HDFC Bank has a range of credit cards across different categories for their customers based on their requirements and needs. The cards range from super-premium to entry-level and their eligibility requirements vary as well. Before applying for a credit card, you must go through its requirements so that your chances of approval are high.
There is no need to apply for a credit card that is out of your income range and needs because your application will get disapproved. Research properly and apply for a card for which you have chances of getting approved.
Here are some basic eligibility requirements across all HDFC Bank credit cards –
- Individual must be over 21 years old and the add-on cardholders should be over 18 years of age.
- Individual must a resident or citizen of India.
- Individual must be either self-employed or salaried.
- Individual must earn minimum Rs. 12,000 monthly if he is salaried, or atleast Rs. 2 Lakhs annually if he is self-employed.
- Individual must have a stable income source and a decent credit score.
- Individual must have a valid PAN Card, ID Proof, Residence Proof, and Income Proof.
Factors Affecting Eligibility for HDFC Bank Credit Cards
The following factors affect your eligibility for HDFC Bank credit cards and you must take care of them when applying for a card –
Age – It is the most basic factor where an individual must be between 21 to 60 years old to apply for a credit card. Someone who is too young may not have a good credit history and as a result, a good credit score. This will work against you when you apply for a credit card.
Credit Score – The most vital aspect that the card issuer considers is your credit score. If you want to be approved for a credit card with a decent card limit, you must have a healthy credit score, usually over 750. The score shows your credit worthiness and repayment ability. A low credit score can make it difficult for you to be approved for the credit card or any other loan.
Job Stability – Card issuers prefer individuals who have a stable income source and a stable job. Someone who regularly changes their job may find it hard to get approved for a credit card.
Existing Credit Cards – If you already have credit cards, they can help you get approved for a new credit card if you have used them responsibly and paid your dues on time. However, if there are existing dues on your credit cards and a history of late payments, your HDFC Bank credit card application will be rejected.
Account Settlements – Sometimes, you may not be able to repay your credit card bill and the card issuer may agree to settle your account at a lower amount than you owe. In case of a settled account, your credit score will take a big hit and it will be difficult for you to get approved for a credit card or other loans.
Improving Your Eligibility for an HDFC Bank Credit Card
If your credit card application gets rejected, you can always apply for it again after some time. Before applying, you can improve your credit score and other factors to have a better chance of getting approved. Here is how you can do it –
- If you raise too many credit card applications or inquiries with different card issuers, it has a negative effect on your credit score. Maintaining your credit card applications to a low will boost your chances of getting approval.
- Try to pay off your credit card dues, loan EMIs, etc. on the due date or before it. Card issuers thoroughly go through your credit history and repayment history. Late payment records can affect your chances and you must pay your dues on time to boost your credit card approval chances.
- Card issuers look for a stable income source when someone applies for a credit card. Therefore, you must state every one of your income source in the application apart from the primary source. This will increase your debt-to-income ratio and your chances of getting approved for the card will rise.
Anyone who has a decent income and a stable source, a high credit score, and valid documents is eligible for an HDFC Bank credit card. You can either apply for a credit card online at the official HDFC Bank website or offline at your nearest branch.
Make sure you meet all eligibility requirements and provide all necessary documents to boost your chances of getting approved by the bank.