To get a credit card, you need to meet certain requirements set by the company offering the card. These requirements differ depending on the card. If you don't meet them, your application might be rejected, which could lower your credit score. So, it's crucial to check the requirements before applying. Here are the basic ones:
| Particular | Details |
|---|---|
| Minimum Age Requirement | 18 years |
| Maximum Age Requirement | 60-65 years |
| Income Requirement | Stable monthly/ annual income |
| Employment | Salaried or Self-employed |
| Credit Score | Preferably above 750 |
You can follow the links below to see if you qualify for credit cards from leading issuers:
The documents needed for a credit card application can vary depending on the issuer. Here's a list of common documents you might need to provide:
You can also apply for a credit card through our platform based on your eligibility. Here's how:
Different credit card companies have different rules for who can get a credit card. But there are some main things they look at to decide if you can get one. Here's what they consider:
Credit Utilization Ratio: Another thing the card company looks at when you apply for a credit card is your Credit Utilization Ratio (CUR). This is the ratio between how much credit you've used compared to your total credit limit. It shows how much of your available credit you're using. It's better to keep this ratio low because having a high ratio suggests you're relying heavily on credit. So, it's wise not to max out your credit limit because it could hurt your chances of getting approved for a credit card.
Location: Credit card companies also look at your address when deciding if you qualify for a credit card. Some cards are only offered to people living in certain cities. So, before applying for a credit card, make sure it's available in your city.
Credit Card Limit: Your credit card limit is determined by various factors including your income, credit score, payment history, credit history, and other considerations. The credit card company decides your limit when they review your application. So, it's important to meet the minimum income requirement specified for the credit card you're applying for.
Credit Score: When you apply for a credit card, the company checks your credit score. This score is determined by looking at your history of borrowing and repaying money, including whether you've missed any payments. Most companies like to give credit cards to people with a good credit score, ideally above 750. But there are also some basic credit cards for people who don't have much of a credit history yet.
Credit Enquiries: When you apply for a loan or a credit card, the lender asks the credit bureau for your credit report. These requests are called "hard inquiries." If you have too many hard inquiries in a short time, it can lower your credit score. So, it's best to avoid making lots of inquiries and take time to explore different options when applying for a credit card. It's generally recommended to wait at least 6 months before applying for another credit card or loan.
Employment: Your job status can also impact your eligibility for credit cards. Being employed at the same company for over a year can make you look more reliable and increase your chances of getting approved for a credit card. However, if you've changed jobs frequently in a short time, it might make you seem less dependable and could lower your chances of approval.
The main requirements for a credit card are your credit score and income. You don't necessarily have to be a salaried individual; as long as you can provide evidence of a steady income, you can qualify for a credit card. This applies to self-employed individuals as well. However, in the case of being self-employed, you'll need to submit your annual Income Tax Return (ITR) as proof of income.
The credit limit on your credit card is determined initially based on the income you provided in your application. As your income increases over time, you can request your credit card issuer to raise your credit limit. However, any increase will be subject to your eligibility and the issuer's assessment.
The minimum salary needed to apply for a credit card differs among credit card issuers. Furthermore, it varies based on whether the primary applicant is a salaried individual or self-employed.
Yes, credit card issuers require proof of income to verify your employment status, whether you're salaried or self-employed. Documents such as recent salary slips or copies of tax returns can be submitted as proof of income.
No, credit cards are not issued on the same day as the application. It takes time for credit card issuers to process applications and verify documents, usually up to 7 days. After approval, it can take up to 10 working days for the credit card to be delivered to your registered address. However, these timelines may vary depending on the issuer.
Your eligibility for a credit card is mainly decided by several factors, such as your credit score, income, age, type of employment, existing relationship with the credit card issuer, and any existing debts you may have. Having a good credit score is particularly crucial in getting the credit card that meets your needs.
To qualify for an HDFC Bank Credit Card, you need to meet certain basic criteria. If you're a salaried employee, you must be between 21 to 60 years old, and for self-employed individuals, the age range is between 21 to 65 years. Additionally, you must be an Indian resident to apply for a credit card.
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