To be eligible for a credit card, you need to be met specific eligibility criteria, which may vary depending on the issuing bank. You must be at least 18 years old and have a regular source of income, such as a job or business. Additionally, a good credit score is typically required, which is a measure of your creditworthiness based on your credit history and other factors. If you don’t have a good credit score, the card issuer might reject your application, which can affect your credit score. Before applying for a credit card, it is important to check your eligibility. Below are the basic criteria for obtaining a credit card.
| Requirement | Details |
|---|---|
| Credit Score | More than 750 |
| Income Requirement | Stable monthly/ annual income |
| Employment | Salaried or Self-employed |
| Minimum Age | 18 years |
| Maximum Age | 60-65 years |
The Factors that affect credit card eligibility are credit score, credit inquiries, credit utilization ratio, employment type, Location, etc. The requirements for getting approved for a credit card can vary depending on the issuer.
| Credit Card Provider | Minimum Age | Income Requirement |
|---|---|---|
| SBI Card | 21 years to 60 years | Rs 3 Lakh per year |
| Axis Bank Credit Card | 18 years- 70 years | Rs 6 Lakh per year |
| American Express | 18 years | Depend on the card you apply |
| ICICI Bank Credit Card | 20 years to 60 years | Rs 2.5 Lakh per year |
| HDFC Bank Credit Card | 21 years to 60 years | Rs 1.44 lakh per year |
| Standard Chartered Credit Card | 21 years to 60 years | Rs 3 Lakh per year |
| Kotak Mahindra Bank Credit Card | 21 years to 65 years | Rs 3 Lakh per year |
| HSBC Credit Card | 21 years to 65 years | Rs 3 Lakh per year |
| IDFC First Bank Credit Card | 18 years | Rs 3 lakh per year |
| Federal Bank Credit Card | 21 years to 65 years | Rs 2.16 lakh per year |
| Yes Bank Credit Card | 21 years to 65 years | Rs 5 lakh per year |
| IndusInd Bank Credit Card | 21 Years to 60 years | Rs 2.4 lakh per year |
| RBL Bank Credit Card | 21 years to 65 years | Rs 5 lakh per year |
| DBS Bank Credit Card | 18 years to 70 years | Steady source of income |
| Citibank Credit Card | 21 Years to 60 years | Rs 2.4 lakh per year |
Below are the eligibility documents you need to submit along with credit card application for successful approval.
If you are a Salaried Individual, you will need to submit Documents with application form. The documents such as:
When you’re self-employed, you will need to submit:
If you are a student and applying for a credit card, you need to provide the copy of the ID Card issued by your College, Institute or University.
Individuals who are at least 18 years old and have a steady source of income, and a good credit score may be get a credit card. However, eligibility criteria can vary depending on the issuing bank or financial institution. The following are some general eligibility requirements that most banks consider:
Almost all banks give credit cards easily if you meet their eligibility criteria. Banks have different eligibility requirements and policies for credit card issuance. If you meet the bank's eligibility conditions, it is easy to get an entry-level credit card with basic features and lower credit limits.
You can get a credit card with a 1 lakh limit if you maintain a good credit score, have a stable income, and have low credit utilization. Additionally, if you're having difficulty getting a regular credit card, consider applying for an FD-backed credit card. This is a type of credit card that is backed by a fixed deposit (FD) that you create with the bank or credit card issuer. The credit limit on these cards is usually equivalent to the amount of the fixed deposit, so if you create an FD of 1 lakh, you'll likely be eligible for a credit card with a 1 lakh limit.
The minimum credit limit offered to credit card applicants varies based on multiple factors such as their credit score, credit history, employment status, and location. Typically, when obtaining an unsecured credit card for the first time, the minimum credit limit is around ₹10,000. However, opting for a secured credit card, which is backed by a fixed deposit, allows for a credit limit based on the invested amount in the fixed deposit.
A beginner credit limit is the minimum credit limit offered to applicants with a limited credit history or who are applying for their first credit card. This credit limit is determined by factors such as the individual's credit score, credit utilization ratio, employment status, and income. A beginner's credit limit is often between ₹10,000 and ₹25,000, depending on the card provider and the person's creditworthiness.
The eligibility for a credit card upgrade depends on the type of upgrade. For a higher variant credit card upgrade, the card issuer will consider factors such as the cardholder's credit score, payment history, and overall creditworthiness. The eligibility for a credit limit upgrade is based on various factors such as card usage, repayment history, and credit utilization. If the card issuer offers a pre-approved limit upgrade, no additional documents are required. However, if the cardholder requests a manual limit upgrade, they need to provide their latest salary slips, ITR documents, or statements of other credit cards that have a higher limit.
The minimum salary required to apply for a credit card will be starting from ₹7,000 per month (around ₹ 84,000 per annum). The minimum salary requirement varies from bank to bank. Also, note that salary is only one of the factors among the many that banks consider while applying for a credit card.
No. It is not mandatory to be a customer of the bank to apply for a credit card. Most banks offer credit cards to non-customers too. If you are an existing customer of the bank to which you are applying, there are chances of getting faster approval because of the existing banking relationship.
Yes, credit card providers ask for proof of income when you apply for a credit card. If you are a salaried individual, you need to provide your latest salary slips and 6-month bank statement. If you’re a self-employed individual, the bank asks for your Income Tax Returns (ITR) documents.
Yes, You will get a credit card even if you are not a salaried person. As long as you can provide proof of stable income, you may be approved for a credit card based on your income and eligibility. If you're self-employed, you can apply for a credit card based on the income you generate from your business, freelance work, or profession. Simply furnish your ITR as proof of income. Alternatively, you could consider creating a Fixed Deposit with your bank and then apply for a credit card against the FD.
Your Credit score is important to get a credit card because banks consider credit score as a major factor to access your creditworthiness. A credit score represents an individual's creditworthiness. Repayment history, credit utilization ratio, number of loan or credit card inquiries, types of loans, credit history, and existing total debt are factors examined in credit rating.
The credit limit on your credit card is determined by several factors, including your credit score, credit history, income, debt-to-income ratio, and the card issuer's underwriting policies. Generally, a higher credit score, longer credit history, and higher income can lead to a higher credit limit. However, card issuers also consider your current debts and expenses to ensure that you can afford to make the required payments. Additionally, the type of card you are applying for, such as a secured card or a rewards card, can also affect the credit limit. It's important to note that your credit limit is not a fixed number and can be increased or decreased over time based on your credit usage, payment history, and other factors.
Age is a crucial factor in determining your credit card eligibility as it reflects financial responsibility and stability. Older individuals with an established credit history and score are viewed as less risky and are more likely to be approved for credit, while younger individuals are generally not eligible as they lack a credit history and cannot enter into legally binding contracts. Credit card companies use age to assess risk and determine interest rates and credit limits.
Yes, non-Indians can apply for a credit card in India, but eligibility depends on the credit card provider's policies. Most providers require applicants to have an Indian bank account, meet a minimum income threshold, and possibly have a certain type of visa. Additional documentation such as proof of income, identity, and residence may also be required.
Yes. You will get a credit card if your salary is ₹20000, but approval is subject to meeting all other eligibility criteria set by the card issuer. These criteria may include a good credit score, age limit, and credit history among others. Before applying for a credit card, it's important to carefully review and meet all eligibility criteria to increase the chances of approval.
Yes. You will get a credit card if your salary is ₹15000, but approval is subject to meeting all other eligibility criteria set by the card issuer. These criteria may include a good credit score, age limit, and credit history among others. Before applying for a credit card, it's important to carefully review and meet all eligibility criteria to increase the chances of approval.
Yes. You will get an entry-level/lower variant credit card if your salary is ₹10000, but approval is subject to meeting all other eligibility criteria set by the card issuer. These criteria may include a good credit score, age limit, and credit history among others. Before applying for a credit card, it's important to carefully review and meet all eligibility criteria to increase the chances of approval.
