Credit Card Eligibility

Credit Card Payment Offers 2230 views

Carrying huge amount of cash in your purse and living in fear that people will notice and the purse might get stolen? But, in the current age, people have several options which they can use as an alternative to cash. One of the popular replacement of cash is a credit card. The Credit Card is one of the most popular products which is used by people as a mode of payment. They no more depend on the orthodox method of carrying a pile of cash to meet their needs and make payment.. It fulfills your need of imminent requirement of money. The credit card eligibility is one of the important factors that helps you get one card for yourself.

The Credit Card is the miniature form of the loan, where a certain amount of credit limit is provided to you for a time period and you can use that amount for many purposes through the usages of the card. Every month a credit card bill is generated and you have to pay that bill on or before the due date. Till the time you pay your bill on time, no interest will be incurred on your expenses. This feature makes it more affordable than availing a loan. But, if you miss the due date or pay the minimum due amount, the interest rate will be charged by the credit card company. The credit card is like a box full of exciting features like reward points, cash back, extra travel miles, discounts etc. which encourages people to opt for the card. To apply for the credit card, one must know the eligibility criteria that is required.

Credit Card Eligibility of Top Banks

The eligibility criteria with respect to age, income and residential status can differ across banks in India. Taking this into due consideration, a table is made below showing the eligibility criteria of top banks that offer credit cards in India.

Banks Eligibility
State Bank of India (SBI)
  • The applicant should be an Indian National

  • The minimum age of the applicant should not be less than 18 years

  • The applicant must have a good credit score. Also, the applicant should not be a previous loan/credit card defaulter
  • The applicant should be either salaried employee or a self- employed person

  • The minimum and maximum age for a salaried employee is 21 years and 60 years respectively. The add-on card holder should be minimum of 15 years old

  • The applicant should have good credit score

  • The minimum annual income of the applicant in the case of a salaried individual is ₹1.5 lakh. In the case of a self- employed, the minimum annual income should be ₹2 lakh
Axis Bank
  • The applicant should be a resident of India or a Non- Resident Indian

  • The minimum age to have a credit card is 18 years and the maximum age is 70 years. The add-on card holder should be 15 years old
  • The applicant must be the resident of India

  • The minimum age of the applicant should not be less than 23 years. The minimum age for the add- on cards is 18 years

  • The minimum monthly salary should be ₹ 20,000 for the salaried individual. For a self- employed person the minimum annual income should not be less than ₹3 lakh

  • The credit score of the applicant should be good with no bad debts

Credit Card Eligibility Calculator

The answer to whether you are eligible to be handed away a credit card or not depends a lot on your income, credit history, age and various other factors. Of the factors mentioned, the income would be a vital part in not only deciding the credit worthiness of an individual but also the amount of credit limit to be sanctioned. Check out all such factors at a glance.

AgeYour age plays a key role in determining your eligibility. The minimum legal age should be at least 18 years. If you are under 21 years and want to get a card for yourself you should have a steady income or you need to have a co-signer who can bear all your expenses of the credit card bill.

Stable Income – The income of the applicant is one of the most important factors which is taken into account while determining his/her eligibility. It indicates the amount of credit limit that can be sanctioned to you by the credit card company. In order to secure a credit card, you must earn a regular income and should have stability in that income. If the card is taken for a minor, then the co- signer should have a regular income. It gives you the ability to pay the bills for your purchases.

If you opt to take the secured credit card then the regular and stable income is necessary. As a security, you have to deposit an amount of sum that is held as a security. The monthly income is not only the criteria rather your income should be high enough for you to pay off your credit card bill.

Positive Credit Score –It is one of the most integral parts of the eligibility criteria to get the credit card. The credit report is the base to get the card for yourself. It is generally based on the factor like how many cards you possess currently, the debts on each card, any previous loan taken, repayment history, missed any payment, if you have defaulted earlier, any bankruptcy charges etc. These factors are taken into consideration by the credit bureau and the score is given to you. This credit score is taken into consideration while the credit card company decides on the eligibility of the applicant.

To get a credit card with the credit score or no credit, one of the safest options is to get a secured credit card. The credit card company takes an amount before giving you the card, which they hold as the security and use the amount in case the cardholder defaults.

Less Previous debts –Any previous debts that are still pending can lessen your chance to get a credit card. As you know the credit card is a type of loan taken from the company for few days which needs to be repaid back to the company after a certain time. So, the previous debt can be a hindrance to pay the newly taken credit card. It becomes a risk factor for the lender as the borrower can face problem to pay back and can become a defaulter. Thus, if the debt amount is high then the chances of having your own credit card is less.

Co- signer –The co- signer is required if your legal age is not eligible for you to have a credit card and you don’t have an income to pay your bills. The co- signer is also asked when you take the bad debt credit card. They take the responsibility to pay off your bills in case you don’t. Your responsibility of paying the balance is equally shared by them.

Documents Required

The documents required by the credit card company are-

  • ID Proof-PAN Card/Driving Licence/Aadhar Card/ Passport.
  • Age Proof-PAN Card/ Aadhar Card/ Passport
  • Residence Proof-Utility bills/ allotment letters.
  • Bank Statement-Last 3 months bank statement/ last 6 months bank passbook.
  • Income Proof-Latest salary slip/ ITR/ Form-16.
  • Professional Information-Name of your employer, company address, Designation, Work address.

Now that you have the detailed information about the credit card eligibility, you can use them to get one for yourself. Do choose the card according to your purpose and requirement. Try to maintain the good credit score as it is key to get a credit card. The eligibility criteria must be fulfilled to get a credit card. You should shop around a bit and choose the one with more benefits. Enjoy your credit card with responsibility.

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