Planning to apply for a credit card? But have no idea where to begin from? My friend you have reached the right article, hereunder we have covered the eligibility criteria that you are required to meet before applying for your first credit card. Meeting eligibility requirements is the first step from where you begin while applying for a credit card.
If you meet all the criteria then you can move ahead to submitting the credit card application with the required documents. Documents that you will need are income proof, address proof, age proof, and any other asked by the credit card issuer. Keep reading to have a better understanding of the eligibility criteria.
Let’s read What are the requirements for getting your first credit card
Nationality: In India, only Indian residents can apply for a credit card. You need to meet this requirement in order to be eligible for getting a credit card.
Minimum Age: This one is important, if you are below 18 years then your credit card application will be rejected. However, some credit card issuers have kept the minimum age bar at 21 years. So in this case, if you are below 21 years of age then your application for a credit card will be rejected. You must check the minimum age requirement before applying for a credit card.
Income: Credit card issuers will only give credit cards to those who have a stable source of income. No credit card issuer will keep themself in a risky position knowing the applicant will not be able to pay the credit card bills. They will only give credit cards to those whom they can trust. Before applying for a credit card you need to check whether there is any minimum income requirement or not. Even if there is no minimum income requirement still the credit card issuer will ask for stable income proof.
Credit Score: One of the most important requirements that is checked by all the credit card issuers. You need to have a credit score of 750 or above in order to get a credit card. The issuers do a credit check to know whether you are reliable or not and whether you will be able to repay the credit card dues on time or not. A credit score helps in determining your credibility.
Occupation: Your job profile also plays an important role in getting a credit card. The credit card issuers do a background check to know how long you have been working, how many times you have changed your job, have you just started working, and so on. Having a nice job that pays you well can be a plus point in your credit card application. Some of the high-end job profiles can easily help you in getting a credit card in no time.
To conclude, we hope that you are now aware of all the eligibility requirements that you are required to comply with before applying for a credit card. If you have any queries do comment below, we would do our best to address them as soon as possible.