Credit card applications are straight-forward, but you need to meet some basic financial requirements before you apply for a credit card. You might need a credit card for diverse needs like making big purchases, take a professional trip abroad or for a financial emergency. Responsible use of a credit card can help you efficiently manage your cash flow and track all your expenses. Moreover, you can use a credit card for free if you pay back all your monthly dues on time. In return, you enjoy rewards and cash-back offers on your credit card.
Thus, you must know how to apply for credit card and its minimum requirements to reap its numerous benefits.
Credit card eligibility criteria
- Age: You must be at least 18 years of age. However, some financial institutions require you to be at least 21 years old. The maximum age eligibility differs although 60 years is the commonly accepted threshold.
- Employment: You must be currently employed with an employment certificate. If you’ve been working for more than a year in your present job, you have more chances of getting a credit card.
- Income: You must have a steady income and must possess the income statements for the past 6 months. Although there is no as such minimum salary for a credit card, it’s best to check with your credit card issuer.
It’s essential that you go through the full eligibility criteria of the issuer of your choice. For instance, some companies offer credit cards exclusively to Indians while others have more flexible rules.
Where to avail a credit card?
One can avail a credit card from any leading NBFCs and financial institutes in India. You can opt for the Bajaj Finserv RBL Bank SuperCard, which comes with industry-first features and benefits. You can enjoy unlimited withdrawals from ATM with no interest charged for up to 50 days. Moreover, you can also avail an emergency loan with this SuperCard and get a pre-approved limit.
You can convert this pre-approved limit into interest-free loans against credit card and enjoy cash up to 90 days. Furthermore, you can apply for this Super Card online and enjoy welcome rewards and exclusive Baja Finserv privileges.
Bajaj Finserv also brings you pre-approved offers on credits cards, unsecured credits like personal loans, business loans, and secured advances like home loans among numerous other financial products. These pre-approved offers simplify the process of availing finances and save time as well. You need to provide a few necessary details to check your pre-approved offer.
Factors affecting credit card eligibility
1. Credit history
Unsecured credit cards demand applicants to possess an established credit history. Some credit card companies require a good credit score of 750 or above, while others provide cards for a lower score. Usually, an unsecured credit card comes with higher processing fees and rates of interest. But, you can avail a Bajaj Finserv RBL Bank SuperCard with average credit scores.
2. A steady source of income
Though there is no as such minimum salary for credit card, yet steady flow of income is required. Credit card companies check if you can repay your debt.
3. Existing debts:
A credit card issuer validates your credit-utilization ratio. You could also avail a secured credit card if you don’t have a good credit score due to such existing debts. These credit cards are sanctioned against fixed deposits.
How to apply for credit card?
- Fill up the application with the required details like your name, contact number, and Email ID.
- Submit your KYC documents along with address proof and passport sized photograph.
You’ll be eligible for a credit card with a higher limit if you possess a high credit score. Also, make timely repayments to avoid any penalty charges. To apply for a credit card wouldn’t be a hassle if you follow the guidelines mentioned above.