How to Apply For a Credit Card? Eligibility Criteria (Expert Advice)

A credit card is a thin electronic plastic square card. It is a type of payment card issued by banks or financial companies, that allows cardholders to borrow funds to pay for goods and services. The cardholder has to pay back the money with interest as well as any additional charges. The Credit card allows cardholders to instantly buy things either online or at a store. A credit card is a convenient way for people to make purchases using borrowed funds from the bank.

Credit cards have a maximum amount or credit limit, the user can borrow during a given period. The credit limit is predetermined by the card issuer based on the cardholder’s credit rating and credit history.

Apply for a Credit Card

Due to the rising demand for credit cards in the market. Banks and financial institutions have made credit card applications quite easy for customers. you can apply for a credit card both online or can apply directly at a bank or finance company. There are many banks from which you can apply for credit cards.

Apply Online: It is very easy to avail credit card online, if you meet the eligibility criteria. You don’t need to visit to bank branch for the purpose. You simply have to visit the web portal of the bank and apply for the credit card by filling out some basic information like: name, email ID, contact number, income, address etc. Then you will get a call from credit representative of the bank. From whom you will get all information in detail and will get the all guidance of the process. A representative will also come to collect the documents at your doorstep.
Apply Offline: If you don’t want to apply online, you can simply visit at the bank branch and communicate about the credit you need. Then the representative will tell about the credit card which match your needs. Then you will have to fill the application form and have to submit the required KYC documents like, address proof, income proof, identity proof and will also ask for two passport size photographs.

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There are various types of credit cards available in the market of different banks with different offers. You have to compare the offers and fees on different cards to find out one that matches your needs and budget. Whether you apply online or offline, if you want to approve your application, you should be eligible for the credit card on the basis of income, credit score, etc. You will get instant approval if you fulfill the eligibility criteria.

Eligibility Criteria for the Credit Card:

The eligibility for credit cards depends on the lender and the purpose for which the credit card is availed. The basic eligibility includes:

Applicant should be at least 18 years old.
Applicant should have a regular source of income may be salaried or self-employed.
He/She should not have a bad credit history.
He/She should have a savings account in his name.

Credit card eligibility depends on these factors – purpose of card, city you are residing in, income, currently employed as a salaried, self-employed professional, or self-employed business. A credit card eligibility calculator helps you analyze the card that suits you best according to your lifestyle, your income, and your needs.

Eligibility Due to Income: All credit cards have a varying requirement for the minimum income of an applicant. If you don’t meet that minimum requirement, your application will be rejected. That’s why you should try to search for a credit card that is aligned with your income bracket.

Residence or Office Location: The area where you reside or where your office located is also matters. Banks have a list of areas that are backlisted and where they do not provide any service.

Incorrect Information: False or incorrect information can also reject your application. If you want your credit card application gets approved, you should provide correct and complete information.

Bad Credit History: A credit history is what shows your risk perception. Too many loans, too many credit card applications, excessive credit card usage, all these things can doubt your repayment capabilities. There your credit history should be sound.

Credit Score: This is the most common reason for the rejection of a credit card application. You may not have any debt presently, but if your payment history is bad, you had late EMI’s regularly of loans or credit cards, then your credit score will be low. A low credit score definitely will reject your application.

Now I am going to mention top bank’s credit card eligibility:

SBI Credit Card Eligibility

SBI offers a wide range of credit cards with different usage criteria and accordingly, eligibility criteria also vary. Individual who applies should be;

An Indian resident
Above 18 years
CIBIL Score should be good

HDFC Bank Credit Card Eligibility

HDFC has a variety of credit cards with different features and benefits. It offers professional cards for teachers and doctors and also offers special cards for women. The minimum eligibility for an HDFC credit card is:

Annual income must be at least 2 lack for salaried person.
Applicant should be at least 21 years old and should not be older than 65.
Annual income should be at least 1.5 lac for self-employed person.

ICICI Bank Credit Card Eligibility

ICICI Bank has also a wide range of credit cards that includes gemstone collection, fuel, airline, contactless payment card, etc. It has various cards with different benefits like lifestyle benefits- discount on shopping, dining, movies, etc. Travel benefits- fuel surcharge waiver, fuel discounts, etc. And also other benefits like payback offers and many more.

Person should have a good CIBIL score
Should have a good credit history

AXIS Bank Credit Card Eligibility

Axis bank has also a variety of cards including premium cards, MY card, Cobranded card, etc. To get an axis bank credit card individual should be:

Age should be 18 to 70 years
Citizen of India resident or non-resident.

IDBI Bank Credit Card Eligibility

IDBI Bank offers two cards: aspire platinum and Royale Signature credit card. These family cards can be availed by a person should be:

Aspire platinum card holder should be 21 to 60 years (65 years for self employed)
Royale signature card holder should be 18 years and above.
Person should be resident of India.

In this way, we can apply for a credit card. Once you apply, you should pass all the eligibility criteria of the required card. Your application will be submitted with the required information and documentation. After submitting the application, your eligibility will be checked. And if you pass all eligibility criteria, your application will be approved and you will get your credit card.

The demand for credit cards is very high nowadays in this digital world. The credit card has a lot of benefits:

Alternative to cash
At the time of emergencies
Has a Secure transaction
For making big purchases
Build our credit score
Track our purchases

With these great benefits of credit cards, before you apply, you should collect all information, you should first check all offers and benefits and also eligibility criteria for all. And which one will be suited for your requirement and income, get ready for that one to apply.