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. 

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. 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- 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- 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.

SBI Credit Card Eligibility

HDFC Credit Card Eligibility

ICICI Credit Card Eligibility

Citibank Credit Card Eligibility

Standard Chartered Bank Credit Card Eligibility

YES Bank Credit Card Eligibility

Axis Credit Card Eligibility

HSBC Credit Card Eligibility

RBL Bank Credit Card Eligibility

IndusInd Bank Credit Card Eligibility

What is eligibility for a credit card?

The basic eligibility criteria across credit card providers are:

• Customers must be over 18 years of age
• They should be earning Rs. 10,000 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  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 are the eligibility criteria for HDFC credit cards?

The basic eligibility criteria for HDFC Bank credit cards are:

• The 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

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.

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

No, credit cards cannot be given on the same day as the application. To process the application, verify documents, banks 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.

 What are the key factors affecting my credit card eligibility?

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
• Other debts

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

The primary criteria for a credit card are your credit score and income. It is not necessary that you have to be a salaried individual. As long as you can submit proof for a stable income, you can get a credit card.

How is the credit limit on my credit card determined?

The credit limit on a credit card is usually determined based on your income. The credit limit is usually a multiple of your monthly net income.

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

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 the bank for an increase in the credit limit. They will increase it based on your latest income.

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

Not necessarily; most banks offer credit cards to non-customers too.