Colors 
Quick Loan 
WhatsApp 
All the Credit Card is designed to give more to you. More points, more security, and more convenience.
To ensure that your credit card application is approved, you are required to meet the specific eligibility criteria set by the issuer company. The criteria, however, vary from one card to another. The important point to note here is that if you fail to meet the eligibility criteria, the issuer company might reject your application, which in turn might affect your credit score. Hence here we have listed the credit card eligibility criteria for top banks in India.
Fuel Surcharge Waiver
Save money when refueling by getting a discount on fuel surcharge.
State-of-the-art Security
Credit Card is baked in security, such that there’s an additional layer to protect your card from being counterfeited and duplicated. With this level of security every transaction becomes safer and life becomes easier.
Convenience
Why carry wads of cash around when you can pay with a simple swipe of your card? A Credit Card is one of the simplest ways to pay for anything – no more counting out change or writing cheques, just present the plastic! You can even link your card to your digital wallet, which allows you to scan and pay without even having to carry your card in your wallet.
Factors Affecting Credit Card Eligibility
Credit Score- Banks check your credit score at the time of card application. A credit score will outline your credit history, payment history, and payment defaults if any. Basically credit score lets the bank know how financially responsible you are.Â
Credit Utilization Ratio-Â This is another factor that banks consider at the time of credit card application. Credit Utilization Ratio is the ratio between the credit card bill and credit limit. Banks will see this ratio to check whether or not the person is credit hungry and if yes, their chances of credit card approval might be lower.
Credit Card/Loan Application– Customers who apply for multiple credit cards or loans at a time are seen as credit-hungry by the bank. There should be an advised gap of at least 6 months between credit card or loan applications.
Employment- An individual’s employment status affects eligibility for credit cards. Working with your current employer or organization for more than a year will make you appear credible and improve your chances of getting a credit card significantly.
Location-Â Banks also consider your address when they assess your eligibility for applying for a credit card. Some cards are only available to those residing in particular cities.
Credit Card Income Limit-Â Many credit cards have a specific credit card income requirement. You must earn a credit card eligibility minimum salary to fit in the eligibility to get credit cards. Moreover, income affects the credit limit assigned to the user.
Frequently Asked Questions
- What is eligibility for a credit card?
-
The basic eligibility criteria across credit card providers are: (i)customers must be over 18 years of age (ii)they should be earning Rs. 10,000 per month if they are employed (iii) self-employed people should be earning at least Rs. 2.00 lakh per annum (iv)employed applicants cannot apply for a credit card if they are above 60 or 65 years of age (differ from bank to bank). The above-mentioned criteria are for indicative purposes only. Actual requirements may vary from bank to bank.
- What is the minimum salary required to apply for a credit card?
-
The minimum salary for a credit card varies from one bank to the other. Moreover, the minimum salary required to apply for a credit card depends on if the primary applicant is a salaried individual or self-employed.
- Do credit cards ask for proof of income?
-
Yes, all banks will require proof of income to verify your employment status, whether salaried or self-employed. The latest salary slips, copies of your tax returns are some of the documents which can be submitted as proof of income.
