Canara Bank is a public sector bank that offers a good range of credit cards to its customers. You can enjoy all the offers and benefits that a Canara Bank credit card has to offer by increasing your eligibility requirement. While applying for the Canara Bank credit card fulfill certain eligibility requirements to decrease the chances of your application getting rejected.
Eligibility criteria for Canara bank credit cards
The Canara Bank follows eligibility criteria while issuing a credit card.
- The applicant must be between 21-60 years.
- The income requirement differs from credit card to credit card.
- The applicant must have a stable income.
- The applicant must have a good credit score.
Documents required to apply for a Canara Bank Credit Card
Keep the given documents handy. If you are applying for a credit card online, keep the scanned copies with you, and in case if you are visiting the bank to apply take the signed photocopies with you.
|Aadhaar Card, Driving Licence, Voter’s Id, Pan Card, Passport, or any other government-approved ID.|
|Aadhaar Card, Passport, Utility Bills (not more than 3 months old), or any other government-approved ID.|
|Bank Statement or salary slip of last 3 months, last 2 years’ audited financial report, etc.|
Credit Cards offered by Canara Bank
Given below is a list of credit cards offered by Canara Bank.
|Canara Bank Visa Classic/ MasterCard Standard Credit Card||21-60 years||The applicant must have a minimum annual income of Rs. 1 lakh and a prior satisfactory relationship with the bank.|
|Canara Bank RuPay Select/RuPay Platinum Credit Card||21-60 years||The applicant must have a stable monthly income.|
Factors that affect your Canara Bank credit card eligibility
Age: Canara Bank has provided the age requirement between 21 to 60 years. If you do not match this requirement then it can lower down the chances of your credit card application getting approved.
Income: Another factor that plays a significant role in affecting the eligibility requirement is an Income requirement. The applicant must have a stable source of income before applying for a Canara Bank credit card. The income requirement differs from card to card.
Credit Score: Canara Bank checks the credit score of the applicant before issuing a credit card. A bad credit score or having no credit history decreases the chances of your application getting approved. A good credit score is considered somewhere between 700-750 or above.
Debt to Income Ratio: A good debt-to-income helps in increasing the chances of your application getting accepted. The income should always be more than the debt so that you can easily pay off the borrowed fund from the bank.
Multiple Credit Card: Having multiple credit cards can do more harm than good. If you already have 7-8 credit cards and applying for another credit card, can increase the chance of your credit card application getting declined.
Default in Payment: Credit card issuers always scrutinize your credit card application by looking at your credit card payments or any other loan repayments, to check the repayment power of the applicant and whether he/she is a defaulter or not. Delayed payment can lead to a lower possibility of your credit card application being approved.
Multiple Applications: Do not throw yourself under the bus while applying for a credit card. By sending multiple applications can invite hard inquiries which will, in turn, can impact the eligibility requirement for the credit card.
How to improve your Canara Bank credit card eligibility
There are many ways through which you can improve your Canara Bank credit card eligibility, a few of them are as follows:
- First and foremost, avoid sending multiple applications in one go. This can really increase the chances of your credit card application getting accepted.
- The second thing that can help in increasing the Canara Bank credit card eligibility requirement is meeting the age and income requirement. Before applying for a credit card carefully read the minimum requirement of age and income.
- You can improve your credit score by applying for a secured credit card or an entry-level credit card if you are applying for a credit card for the first time. A secured credit card or an entry-level credit card is easy to manage as they have low joining and renewal fees. However, you can also use ‘Amazon Buy Now Pay Later’ for building your credit history.
- Never ever default in credit card bill payments or in repaying the loan amount. It is advisable to clear all the dues on or before the due date.
To improve your eligibility you can start with building up your credit history, having a good credit score increases the chances of your application getting approved. Try not to send multiple applications in one go also before submitting documents proofread them to avoid mistakes in your application.
Yes, the card issuers while reviewing your application look at the credit history to check whether you are a defaulter or not. It is advisable to clear all the dues on time as it will badly affect your credit score.
No, there are no credit cards which are offered by the Canara Bank to 18 years old individuals. The minimum age requirement starts at 21 years.
700-750 is considered a good credit score that can help you to get a credit card easily.