Applying for a credit card in today’s digital era is just a few clicks away. However, if you want your credit card application process to be quick and hassle-free it is important to know the eligibility criteria before putting in the application.
Different types of credit cards have different criteria, and this criterion may also differ from bank to bank. However, there are certain factors that are common to every card applicant.
It is important to visit the bank’s website and check out the details of the credit card that you wish to apply for, its benefits, eligibility criteria, documentation, etc. Knowing which card you want and whether you are eligible for it can save you a lot of time and effort.
Eligibility factors to Apply for Credit Card
- Age criteria
Generally, the age limit set by most banks to apply for credit cards is for the applicant to be minimum 18 years of age. If you are applying for an add-on credit card, then that applicant must also be 18 years of age or above.
Every credit card applicant must be a resident of India or a Non-Resident Indian according to the credit card eligibility criteria of banks in India.
- Income criteria
Different credit cards have different income criteria to determine if the applicant is eligible for the credit card. If you are looking to apply for a credit card that has top-in-line features, benefits, lounge access and other premium perks, then your salary or earning bracket has to be eligible according to the bank’s norms.
It is also important to have a steady income stream and consistent payments because that tells the banks that you have the capacity to pay on time every month.
- Existing debts
Banks also check your current credit status, ongoing personal, home loans if any, income statement and payment of your credit cards. This helps them determine your liabilities and debts and understand whether you are a viable candidate for a credit card.
Different factors that can affect your Credit Card application
If you are looking to apply for a credit card then it is important to understand the credit card eligibility and know about the factors that can affect your application as well.
- Card applicant’s income: One of the biggest deciding factors when applying for a credit card is the income of the applicant. Based on the income or earning bracket that the applicant falls under, bank’s offer a list of credit cards that can be availed. Hence, higher the salary or earnings, higher are your chances of being eligible for premium credit cards with best-in-class features and services.
- Credit history: Your credit history is a major deciding factor when it comes to credit card applications. Not only will your credit history determine whether you are eligible for a particular credit card, but it also determines your eligible credit limit and payment cycle. It is crucial to maintain a good credit score by paying your dues, bills on time, making timely EMI payments etc.
- Applicant’s age and nationality: Every individual starts earning a steady income after a particular age, and hence, banks have a set criterion for the applicant’s age bracket as well. It is also mandatory for a credit card applicant to be resident of India or a Non-Resident Indian.
There are many factors that affect the eligibility criteria of a credit card applicant, including their employment type, age, income, credit score, existing debts, relationship with the bank, etc. You can quickly visit the Bajaj MARKETS platform, find the credit card eligibility criteria, and apply online. It is important to know these criteria before applying for the card so that your credit card application is processed in no time.