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CIBIL score for Credit Card

Minimum Score for Credit Card

Last Updated 29th Nov 2021

  • Minimum credit score required for any credit card is 650.
  • Higher credit scores help you get better offers from lenders such as long tenure, low-interest rates, etc.
  • Credit Cards can be availed by customers who have credit score 0 and -1.
  • Credit cards have multiple purposes; helps in improving your cibil score, higher credit limit, chances of getting credit on lower rates, higher cibil leads to higher sanction amount while borrowing.
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Credit Scores and Credit Card Applications

Availing a credit card is nowadays reasonably easy. All that an applicant needs are two documents and banks are willing to accept an application for a credit card without any hesitation. While applying, applicants need to provide identity proof such as Passport, Voter card, PAN, Aadhar card, etc., and for income proof documents such as salary slips (salaried professionals). After submitting these documents, the card issuer will verify the applicant's credit score.

Minimum CIBIL Score Required to Get a Credit Card

Usually, the CIBIL score is in the range of 300-900. However, to get a credit card, a score above 650 is considered a decent credit score. Most of the financial institutions practise a standard method of assigning credit to your rating, so understanding the minimum CIBIL score of one bank for a credit card can be a fair basis for deciding banks' minimum criteria in general.

To approve a credit card to an applicant, banks typically approve a CIBIL score in the range of 650 and above. This is subject to the candidate meeting all other criteria for eligibility.

How Can You Build a Good CIBIL Score with a Credit Card?

  • Check Your Credit Report regularly
  • Try to clear your outstanding dues, pay your EMIs on time and keep your credit card balance minimum
  • Always keep a tab on your credit utilization ratio; don't let your spending cross 50% of your limit.
  • After making initial payments on time, ask your card issuer to increase your Credit Limit.

After following the above mentioned tips, you can build a good CIBIL score.

Benefits to get on a credit card with a good CIBIL Score

  • Quick approval of credit card application
  • Chances of getting a higher credit limit
  • Get cards of premium categories and avail attractive rewards

FAQs

What is the minimum CIBIL score required to avail a credit card?

Different banks have different CIBIL score thresholds to supply clients with credit cards. Banks in India usually consider a CIBIL score of 700 and above to be adequate for lending to satisfy customers financial (products and services) demands.

Will I get a card with a CIBIL score of less than 750?

Banks and non-banking financial institutions usually deem 750 and above as a minimum CIBIL score for credit cards to be optimal. So, if an applicant has a score below the magic figure of 750, then he/she/they should be able to avail a credit card but with certain unfavourable conditions. Conditions such as delay of approval or lower credit limit on the card. This means the cardholder will not be eligible for the attractive deals. So, to avail cards with lower interest rates and greater rewards, it is best to focus diligently on raising your low credit score.


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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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