Credit Card Eligibility: Check Eligibility Criteria & Apply Online

The eligibility for a credit card varies from issuer to issuer. However, there are a few factors that primarily decide your eligibility for a credit card. Below mentioned are the details regarding the same:

Credit Score: The card issuer checks your credit score at the time of card application. A credit score is decided based on your credit history, payment history, and payment defaults, if any. Usually, the card issuer prefers to give a credit card to people with a good credit score, preferably above 750. However, there are few entry-level credit cards available in the market that are designed for people with no credit history.

Credit Utilization Ratio: This is another factor that your card issuer considers while evaluating your credit card application. Credit Utilization Ratio (CUR) is the ratio between the credit limit you have used to the overall credit limit. It shows how much of your available credit limit you are using. It is good to keep your CUR as low as possible because a higher CUR reflects that you are credit hungry. Therefore, you should never max out on your credit limit as it can impact the chances of your credit card approval.

Suggested read: Tips for Lowering your Credit Utilization Ratio

Credit Enquiries: Whenever you apply for a loan or credit card, the lender requests the credit bureau for your credit report, such requests are known as ‘hard enquiry’. Submitting multiple hard enquiries in a short period of time can lower your credit score. You must try to avoid multiple hard enquiries and explore various options while applying for a credit card. There should be an advised gap of at least 6 months before applying for another credit card/ loan.

Employment: Your employment status at an organization also 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. On the other hand, switching multiple jobs in a short span of period shows that you are not reliable and might hamper the chances of approval.

Location: Credit card issuers also consider your address when they assess your eligibility while applying for a credit card. Some cards are only available to those residing in particular cities. Therefore, before applying for a credit card, you should check whether that card is offered in your city or not.

Credit Card Limit: The credit card limit is decided based on your income, credit score, payment history, credit history and a few other factors. The credit card issuer decides your credit limit while assessing your application. Therefore, you must meet the minimum income requirement as per the credit card you are applying for.

You can click on the below-mentioned links to check the eligibility for the credit cards offered by top credit card issuers:

The documents required to apply for a credit card usually depend on your credit card issuer. Below-mentioned is the list of documents that you may need to submit to avail a credit card:

• Duly-filed application form
• Passport-size photographs
• Identity proof
• Address proof
• Latest salary slips
• Bank statement
• Form 16
• Annual ITR (if required)

Read in detail: Documents Required to Apply for a Credit Card

You can also apply for a credit card through our platform as per your eligibility. All you need to do is follow the below-mentioned steps to check the pre-approved credit cards:

Step 1: Click here and enter your mobile number to start the application process.

Step 2: Enter the OTP received on the given mobile number to check pre-approved offers.

Step 3: Compare and select the credit cards that suits your requirements the best.

Step 4: Apply for the relevant credit card and provide documents to complete the application process.

Q. How to check credit card eligibility?

A. To check your credit card eligibility, you may directly contact the card issuer. Alternatively, you may check your eligibility and find pre-qualified offers at Paisabazaar. Start by filling out the application form at the top of the page.

Q. How can I check business credit card eligibility?

A. The eligibility requirement for a business credit card may vary across issuers and cards. You may check your eligibility with the respective provider.

Q. What is the credit card eligibility for the self-employed?

A. In general, self-employed individuals aged between 18 and 65 years can apply for a credit card. Lenders also require a minimum ITR filing per annum that varies across the card type. Usually, low annual fee cards have an easier eligibility condition.

Q. What should the CIBIL score be to be eligible for a credit card?

A. Credit card issuers offer credit cards to individuals with a good credit score of 750 and above. 

Q. What should be the age to be qualified for a credit card?

A. The minimum age requirement to apply for a credit card is 18 or 21 years and may vary depending upon your profile (whether salaried or self-employed), card type, and issuers’ internal policies.

Q. Can a student apply for a credit card?

A. Yes, students can apply for credit cards that do not require income proofs as a necessary document, for instance, secured credit cards.

Q. Is a bank account necessary to apply for a credit card?

A. No, it is not necessary to have a bank account to avail a credit card with an issuer.

Q. What is the eligibility criteria for HDFC credit cards?

A. The basic eligibility criteria for HDFC Bank Credit Card is that your age must be between 21 to 60 years if you are a salaried employee. For self-employed applicants, the age bracket is between 21 to 65 years. Apart from this, you must be an Indian resident to avail a credit card.

Q. What is the minimum salary requirement to apply for a credit card?

A. The minimum salary requirement for a credit card varies from one credit card issuer 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.

Q. Do I have to submit income proof to avail a credit card?

A. Yes, all credit card issuers 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.

Q. Can I get a credit card on the same day as applied?

A. No, credit cards cannot be given on the same day as the application. To process the application and verify documents, credit card issuers take up to 7 days. It takes up to 10 working days from the date of application to receive the credit card at your registered address. However, it also varies from issuer to issuer.

Q. What are the key factors affecting my credit card eligibility?

A. Your credit card eligibility is primarily determined based on several factors, including credit score, income, age, employment type, existing relationship with the credit card issuer and other debts. A good credit score plays an important role in getting a credit card as per your requirements.

Q. Can I get a credit card even if I am not a salaried person?

A. The primary criteria for a credit card is your credit score and income. It is not necessary that you have to be a salaried individual. As long as you can submit proof of a stable income, you can get a credit card. You can also apply for a credit card if you are self-employed. However, in such cases, you need to submit an annual ITR as income proof.

Q. How is the credit limit on my credit card determined?

A. The credit limit on a credit card is determined based on your income. The credit limit is usually a multiple of your monthly net income. Apart from your income, your debts, payment history and credit history also play an important role in deciding the credit limit.

Q. How can I increase the credit limit on my credit card?

A. The credit limit on your credit card is initially based on the income you have submitted in the application form. Later, when your income increases, you can approach your credit card issuer and ask them to increase your credit limit. However, your credit limit will be increased as per the eligibility.

Q. Do I need to be a customer of the bank to apply for their credit card?

A. No, it is not mandatory to have an account with the same bank to avail a credit card. All you need is a good credit score, decent payment history, stable annual/ monthly income and low debts to be approved for a credit card.