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Check your Credit Card Eligibility: See If You Can Apply for One

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Check your Credit Card Eligibility: See If You Can Apply for One

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There are several factors that will determine your credit card eligibility - your annual income, profession, and credit history being a few. 

There are also other details that will factor into the final outcome to a smaller extent. We’ve covered the details as you scroll through.

How to check your credit card eligibility?

To begin with, the credit card eligibility criteria state that you have to be at least 18 years old to get a credit card. However, in some cases, the minimum age limit can even be 21 years. The good news, in this case, is that there are several options available for all types of people - whether you are salaried, self-employed, a student, a homemaker, or retired. 

There are many websites available which give you the option of entering the relevant information and consequently telling you about what kind of cards you can get from which banks. All you need to do is: 

  • Visit the official website of the bank or platform you are looking for.
  • Enter the details that are required, such as your name, income proof, and Pan card number.
  • The details that you provide are likely to be tied to your CIBIL score (Credit Information Bureau India Limited).
  • Also, mention whether you are salaried or self-employed if there are any existing credit cards that you have, etc. 

How is CIBIL score important for credit card eligibility?

Your CIBIL score is basically your credit score, which is a result of all your credit history. It is a three-digit number that will range between a score of 300 and 900. Generally, a score between 750 and 900 is considered a strong credit score and will improve your chances of getting approved for a credit card. How well you do in terms of repaying your previous credit card debt or loans will also certainly play a role in determining your credit card eligibility for more cards and loans in the future.

Have you done your research on credit card eligibility? 

Once you have done some research and come to a decision about what credit card you want, you can begin your application process, which usually starts with checking the credit card eligibility criteria, filling out some forms, and submitting your documents. If your application gets approved, you are likely to receive your credit card within a couple of weeks.

However, if you are in a rush you can opt in for “Instant Approval” options offered by various banks. How this works is that if you meet the credit card eligibility criteria and if you can upload your documents online, you can get approved for a credit card online instantly. The card will then be disbursed on a priority basis. 

In some cases, you might get an online version of your card, which you can activate instantly and use until your physical card arrives. However, this option is usually only available to those with strong credit scores, not to people who have no score.

Do I have credit card eligibility without a CIBIL score? 

If you don’t have a CIBIL score yet, it would be in your best interest to work on establishing some credit history. Since most regular credit card eligibility criteria require an existing credit score, you can consider alternative options such as a prepaid credit card. This works just like any other prepaid service, wherein you can get a credit limit on a card that is equivalent to the amount you load into it. 

  • The benefit of doing this is that you can start to build a credit score so that it is easier to apply for regular credit cards and even loans later. 
  • This is known as a “secured” credit card because the card is backed by some deposit you have already made. 
  • There are other types of secured credit cards you can avail with no credit history. For example, you can get a credit card against a savings account or a fixed deposit account with a major bank. 
  • The downside to secured credit cards is that they tend to have higher interest rates and lower credit limits and might require higher fees too. 

The best strategy is to compare all your options, which you can easily do by checking your credit card apply eligibility on the websites of most banks.

The Bottom Line

You must carefully review the credit card eligibility requirements before you submit your application for a credit card. To increase your chances of being accepted, be sure to check off each criterion on the checklist. The requirements may vary depending on the card or the bank. Remember that your credit score might possibly take a hit in case the requirements are not met and your application is turned down for any reason whatsoever. 

Frequently Asked Questions

1. What is the minimum credit card eligibility?

Broadly speaking, you need to earn at least  ₹1 lakh per annum to qualify for a credit card. If you are self-employed, then you might need to show a higher bank balance more consistently than if you are on a company payroll before your application gets approved.

2. Can I get a credit card for  ₹12000 salary?

Yes, you can get a credit card as long as your salary is fixed. If you have been on a company’s payroll for longer periods, like more than a year, then it will be easier to get a credit card on such a salary.

3. What kind of documents do I need to apply for a credit card?

Credit card eligibility requires you to have some form of government-approved ID, and depending on the bank, you might have to submit more than one. Usually, you are expected to furnish your PAN card and Aadhaar card. Separately, you may need to provide bank statements, salary slips, and some residential address proof with your name on it, such as an electricity bill.

4. How long does it take to get a credit card?

The credit card process can take between 10-15 working days, depending on the bank’s protocol. The total time taken will depend on how much time the bank takes to process your credit card application, including verifying your documents. The best thing you can do to speed up the process is to find out what documents you need and keep them ready.

5. Can I get a credit card if I don’t have a CIBIL score?

Yes, you can get a credit card without a CIBIL score, but it can be slightly more difficult. Some ways to do this are by getting a credit card against an existing savings account or by opening a fixed deposit account and getting a credit card against that. Lastly, some banks also offer “add-on” credit cards wherein you can divide a family member’s existing credit limit among two cards and consequently have one card for yourself.

Curious? Check these out! 

1. Credit card uses to earn maximum benefits 

2. All you need to know about credit scores 

3. How to increase and improve your credit score 

4. What are credit card rewards

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