What is the Eligibility for Credit Card?

Before you ask someone what are the requirements for credit card, you need to be eligible to secure a credit card in India. Various banks and financial institutions in India have created multiple credit card eligibility parameters that you need to pass to secure a credit card.

In this comprehensive guide we discuss various credit card requirements on the basis of minimum age, income, documents, social status, and other factors that could influence credit card eligibility.

Why Do You Need to Pass the Credit Card Eligibility Criteria?

Understanding and meeting the credit card eligibility criteria increases your chances of getting approved for a credit card. Here’s why it is important to meet certain eligibility parameters for you as an applicant.

If you’re wondering how to check eligibility for a credit card, don’t fret. It is usually done by banks or financial institutions or credit unions that issue the credit card to you.

What are the Requirements for Credit Card Eligibility?

The following factors are the most important credit card eligibility criteria.

Age Requirements

Before applying for a credit card in India, you should know what is the age limit for credit cards.

Income Criteria

Your income criteria are the next most important credit card eligibility parameters. Firstly, you must have a regular income to be eligible to secure a credit card for yourself.

Employment Status

Your employment status determines your credit card eligibility parameters too. 

Accounts

It’s true that accounts often serve as essential credit card eligibility requirements.

Credit History

A holistic credit history assesses the creditworthiness of the applicant and tests whether they can manage their credit cards properly.

Residential Status

Most banks and financial institutions check the residential status of the applicant before issuing a credit card.

What are the Documents Required for Credit Cards in India?

When it comes to the documentation to assess the credit card eligibility in India, you must keep the following handy.

How to Check Eligibility for a Credit Card in India?

When you apply for a credit card at a bank or a credit union, most of them have internal processes in place by which they verify the above credit card eligibility parameters.

Once they run their background check and obtain positive results, only then they will issue a credit card under your ownership.

Following this, you need to follow the basic steps to apply for a credit card in India.

Conclusion

Understanding your credit card eligibility criteria is the first step towards obtaining your credit card. Ensuring that you meet the minimum age for credit card in India along with other parameters such as residential status, employment status, credit history, income criteria, and others will improve your chances of approval. If you maintain a good credit history, it usually enhances your chances of obtaining a better credit limit and other favorable terms on your potential credit card.

What is the Eligibility for Credit Card - Related FAQs

The key credit card eligibility parameters are your age, employment status, income criteria, and residential status. Your accounts and credit history are also factors that are considered.

In India, credit card requirements don’t mandatorily depend on the applicant having a salaried job. If the applicant is a self-employed person like a business owner, a doctor, a CA, a practicing lawyer, etc.; they are eligible to get a credit card. 

If you have significant investments in your savings account or fixed deposits, mutual funds, shares, etc., you will be eligible to hold a credit card.

You can get add-on or supplementary cards for your spouse, children, and parents.

You can always determine the best credit card for yourself based on the following factors -

  • Maximum credit limit
  • Minimum interest on late payments
  • Maximum rewards and incentives
  • A credit card that fits your lifestyle

For most banks and credit unions, the minimum salary for a credit card is Rs.15,000 to Rs.25,000.

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