Know About Your Credit Card Eligibility Before Settling For One

Credit Card is a magic wand that comes handy when we are cashless. Whether it is one of those days when we are empty-pocketed or a sudden financial crunch, a credit card straightens things out in no time. But as they say, with huge power comes great responsibilities, a Credit Card can turn into your worst nightmare in no time. This is the reason that many people avoid owning a credit card. If you too are one of them, Credit Card Eligibility is something that might turn you positive.

Credit cards of different types with different banks are available. They are usually titled on the basis of the credit amount they can lend. Depending on your need, you can choose the apt Credit Card for yourself. Credit Card eligibility for different types of Credit Cards may vary according to different banks.   

Credit Card Eligibility-

Credit Card Eligibility might vary for different banks and you might need to pay attention before opting for the most suited one. In situations like this, a Credit Card Eligibility Calculator can be your best bet. This tool is designed to churn out an individual’s Credit Card Eligibility by feeding in a few relevant details. The generic factors determining Credit Card Eligibility are given below:

  • Age Limit: The age limit for owning a Credit Card is between 18 years to 70 years. For add-on card holders, the minimum age required is 15 years.
  • Place of residence: The applicant of the Credit Card must either be an Indian resident or a Non-Resident Indian.
  • Type of Profession: The applicant for the Credit Card can either be a Salaried Professional or a Self-Employed Individual. The type of profession that an individual is associated with is not a constraint.
  • Credit Score: The applicant must bear a good credit score  
  • Minimum Income: The applicant must have a minimum monthly income of ₹10,000.

Things to Pay Attention to While Applying for a Credit Card

What do you need the Credit Card for?: Before committing yourself to a Credit Card, try to figure out its need and usage. The reason of going for a Credit Card needs to be clear in your head to ascertain the type of card you want to go for as different cards serve different purpose.

Credit Score: Credit Cards are considered to be unsecured forms of loan and hence are usually give to those who bear a good credit history. Check your credit history before applying for a Credit Card. The higher is your credit score, the easier it becomes for the banks to let you avail a Credit Card. Similarly, any late payments or history of default might make situation challenging for you. Credit Cards can also be used to improve your credit score. Hence, if you already bear a decent credit score you can plan a credit card to improve it further for future loans and investments.

Income Stability: As Credit Cards are a good way to increase your credit score, you would want to use it quite often to put your credibility on paper. For this purpose, it is very important to ensure that you would have a stable income for a considerably long period. Banks would also want to ensure that you are committed to your profession and wouldn’t default in paying-off the bills. Also, your monthly income would determine the spending limit of your Credit Card.

Previous debts: Lesser debts under your name would make it easier for you to avail for a Credit Card. If you already bear a number of debts, banks take a moment to consider your capability of paying-off the bills. Also, it would be more difficult for you to juggle a lot of debts along with a Credit Card. Hence, try to plan this process with a calm mind to avoid resentment later.

Apply For Credit Card Online For Instant Approval-

Credit Card applications have become easier and less cumbersome with the intervention of technology. Now you can apply for a Credit card apply online mode without physically being present in a bank. You can easily compare different Credit Cards on the website of the bank of your choice and apply for it online. The customer Care of the bank would be available to answer all your queries and concerns regarding the card. Also, you can seek help from your Personal Bank Manager to straighten out any doubts that you might have.

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