A credit card does bring fun and excitement among the shoppers by raising their purchasing power. Loaded with discounts, cashback, travel privileges and other conveniences, one keeps applying for credit cards both online and offline. Despite numerous applications reaching the lenders’ desk, only a few get an approval, leaving many prospective cardholders disappointed.
It happens due to ignorance among such customers regarding credit card eligibility. And so, they missed out on lucrative credit card offers. The eligibility differs from bank to card, card-to-card. So before applying, it would be better to check the eligibility for credit cards so as to get a hassle-free approval for the same. Let’s check the eligibility of some credit cards, which you may be interested to apply for, in this article.
Eligibility for Credit Card in SBI
State Bank of India (SBI), the largest lender in India, stipulates a few eligibility criteria to approve your credit card application. Wanna know those? Take a look below.
- An Indian national with an age of at least 18 years is eligible to apply for a credit card
- The credit scores must be 700-750 and above.
Eligibility for Credit Card in HDFC Bank
After SBI, the focus shifts to HDFC Bank which arguably is the leader in the private banking space. Like SBI, it has also kept a few eligibility criteria for the individuals to meet.
- Both salaried and self-employed can apply for HDFC credit card
- The minimum and maximum age required are 21 years and 60 years, respectively
- While a salaried must have a minimum annual income of ₹1.5 lakh, self-employed must earn at least ₹2 lakh a year
- Credit scores should be 750 and more
Axis Bank Credit Card Eligibility
Axis Bank also offers a wide range of credit cards to meet the needs of shoppers across the country. Just tick the following eligibility criteria for Axis Bank Credit Cards.
- Both resident and non-resident Indians (NRIs) can apply for a credit card
- One must have a minimum and maximum age of 18 and 70 years with a strong credit history
Switch on Credit Card Eligibility Calculator to Check Your Worthiness
The eligibility for a credit card would depend on several factors like income, age, credit history, among others. Let’s discuss each of the factors below.
Income – Lenders do point out a minimum income to have in order to gain an approval for a credit card. Even though you may be earning the minimum income as stipulated, you must avoid the big temptation that credit cards bring to the shoppers. The cards help shop for everything and in that lure, many spend way beyond their capacity to pay the bills that arise later on.
Age – Don’t take the age factor lightly as it can be a reason for the lenders to reject your application. Normally, banks stipulate a minimum age of 18-21 years for a card application. The maximum age, on the other hand, can be anywhere between 65-70 years.
Credit Score – It is one of the biggest factors that can influence a lender to accept or reject your application. The credit scores remain on the higher side when you service the debt without a default. And the scores go down when you keep defaulting on the payment of loan EMIs or card bills.
So if you have any running loan, make sure to pay the EMIs on time to get the credit score move upwards.
How to Make Credit Card Bill Payment?
If you meet the credit card eligibility criteria, you can get the card and shop for your favourite stuff anytime, anywhere. What comes next then? The bill payment, right? The importance of timely payment is explained above. You can pay the bills via any of the online and offline modes. However, the former holds an edge over the latter in terms of pace and convenience. Online payment can be done through net banking, mobile banking, payment gateway, etc. On the other side, offline modes include paying at the bank branch via cash or cheque. The cash payment, however, can lead to some charges.
Make sure to tick all the boxes of eligibility to gain a hassle-free approval to your card application. The bad habits of default in loan or card repayment can put you on a sticky ground. So avoid them and enjoy a solid credit card journey.