How To Check Your Eligibility For a Credit Card?

As soon as the youngsters turn 18, they want to have a credit card as credit cards have become an essential part of everyone’s life nowadays. Most of you might be aware of the benefits of having eligibility for credit card as it doesn’t only allow you to make big purchases but also gives you an opportunity to save more & more on your spending. But, getting approved for a credit card is not really that easy, especially at the beginning of your journey with credit cards.

There are some specific eligibility criteria that you need to fulfill in order to get one. If you don’t have an idea about what type of eligibility criteria you will have to fulfill to get a credit card, keep reading the article as we will make you understand all the factors that can affect your eligibility for credit card.

Factors That Determine Your Eligibility For Credit Card:

Your Age

Your age is one of the most important factors affecting your credit card eligibility. In India, generally, all the card issuers have kept 21 years the minimum required age to apply for a credit card. However, some banks also issue cards to individuals who are above 18 years of age. This criterion is for the primary cardholders. However, anyone can get a supplementary/add-on credit card from any card issuer after turning 18. So, you should be at least 18 years old in order to get a credit card.

Your Income

Your income or employment status also plays a huge role in determining your eligibility for credit card. The minimum income requirements vary from card issuer to card issuer and can be different for different credit cards. For entry-level credit cards, the income requirements are generally low whereas to get approved for premium credit cards, you need to have a high income. You don’t necessarily need to have a job but you can be self-employed as well. Your card issuer just wants to make sure that you have a source of income that you can use to repay your credit card bills.

Your Credit Score

Your credit score represents your creditworthiness and that is why a card issuer checks for your credit history and score before approving or rejecting your application. A good credit score, preferably above 750, can help you get approved for a credit card quickly and a low/average score can make the card issuer consider you as a risky borrower.

So, it can be somehow difficult to get a credit card when you don’t have a credit history or when you have a bad credit score. In such cases, you should first try to build your score by getting a secured credit card, a personal loan, signing up for buy now pay later options, etc. Making payments on time, utilizing only 30% or less of your credit limit, and not applying for credit cards very often, are a few things that can help your credit score fast. Once you build a good credit score, you can easily get a credit card.

Your Nationality

Your nationality also matters when it comes to your credit card eligibility. To get approved for a credit card in India, you should be an Indian citizen, a resident of India, or a non-resident Indian in most cases. If you have changed your nationality, you should look for a credit card in your nation.

Documents Required To Apply For a Credit Card:

Identity Proof – As an identity proof, you will need one or more of the following documents to apply for a credit card:

• Aadhar Card
• PAN Card
• Driving Licence
• Passport
• Voter ID
• Passport size picture

Address Proof – As an address proof, you should have the following documents:

• Aadhar Card
• Passport
• Utility Bills
• Passport
• Driving Licence

Income Proof – As an income proof, you will need the following documents:

• Self Employed – Latest ITR.
• Salaried – Latest salary slips, bank statements, etc.

How To Check Your Eligibility For a Credit Card?

To check for your eligibility for a credit card, you should first have an idea about what type of credit card you can be approved for. If you fulfill the age requirements and your income is really high, you can look for some premium credit cards, provided that you have a good credit score.

On the other hand, if you don’t earn that much, you can go for a basic credit card with a low annual fee and low-income requirements. After having a basic idea about what credit cards you should apply for, visit the respective card issuer’s official website and look for the eligibility criteria of different cards. Then you can apply for the one that seems to be the most suitable for you.

Bottom Line

Checking for the eligibility criteria before applying for a credit card is really important so that your application doesn’t get rejected as it can affect your credit score. Getting rejected for a credit card doesn’t affect your credit score directly, but whenever you apply for a credit card, a hard inquiry is done on your credit profile which can have a bad effect on your credit.

When you get rejected, there are high chances that you will apply for another card, but it is not advisable to do so. So, it would be really better if you check for all the requirements and apply for it only if you think that they are chances of getting approved. You can easily find the eligibility criteria on most of the bank’s websites or you can visit the branch to ask for the same.

Suggested Read: Check Credit Card Eligibility Criteria For Major Banks