cibil score

Credit Card Eligibility in India

A credit card allows you to borrow money to pay for products and services and then reimburse the card issuer later, usually with interest. Credit cards are convenient and beneficial financial tools that make spending simple and convenient. You can manage your short-term financial obligations and meet urgent cash demands with the help of connected services. For example, interest-free periods make repayment easier. However, it is critical to remember that in order to prevent rejection on your credit card application, you must have a high credit score. Furthermore, applying for a credit card can be done in a variety of methods. You can apply online, over the phone, or in person at a bank.

Eligibility Criteria

You must meet certain eligibility standards in order for your credit card application to be approved. It’s possible that each bank or credit card has its own set of restrictions. Your application may be rejected if you do not meet the bank’s requirements. As a result, your credit score may suffer. The basic eligibility criteria are generally the same across all of the country’s major banks. The following are the essential eligibility requirements:

  • The candidate must be at least 18 years old.
  • Must have a minimum salary of INR 1 lac to INR 3 lac.
  • The applicant should be salaried or self-employed.
  • Must have a CIBIL score of 750 or higher.

How to Apply for a Credit Card

Check Your CIBIL Score

When you check your CIBIL score before applying for a credit card online, you’ll know exactly what kinds of interest rates and benefits you might be eligible for. Your credit score will be between 300 and 850, with anything above 670 being considered “excellent” and anything above 800 being considered “exceptional.”

Compare Other Options

While conducting your homework before applying for a credit card online, keep an eye on annual interest costs. In particular with new cards, look for recurring perks as well as any sign-up bonuses.

Apply Online

Go to the bank’s website to apply for a credit card after you’ve done your research and decided on one. On the bank’s website, look for a “Apply Now” button that will lead you straight to an application. Your name, address, and Social Security number, as well as your annual pay, monthly expenses, and the amount in your current bank account, should all be provided (s).

Submit Your Application

It’s time to sit back and wait for a response after you’ve completed your application and applied for a credit card online. Although some issuers are more responsive than others, you should receive a response within 10 to 14 days.

Get Your Credit Card

If your application is approved, you should receive your credit card within 10 to 14 business days; however, delivery may take longer in some cases due to unforeseen circumstances. After that, you’ll have to activate your card before you can use it to make purchases.

A credit card provider may reject your application for a variety of reasons. If you have a low CIBIL score due to a history of late payments, or if you don’t have any credit because you’re just getting started with it. In this scenario, you can use the methods on how to improve CIBIL score to get your credit card application approved. If you’ve been turned down for a credit card, you can request a review from the credit card company directly. You’d have to demonstrate your capacity to manage credit responsibly and make on-time monthly payments to qualify for a credit card.

You have alternative options if you are unable to obtain a credit card after requesting a reconsideration. You can request that someone add you as a co-borrower or an authorised user on one of their credit cards. Both of these options can help you create credit and increase your buying power. When you apply for a shared credit card, you agree to share responsibility for any debt incurred on the card.