fb

Best Credit Card in a few click

Application for

credit card
star-not-eligible
Annual Fees
₹ /-
star-not-eligible
Joining Fees
₹ 500/-
star-not-eligible
Recommended Credit Score
Check your credit score here toolip

Are you eligible? Let’s check

credit card

Your Data is safe with us

We use 256-bit encryption for your personal information and data.

Apply Now

Best Credit Card in a few click

  • Account
  • Personal Info
  • Professional Info
Don’t Fear, Click & Check Your Eligibility Here!

You know when it comes to getting a credit card, understanding the process of eligibility criteria closely stays an utmost priority. If you are a cardholder or trying to be a potential card holder you must precisely know how the eligibility process works. Undeniably, every card or bank has its own set of criterias which further help determine if a borrower is a suitable candidate for a particular type of credit card.

In the list of criterias, some remain typical, like age, income level, employment status, credit score and geographical location. You must be thinking why is it so essential to discuss the criterias beforehand. You know understanding this in advance will not only help you save time but it will also enhance your chances of approval. Once you know the criterias better you will be able to pick a card that will align best with your financial situation and lifestyle. Also, you don’t want a negative impact on your credit score with multiple rejections by applying for the wrong credit card or loan plan!

What Does Eligibility Criteria For Credit Card Means?

Anybody applying for a credit card from a bank needs to understand the eligibility rules. These are benchmarks banks make use of to figure out in case you qualify for a credit card. They might include your age, income and credit rating.

Knowing these prerequisites enables you to pinpoint the cards you probably qualify for, helping you save time and also possibly harming your credit from unsuccessful applications.

While eligibility criteria across major banks typically align, there might be differences along the banks' internal policies. Nevertheless, the underlying factors impacting these criteria are consistent. Let us examine the variables which determine an applicant's credit card eligibility. The process is dependent upon your career profile, whether business-oriented or salaried and factors including your yearly income and current financial responsibilities.

What Are The Factors That Impact Credit Card Eligibility Criteria?

In the process of obtaining a credit card, banks consider a bunch of factors to decide in case you qualify. They include age, income, credit rating and even your locale. Mastering these facets can easily streamline your application and boost your chance of success. Following are the factor mentioned in detail for your better understanding-

  1. Age- Age stands as the inaugural checkpoint. Nearly all credit card companies establish a minimum age of eighteen years. Take SBI cards for example- To cross this hurdle, aspirants must be 21 years-old; for some cards like ICICI Bank it requires slightly more than 21. Crossing this age threshold begins your eligibility quest.
  2. Income- The next crucial factor is your income. Stable financial inflow is needed for approval. For instance, HDFC Bank and others may levy a salary of Rs. 25,000. But this criterion might differ for self-employed people or among various banks. Consequently, the particular income prerequisites of each institution must be determined.
  3. Work Status- Your work status (self-employed or salaried) also impacts your eligibility spectrum. HDFC Bank could cater cards to salaried professionals while ICICI Bank might offer an array for the self-employed. Knowing your employment status lets you pinpoint the right cards to enhance your approval chances.
  4. Credit Score- Your credit score is critical to the evaluation process. This particular numerical representation of your creditworthiness is pivotal. For instance ICICI Bank might need a 600 credit score to be eligible. While these thresholds vary among banks, building a healthy credit score helps your candidacy universally. Hence, diligently cultivating a sterling credit history is paramount.
  5. Geographical Location- Lastly, your geographical location can wield influence. Even though Axis Bank might expand its credit card services nationwide, IDFC Bank might have more nuanced eligibility criteria. Knowing regional nuances helps you refine your strategy and align yourself with banks whose criteria match your locale.
What Are The Documents Required For Eligibility Process?

A credit card requires certain documentation that banks require. Clarity on these prerequisites ensures a seamless application process. The list of usually requested documents, broken down by applicant category is given below-

Universal Requirements
  1. Duly filled application form
  2. Recent passport size photographs
  3. Identity proof (PAN card, Aadhaar card or passport)
  4. Proof of residence (utility bills or driver's license)
For Salaried Individuals
  1. Latest salary slips and Form 16
  2. Bank statements showing recent transactions
For Self Employed Individuals Only
  1. Evidence of income
  2. Current accounts statements
  3. Documentation verifying business ownership
For Students
  1. Valid student ID card (needed for student credit card applications)

Note that particular documentation requirements might differ across banks.

Why Is Knowing Credit Card Eligibility Criteria Important?

Understanding the credit card eligibility criteria is crucial for many reasons, and to start with here are the top 5 reasons-

  1. Preservation of Credit Score- Understanding these criteria helps you sift away cards out of reach, protecting your credit out of needless hits.
  2. Enhanced Approval Odds- Knowing eligibility rules increases your likelihood of getting a credit card approved.
  3. Time Efficiency- Knowing the criteria narrows your search down to cards that satisfy your eligibility which further helps you save time
  4. Financial Planning Precision- Knowing your needed income levels or credit scores helps you plan your finances.
  5. Tailored Card Selection- With that knowledge, you can select a card which suits your spending and lifestyle to generate maximum benefits and rewards.

If you wish to check your eligibility, just trust MoneyBip and get started….

Having Trouble Choosing A Products? Let’s Connect product