Eligibility criteria for issuing credit cards vary by the banks or issuers and for each applicant. But in nearly every case, parameters such as age, credit score, and income are considered.
If an applicant fails to meet these eligibility criteria set by the banks, the application may get rejected. This is a situation to be avoided, so it is preferable to stay aware of the requirements for credit card eligibility.
In general, the applicant should be over 25 years of age to be eligible for any credit card, but for some credit cards, being over 18 years of age suffices. Similarly, the applicant’s credit score should be over 750.
The applicant also has to meet the minimum criteria for monthly or annual income that the bank concerned has set. In some cases, credit cards are also issued against a fixed deposit.
Most of the credit cards in India are available only for Indian citizens. But, a few cards are also available for non-resident Indians.
Let Us See What Makes These Factors Important:
Age Limit
The age limit has been set to ensure the credit repayment capacity of the cardholder.
Income Limit
Disposable income is a must if one uses and manages a credit card. Income further affects the credit card limit that a user is assigned. Similarly, the benefits that a credit card offers are matching to the applicant’s lifestyle.
Employment Related Requirements
If the applicant has had a stable job for over a year, the odds of their credit card application being approved are higher because an applicant comes by as credible.
Credit Score
Banks go through their credit report when the applicant apply credit card online. This covers one’s credit history, payment defaults, and payment history. A high credit score boosts one odds of being issued a credit card.
Existing Debt
An essential point that credit card providers look into is the applicant’s credit utilization ratio. If the current dues are over the granted limit, it may affect the application process.
Location
When considering an applicant’s eligibility to apply for a credit card, banks consider their address. So, a few cards are available exclusively for applicants residing in particular cities.
Eligibility criteria for different credit cards vary. But, as an important instance, let us consider the eligibility criteria for Bajaj Finserv RBL Bank Credit Card.
Eligibility Criteria For Bajaj Finserv Rbl Bank Credit Card
- The applicant’s credit score should be over 750, and on any of the credit card payments, he should not have defaulted
- The applicant should be between 25 and 65 years of age
- The applicant’s residential address should be on the list of locations where the credit card is being offered
Eligibility To Upgrade Credit Card
If the applicant already owns a credit card, then, over time, the issuing bank will likely reach out to them with an offer to upgrade the credit card. This occurs when the card owner’s repayment history and credit score are good, and the income is significant.
If your bank is yet to reach out to you, you could connect with the bank by visiting the closest branch or contacting customer care. The cardholder can then express his preference to have his credit card upgraded. There may even be cases wherein one comes across the eligibility-related details for having one’s credit card upgraded over the concerned bank’s net banking portal.
Checking One’s Eligibility For Having A Credit Card
On The Website, An Eligibility Checker Feature Is Available. It Is Used As Follows:
- On the Bajaj MARKETS credit card page, click over the ‘Apply Now’ option
- Type in details such as your profession, the date in DD/MM/YYYY format, your registered mobile number, and your name, as it is written over your PAN card
- Click on the ‘Check Your Offer’ option
- An OTP will now be sent over to your registered mobile number for the applicant to use for validation
- Next, a list of credit cards that an applicant is eligible for will be displayed
Platinum Plus SuperCard
Bajaj Finserv RBL Bank Platinum Plus SuperCard is one of the critical credit cards that an applicant may want to own. Platinum Plus SuperCard allows one to plan rewards and enjoy entertainment, dining, and shopping benefits. It is the perfect match for one’s lifestyle and spending habits.
So, one can enjoy high savings on all expenditures, including automobiles, fashion, electronics, and groceries. The finest offers and rewards are available on discounts, dining, and movie tickets.
