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 cater to as an alternative to cash. One of the popular replacement of cash is the usages of the 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 also has different features like reward points, cash back, extra travel miles, discounts etc. which encourages people to opt for the credit card. To apply for the credit card, one must know the eligibility criteria that is required.
Credit Card Eligibility Criteria - Factors that affect them
Age –The age is required to know 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. It indicates the amount of credit limit that can be sanctioned to you by the credit card company.the stability in the income or regular source of income is required to have a credit card for yourselves. If the card is taken for a minor then the co- signer should have the 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.
SBI Credit card eligibility
The State bank of India is one the largest bank of India. They offer you a wide range of credit cards like lifestyle, travel, rewards and shopping credit card. All of them have their own uses and you can opt according to your usages.
The eligibility criteria required to get a State Bank Of India Credit Card are:
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The applicant should be an Indian National.
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The minimum age of the applicant should not be less than 18 years.
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The credit score of the applicant should be good. Also, the applicant should not be previous loan/credit card defaulter.
The documentation and interest rate differ accordingly for the salaried individual and self- employed.
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.
HDFC Credit card eligibility
HDFC provides a number of credit cards to its customer based on their needs they can select the best one for themselves. They offer travel cards, lifestyle cards, cash back cards, women's cards, rewards cards, business cards, co- brand cards and segmented cards.
You can enjoy the interest- free credit limit up to 50 days. To avail an HDFC Credit Card, the eligibility required are:
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The applicant should be 21 years old and the maximum age should be 60 years. The add-on card holder should be minimum of 15 years old.
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The applicant should be a salaried individual or self- employed.
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The applicant should have good credit score.
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The minimum income of the applicant in the case you are the salaried individual is ₹ 1.5 lakh, and if you are self- employed your minimum income should be ₹ 2 lakh.
The documents required are
Personal information-Name, address, date of birth, gender, educational qualification, email address, contact details.
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.
Axis Bank Credit Card eligibility
Axis bank has come up with the travel cards, lifestyle cards, premium card, co- branded cards etc. It provides its customer with the best rewards and benefits and each card comes with the special features. To get an Axis bank credit card the eligibility required is
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The applicant should be a resident of India or Non- Resident Indian
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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 documents required at the time of application 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.
ICICI Bank Credit Card eligibility
The ICICI Bank has introduced many credit cards each of them are unique and made for different purposes. The credit card offers lifestyle benefits, travel benefits, cash back, rewards, payback and many more. The list of features and benefits is endless and you can choose the one which is suitable according to your usage.
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The applicant must be the resident of India.
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The minimum age of the applicant should not be less than 23 years. The minimum age for the add- on cards is 18 years.
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The minimum monthly salary should be ₹ 20,000 for the salaried individual. For the self- employed the minimum annual income should not be less than ₹3 lakh.
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The credit score of the applicant should be good with no bad debts.
The documents required at the time of application 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 are must to fulfill in order to get a credit card. You should shop around a bit and choose the one with more benefits. Enjoy your credit card with responsibility.