Have you ever wanted to amass massive credit card reward points & let a vacation pay for itself? Well, who doesn't? Especially with social media rife with stories of affluent users possessing over 50 credit cards that allow them to travel globally (using converted airmiles) & stay at luxury hotels (using reward points). But when was the last time you checked your credit card eligibility?
Researching different credit card options, comparing features, and understanding the terms and conditions are essential steps in the application process. But some crucial factors determine if you can even get a credit card:
*CIBIL Score (Credit Information Bureau India Limited)
*Annual/Monthly Income
*Profession
*Credit History
Most credit card eligibility criteria state that you must be 18 to get a credit card. However, sometimes, the minimum age limit can even be 21 years. Several options are available for people from all walks of life: salaried, self-employed, student, homemaker, or someone who just retired.
Many card comparison websites allow you to enter the relevant information and tell you what kind of cards you can get from which banks. Or you can:
Note: The details you provide may get linked to your CIBIL score.
Your CIBIL score = Your credit score. It's 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 undoubtedly play a role in determining your credit card eligibility for more cards and loans in the future.
Once you have researched and decided what credit card you want, you can begin your application process. If done offline, it usually starts with checking the credit card eligibility criteria, filling out some forms, and submitting your documents. If your application gets approved, you will likely receive your credit card within a couple of weeks.
However, if you are in a rush, you can opt-in for the 'Instant Approval' option various banks offer.
If you meet the credit card eligibility criteria and upload your documents online, you can get approved for a credit card online instantly. The card will then be dispatched on a priority basis.
Sometimes, 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 solid credit scores — not to those with low or medium scores.
If you still need to get a CIBIL score, it would be in your best interest to work on establishing some credit history. Since most standard credit card eligibility criteria require an existing credit score, you can consider alternative options such as a prepaid credit card. It works like any other prepaid service, wherein you can get a credit limit on a card equivalent to the amount you load into it.
The best strategy is to compare all your options, which you can easily do by checking your credit card eligibility on most banks' websites.
You must carefully review the credit card eligibility requirements before submitting your credit card application. To increase your chances of acceptance, check off each criterion on the checklist. The requirements may vary depending on the card or the bank. Remember that your credit score might take a hit if the terms are not met — and your application gets rejected for any reason. Learn more about the benefits of a good credit score with this video.
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It varies with each credit card issuer. However, it generally helps to earn at least ₹1 lakh per annum to qualify for a credit card — i.e. approx ₹8.3k monthly. If you are self-employed, you might need to show a higher bank balance consistently (than what it is for those on a company payroll) before your application gets approved.
Yes, you can get a credit card if your salary remains fixed. If you have been on a company’s payroll for extended periods (say, more than a year), getting a credit card on such a salary will be easier.
Credit card eligibility requires you to have some form of government-approved ID, and depending on the bank or card issuer — 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).
The credit card process can take 10-15 working days, depending on the bank’s protocol. The total time will depend on how long 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.
Yes. You can get a credit card without a CIBIL score, but it can be slightly more complicated. Some ways to do this are by getting a credit card against an existing savings account or by opening a fixed deposit account and applying for a credit card with that as collateral. 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 for yourself.
1. Credit card uses to earn maximum benefits
2. All you need to know about credit scores
