary to secure a credit card in a nutshell:

Age	You should be at least 18 years old. Age eligibility differs from bank to bank.
Income	Individual banks set the minimum monthly salary, annual income or fixed deposit against which the credit card is issued.
Employment	Most banks give credit cards to salaried or self-employed individuals and business owners.
Interest Free Period	Up to 55 days. This number can differ from bank to bank.
ATM Cash Withdrawal Charges	These charges range from 2.0% to 3.5% of the amount withdrawn.

Factors Affecting Your Credit Card Eligibility

Credit card eligibility depends on different factors. Some of these are outlined below:

Your Age: Most credit cards are available only to applicants aged 18 or older. However, the exact credit card eligibility criteria will vary from one bank to another. So, check this factor before you apply.
Your Credit Score: Your credit score is a 3-digit number ranging from 300 to 900, and it indicates your creditworthiness. The higher your credit score is, the better. Typically, credit card issuers prefer applicants with a credit score of 750 or higher.
The Nature of Your Employment: Your employment status also affects your credit card eligibility. A stable job is a favourable sign for credit card issuers. If you are self-employed, you may need to prove that you earn steady profits or revenue to be eligible for credit cards.
Your Income: Your income level also influences your credit card eligibility. It also affects the credit limit that you will be eligible for. The higher your income, the more your credit limit will typically be. So, if you have alternate sources of income, let your credit card issuer know about it.
Other Factors: Other factors like your credit utilisation ratio may also affect your credit card eligibility. Some banks and credit card issuing entities may also check the location of the applicant before giving their approval.

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FAQs on Credit Card Eligibility

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.

Yes, most banks will ask you for a proof of income to check your status of employment. This tells them whether you are a salaried or self-employed professional, or run your own business. It also proves to the bank that your income is sufficient so that you can pay off all your monthly credit card bills. Documents that can be submitted as income proof include tax return copies and salary slips.

An income of more than ₹25,000 is generally preferred. However, you can check the credit card eligibility criteria set by different banks and financial institutions. If any credit card issuer offers cards to applicants with a salary of ₹10,000, you can proceed to apply for the same.

The credit card limit is set by the credit card issuer. It depends on factors like the income and the credit score of the applicant. To get a high credit limit of ₹1 Lakh, you can ensure that you have a high credit score and a good credit profile. If your income has recently increased, you can let the card issuer know this, so you may be eligible for higher credit limits.

No, credit cards are generally not issued on the same day you submit your application. This is because banks and other entities that issue credit cards need time to verify your credit card eligibility and approve your credit card application.