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Credit Card Eligibility – Jul 2021

Credit Card Eligibility Criteria

Last Updated 26th Jul 2021

Key factors that determine credit card eligibility are :

Age Minimum‭ 18 ‬years,‭ ‬Maximum‭ 70 ‬years
Net Monthly Income Minimum net monthly income is ₹ 15,000
Credit Score 650‭ ‬or above
Employment Status Available for both salaried and self-employed
ITR Last year’s ITR for self-employed
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Credit Card Eligibility for All Banks in India

Bank Name Age Minimum Income for Salaried Annual Income for Self-Employed
ICICI Bank Credit Card Eligibility 21 Years ₹ 12,000 ₹ 2,50,000
Citibank Credit Card Eligibility 21 Years ₹ 20,000 ₹ 5,00,000
HSBC Bank Credit Card Eligibility 21 Years ₹ 20,000 ₹ 5,00,000
Standard Chartered Bank Credit Card Eligibility 21 Years ₹ 27,500 ₹ 5,00,000
SBI Credit Card Eligibility 21 Years ₹ 20,000 ₹ 4,00,000
HDFC Bank Credit Card Eligibility 21 Years ₹ 12,000 ₹ 2,50,000

Check Eligibility Criteria for Credit Card

Credit Card Eligibility is the set of parameters that you must fulfill to apply for a credit card. These criterias vary from bank to bank and it is essential that before you apply for a new credit card you must complete a credit card eligibility check to avoid any rejection of your credit card application. If this happens, your credit score may hit. Here are basic credit card eligibility parameters to get a credit card in India:

  • Age : The minimum age required to hold a‭ ‬ credit card is‭ 18 ‬years,‭ while ‬you can avail credit for a maximum age of‭ 70 ‬years.
  • Credit Score :  To avail a credit card you should have a minimum credit score of‭ ‬650.‭ Your chances of getting a credit card increases if you have a good credit score.
  • Employment Status : To avail of a credit card,‭ ‬a steady flow of income is required.‭ ‬Both salaried and self-employed can avail of a card as long as you can provide proof of steady income flow.
  • Net Monthly Income : If you have a net monthly income of ₹ 15,000 you can easily avail of a credit card.
  • ITR : Self-employed individuals are required to submit last year’s ITR as well,‭ ‬along with identity proof when applying for a credit card.

Factors Affecting Credit Card Eligibility

Here are some crucial factors that affects your eligibility to get credit card:

  • Credit Score : A Credit score is an indication of a person’s financial creditworthiness.‭ ‬Lower the score‭; ‬lesser is the creditworthiness.‭ ‬Besides,‭ ‬the more benefits a card has,‭ the more is the required credit score. ‬However, if you have a certain credit history, then the minimum credit score of 650 is required.
  • Income : Although you require a minimum income of ₹ 15,000 to be eligible for the card,‭ ‬but it will be a card with very few to none benefits.‭ ‬Higher the income, the more benefits you can avail on your credit card.‭
  • Organization :‭ Each bank has a list of organizations with it, which‭ ‬the bank considers as trusted companies.‭ ‬So,‭ ‬if you work among any of those organizations,‭ ‬then the eligibility criteria for you are relaxed as compared to those who do not.‭
  • Previous Credit card Record :‭ If you already have a credit card and want to apply for another one,‭ ‬then the record of your previous card can be used to consider your eligibility.‭ ‬Thus,‭ ‬if you have maintained a good repayment record in your previous card,‭ ‬then it will serve as a positive sign for the bank when considering your eligibility.
  • Existing relationship with bank : If you already have a savings or salary account with a bank,‭ ‬‬you can easily avail a credit card with high returns and benefits. For instance, ICICI Bank has low-income criteria for customers who have a salary or savings account with the bank.

Credit Utilization Limit‭

When you avail of a credit card,‭ ‬you are given a credit limit.‭ ‬This limit specifies the maximum amount of outstanding credit you can have on the card at any given point of time.‭ ‬The credit utilization limit is decided based on various factors:

  • Your income plays a crucial role in determining the credit card limit eligibility.‭ ‬Higher the income, higher will be the limit.
  • Your credit score is another factor that determines your credit limit.‬A better credit score will help you get a higher credit limit.
  • If you have a good existing relationship with the bank it can also help you get a better credit limit.
  • If you already have a card,‭ ‬then the credit utilisation of that card also helps in determining your limit.

Eligibility for Credit Card Upgrade

Banks mostly provide credit card upgrades to the pre approved existing customers who fulfill the credit card eligibility such as a good repayment record, increase in income sources or a good CIBIL score.You can check your eligibility for credit card upgrade by visiting the nearest bank branch or else you can also call your bank customer care. To know the eligibility for credit card upgrade online you can visit the netbanking account of your bank.

FAQs

Am I eligible for a credit card‭?

Anyone with a net monthly income of ₹ 15,000 ‬and above are eligible for a card.‭ ‬If you do not have a credit score or your credit score is low,‭ you can opt for a secured credit card wherein you can mortgage your investment such as a fixed deposit to avail a credit card.

How to improve credit card eligibility‭?

Firstly,identify the parameters you are not meeting to be eligible for a credit card.‭ ‬Once the parameters are identified,you can easily assess as per your present situation as to what steps can be taken to make improvements in the identified area. Ensure maintaining a good cibil score and a good relationship with your existing bank. Opting a credit card from your existing bank may be helpful as all minimum eligibility checks are fulfilled already, provided you maintain a good income to expenses ratio.

What is eligibility for a credit card‭?

Eligibility for a credit card means whether you are meeting some specific measurable parameters which are necessary to avail of a card. Credit card providers require you to maintain a minimum income of ₹ 15,000 and a good cibil score above 650. If you are self-employed, ensure filling up your ITR and present ITR returns of at least one previous year.

Are all credit cards eligible for international transactions‭?

No,‭ ‬all credit cards are not eligible for international transactions. International transactions are offered on selected cases and are subject to charges. Some cards however provide international transactions at zero charges until a specified limit.

What is a credit card balance transfer‭?

When you transfer the outstanding balance of a credit card into another bank’s card by closing off the previous one,this process is called credit card balance transfer.‭ ‬Credit card balance transfer allows you to avail credit card benefits at affordable rates and better customer services. However, note that balance transfer of credit cards may be subjected to charges that may vary across all lenders.

How bad credit score affects credit card eligibility‭?

A bad credit score gives birth to distrust in the credit behaviour of the applicant.‭ ‬Credit cards with good benefits and rewards have a high bar for credit score as banks do not want to lend credit to someone who has a high chance of default.‭

Can I check credit card eligibility online?

Yes, you can check the credit card eligibility online by visiting the official website of your bank through the credit card eligibility calculator. To check your eligibility you need to provide basic details like age, income, CIBIL Score etc.

What is the minimum salary required to apply for a credit card?

The minimum salary requirement to apply for a credit card varies from bank to bank and as per your profile history. However, you must have a minimum monthly income of ₹ 15,000 to apply for a credit card.

What is the minimum eligibility to apply for a credit card ?

The minimum eligibility for credit card includes the following parameters.

  • Having a minimum income of ₹ 15,000.
  • You should have a credit score of 650
  • Both salaried and self-employed individuals can apply for a credit card if they are between 18 years and 70 years.

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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