Karnataka Bank Credit Card Eligibility

Age – Karnataka Bank has set age restrictions on its applicants because credit cards are given to those customers who have an income source. Hence, credit cards are not given to people who are below 21 years of age. Also, the upper limit for the credit card applicant is 65 years as by this time people usually retire.

Income – Karnataka Bank gives credit cards to only those individuals that have a regular source of income. To establish their source of income applicant will have to submit their Salary Slips of the past three months. Self Employed People will have to show Income Tax Returns (ITRs) of the past year.

Employer – Karnataka Bank has a banking collaboration with SBI Card and hence follows the guidelines set by SBI Card. So a customer who doesn’t have a credit score but wants a Karnataka Bank credit card can get it as long as they are working in SBI approved organization. Customers who have a credit score report don’t have to face employer restrictions.

Credit Score – Credit score greatly benefits applicants as banks are generally hesitant to extend credit cards to those without it. Also, premium credit cards are not given to users who don’t have a credit score. Customers with a credit score above 750 have a greater chance of securing a Karnataka Bank credit card.

The documents required to avail a Karnataka Bank credit card are given below:

The chances of approval for a Karnataka Bank credit card are dependent on a few factors these are:

Income – Credit limit assigned to the user is dependent on their income. Also, certain cards have a minimum income requirement. If customers do not meet them then they will not be able to avail that card.

Prior Relationship – Applicants that have an existing current, salary, or savings accounts with the bank have a better chance of securing a credit card. Prior relationship lets the banks know about the customer’s banking habits.

Credit Score – It lets the bank know how financially responsible an applicant is. Customers who have a good repayment record have a better chance of securing a credit card. While customers who do not make timely repayments or have applied for multiple credit cards or loans have a harder time securing a credit card.

Age – Age of the applicant is also one of the factors that decide the eligibility of a person to get a credit card. Customers who are between 21 and 65 years of age only can apply.

Who can apply for Karnataka Bank credit card?
Indian citizens who are above 21 years of age but below 65 years of age can apply for Karnataka Bank credit card. Do note that the applicant must also meet the individual credit card’s eligibility criteria.

Does a prior relationship with the bank help user’s eligibility for credit card?
A prior relationship is not mandatory to avail a Karnataka Bank credit card. However, having a prior relationship will only benefit the user. Many a times bank do not seek re submission of KYC documents, PAN Card or ITR filings as they were already submitted at the time of starting the old account.

How many credit cards does Karnataka Bank provide?
Currently Karnataka Bank only provides two credit cards. These cards are provided in association with SBI Card. The cards are; Karnataka Bank SimplySAVE SBI Card and Karnataka Bank SBI Platinum Credit Card.

How can one apply for Karnataka Bank Credit Card?
Karnataka Bank credit card can be applied for by visiting the nearest Karnataka Bank branch. Once there the customer can contact a bank official who will guide them in the process.

What is Minimum Amount Due on Karnataka Bank credit card?
The minimum amount due on Karnataka Bank SBI Card is 5% of the total outstanding amount. Additionally, EMI on loan plans, if any, and taxes also need to be paid.