Credit Card Eligibility

Credit Score – Banks check customer’s credit score at the time of card application. A credit score will outline customer’s credit history, payment history, and payment defaults if any. Basically credit score lets the bank know how financially responsible a customer is.

Credit Utilization Ratio – 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. So a customer who spends more will have a lower credit utilization ratio. Banks will see this customer to be credit hungry and their chances of credit card approval will be lower than one who does not spend as much.

Credit Card/Loan Application – Customers who apply for multiple credit cards or loans at a time are seen as credit hungry by the bank. Banks and credit card providers do not want to give credit cards to such customers. There should be a gap of at least 6 months between credit card or loan applications.

Income – Many credit cards have an income criterion. Customers must earn a certain amount to be eligible for such credit cards. Moreover, income affects the credit limit assigned to the user.

Nationality – Only Indian citizens or Non-Resident Indians (NRIs) can avail Indian credit card.

The documents required for any credit card application are:

SBI offers wide range of credit cards with different usage criteria. And accordingly the eligibility criteria also vary. But for applying an individual should be

• An Indian resident
• Above 18 years
• And, should have a good CIBIL score

Axis bank offers many credit cards, the eligibility criteria for the credit cards are:

• They must be between the ages of 21 and 60 years
• Indian citizens only can apply
• Customers with prior relationship withthe bank should be earning Rs. 25,000 per month
• New applicants should be earning Rs. 50,000 per month in order to avail an Axis Bank credit card

ICICI credit card offers loads of features and benefits to users. To apply for their credit card applicants must meet the following eligibility criteria:

• Customer must be earning at least Rs. 15,001 per month
• Applicant should be between the ages of 21 and 60 years of age
• Credit history is not required in order to avail ICICI Bank credit card

HDFC bank has different cards with different benefits and features. Along with premium and cash back card it offers professional cards for doctors and teachers along with special cards for women.  For an HDFC card, the minimum eligibility requirements are

• Applicant should be at least 21 years old and not older than 65
• His annual income must be at least 2 lakh if salaried
• Customers who do not have a credit score can also apply

American Express offers both premium and basic credit cards. The eligibility criteria for these credit cards are:

• Age of the customer must be over 18 years of age
• The applicant’s income must be over Rs. 33,333 per month or Rs. 4.00 lakh per annum
• Applicant must also have a credit history

The eligibility criteria for Citibank credit cards are:

• Applicant must be over 23 years of age but below 60 years of age
• Customer’s income must be over Rs. 25,000
• Only people who have a credit history can apply for Citibank credit card

The eligibility criteria for IndusInd Bank credit card are:

• Applicants must be over 21 years of age but below 70 years of age
• Customer’s income should be Rs. 30,000 or more
• Customers must have a credit score

The eligibility criteria for HSBC Bank credit card are given below

• Applicants must be over 21 years of age
• Customers must be below 60 years of age
• Annual salary of applicants cannot be less than Rs. 4.00 lakh
• Customers who do not have a credit score can also apply

The eligibility criteria for RBL Bank credit card are:

• Applicants for RBL Bank credit card must be over 23 but below 60 years of age
• Customers must be earning Rs. 25,000 or more per month to be eligible for a RBL Bank credit card
• Customers who are new to credit cannot apply for RBL Bank credit card

The eligibility criteria for Standard Chartered Bank credit card are:

• Applicants must be over 21 years of age
• Salaried customer’s must be below 60 years of age whereas self-employed people should be below 65 years of age at the time of application
• Salaried employees must be earning Rs. 32,500 per month while self-employed must be earning at least Rs. 5.50 lakh per annum
• Only people who have a credit history can apply for a Standard Chartered credit card

The eligibility criteria for YES Bank credit card are:

• Applicants must be over 21 years of age but below 60 years of age
• Employees should be earning Rs. 25,000 per month while self-employed customers should be earning Rs. 5.00 lakh annually
• New to credit customers, who have never applied for a credit card or loan, can also apply

What is eligibility for credit card?
The basic eligibility criteria across credit card providers are:

• Customers must be over 21 years of age
• They should be earning Rs. 15,001 per month if they are employed
• Self Employed people should be earning at least Rs. 2.00 lakh per annum
• Employed applicants cannot apply for a credit card if they are above 60 years of age
• Self-employed customers can apply till they are 65 years of age. Some Banks allow customers to apply for a credit card till they are 70 years old

The above mentioned criteria are for indicative purposes only. Actual requirements may vary from bank to bank.

What are the eligibility criteria for HDFC credit cards?
The basic eligibility criteria for HDFC Bank credit cards are:

• Age of the customer must be between 21 and 60 years for salaried employees
• Self-employed applicant’s age bracket is between 21 and 65 years
• Minimum Salary requirements are:
  • Self Employed – Rs. 22,500 per month
  • Employed – Rs. 13,500 per month

What is the minimum salary required to apply for a credit card?
Applicants whose income is Rs. 15,000 or more can apply for a credit card. Do note that the income requirement depends on the bank and the credit card applied for.

Which credit card can one easily get?
Add-on card or Secured credit cards can be easily availed by applicants. Add-on cards can be easily availed by immediate family members of primary credit card holder. Secured credit cards are issued against a fixed deposit.

How can I get a credit card immediately?
One of the fastest ways to avail a credit card is through online application. Customers can apply for a credit card through Paisabazaar or through the bank’s official site. Customer can expect their credit card delivered within 15 days of card application.