iDentistry The Journal identistry_may_aug2019 | Page 24

The Journal
Credit Card Eligibility
To ensure that our credit card application is
approved, we have to meet certain eligibility
requirements. Each issuing bank or credit card
may have different parameters. If we don’t meet
the requirements set by the bank, our
application might be rejected. If this happens,
our credit score also takes a hit. It is vital that we
surely do go through the eligibility criteria before
applying for a card. Make sure to tick off each
criterion in the checklist to improve our chances
of getting approved.
Credit card eligibility requirements to get a
credit card in India:
1. Applicant must have a minimum age of 18
years.
2. The minimum income salary must be
between ` 3 lacs and ` 5 lacs.
3. Applicant should either be salaried or
self–employed.
Factors of Credit Card Eligibility Criteria:
1. Age: One must be at least 18 years old.
However, some banks have set a minimum
requirement of 21 years. The maximum age
requirement also differs and it generally goes up
to 60 years.
2. Annual salary: Our annual income (the
decision is made the IT return) determines if we
are eligible for a particular credit card. The
average salary required to apply credit card in
India is around ` 3 lacs per annum. Although, it is
best to check this criterion with the bank as this
requirement differs depending on the card
issuer we choose.
3. Nationality or residential status: Citizens,
residents and non–residents can apply for a
credit card. However, there are a few cards that
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are only available for Indian citizens.
Factors Affecting Our Credit Card Eligibility:
Besides the above mentioned criteria, there
are certain factors that also weigh in on our
eligibility:
1. Credit score: Our chances of getting a credit
card increases when we have a stellar credit
score. If we have a bad score, our application
will most likely be rejected. A good credit score
is anywhere between the figure of 750 – 900.
2. Existing Debt: Our credit card provider will
also consider our credit utilization ratio. If our
dues consistently exceed the granted limit, it
may affect the approval of our credit card
application.
3. Employment: Another factor that affects our
eligibility is our employment status. Staying in
our current job for more than a year can improve
our chances of getting a credit card significantly.
4. Location: Banks also take our location into
consideration when they assess our
application. Certain cards are only available to
those residing in particular cities.
Documents Required for a Credit Card
Application:
The documents which we need to furnish with
our application will differ from bank to bank.
However, below is a list of some of the standard
basic documents required we will need to
submit:
1. Completed application form
2. 3–4 Passport–size photographs
3. Proof of identity (Copy of PAN, Aadhar,
Passport etc.)
4. Proof of residence (Utility bills, driving
license,
Vol. 15
No. 2
May-Aug 2019