A Credit card, often known as plastic money, is a type of plastic card that allows customers to purchase items by borrowing money from a financial institution up to a certain limit which is known as the credit limit. The following points describe the benefits of using a credit card for the customer:

  • It gives you more flexibility because you don’t have to take as much cash with you when you go shopping.
  • With a credit card, purchases are more convenient, and shopping is made easier because it can be done online or over the phone.
  • Credit cards also provide additional perks to cardholders, such as discounts on vacations, cashback offers, or insurance coverage for purchases.
  • It is ideal for borrowing money for a limited period of time since interest is only imposed on the cardholder’s unpaid balance and any subsequent purchases.

Fundamental Requirements For Credit Card Eligibility:

  • Age:

You must be at least 18 years old to participate. Some banks, on the other hand, impose a minimum age requirement of 21 years. The maximum age limit varies as well, though it usually ranges from 50 to 60 years old.

  • Annual income:

Your annual income is the primary factor that decides whether you are eligible for a credit card. In India, a minimum annual salary of five lakh rupees is necessary to apply for a credit card. However, this criterion is also subjective and varies in different banks hence it is best to cross-check the minimum income requirement with your bank.

  • Nationality Or Residential Status:

Citizens, residents, and non-residents of India are all eligible to apply for a credit card without any hassle. There are, however, a few cards available specifically for Indian citizens.

Before applying for a card, it is important that you review the fundamental eligibility requirements. To improve your chances of approval, make sure you fulfill each condition in the requirements list.

Factors That Influence The Eligibility for a Credit Card:

Apart from the requirements listed above, there are a few additional factors that determine your eligibility:

  • Credit score:

    Having a high credit score boosts your chances of receiving a credit card. Your application will almost certainly be denied if you have a low score. A preferable credit score is between 750 and 900.
  • Existing Debt:

    Your credit utilisation ratio will be taken into account by your card provider. Your application’s approval may be jeopardised if your dues exceed the allowed level.
  • Employment:

    Your employment status is another element that influences your eligibility. Employment at a particular place for more than a year will considerably boost your chances of receiving a credit card.
  • Location:

    When it comes to evaluating your application, banks also examine your location. Some cards are only available to residents of specific cities. It is crucial to consider the aforementioned points before applying for a credit card. For more information about how to apply for a credit card, you may contact our experts who will guide you through the process.



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