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Eligibility Criteria For Credit Card

IndianMoney.com Research Team | Updated On Wednesday, October 10,2018, 06:49 PM

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Eligibility Criteria For Credit Card

 

 

Credit Cards are a great way of availing short term funds. A credit card is a credit instrument that is issued by a financial company or bank to a user (cardholder), subject to the condition that the holder will pay back the borrowed funds plus additional charges, which are pre-determined.

There is a pre-set limit to borrowing, which is based on the holder’s credit rating, payment history, and financial condition. The holder can use this credit without exceeding the maximum limit, but must repay a minimum amount or the full amount used, at the end of each month. In case the holder pays only the minimum amount, the remaining amount is rolled over to subsequent months and interest is charged on this amount.

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Eligibility Criteria for Credit Card

Basic Eligibility Criteria for Credit Card

An individual seeking a credit card from a bank, must check the following credit card eligibility criteria before applying.

Age: In order to apply for a credit card for the first time, the applicant must be over the age of 18 or any other limit set by the respective bank. Add-on card holders must be 18 years or above.

Income: The applicant must be salaried or self-employed to avail a credit card. Income criteria differ according to the type of card. A credit card can be taken against a Fixed Deposit and minimum income set by the bank. This is necessary to show proof of steady income to pay the credit card bills in time.

Credit History: Credit history is a record of how the applicant manages his credit related activities. Past credit liabilities, payment of bills, repayment of loans and so on are some of the factors considered while calculating credit score. Having a good credit score is very important to avail a credit card.

Nationality: The applicant must be:

  • Resident of India
  • Non-Resident Indian.
  • Foreigner who is a Resident of India

Documents required for a credit card:

1. Identity Proof: (Any one of them)

Aadhaar card, PAN card, Driving License, Voter’s ID, Passport

2. Age Proof: (Any one of them)

Birth Certificate, Passport, Voter’s ID, Secondary School, certificate (Class 10)

3. Address Proof: (Any one)

Utility Bill (Electricity, Telephone, Water), Ration Card, Passport, Driving License, Voter’s ID, Bank Statement

4. Income Proof: (Any one)

Pay slips, Income Tax (IT) Returns, Proof of Business Continuity

Non-Resident Indians (NRIs) must provide any of the following additional documents of the resident country for Overseas Mailing Address.

  • Driving License
  • Overseas Bank Statement
  • Government Issued ID card
  • Utility Bill
  • Credit Card Statement
  • Lease Statement
  • Rent receipt
  • Company Appointment Letter
  • Company ID Card

SBI Credit Card Eligibility

Age

21 to 60 years for applicant

18 Years for add-on card holder

Income

Minimum Rs 18,000 per month

Employment

Salaried or Self-Employed

Nationality

Indian Resident or Non-Resident Indian Citizen

Axis Bank Credit Card Eligibility

Age

18 – 70 years for primary holder

15 years for add-on card holder

Employment

Salaried or Self-Employed

Nationality

Indian Resident or Non-Resident Indian Citizen

ICICI Bank Credit Card Eligibility

Age

Minimum 23 years for applicant

18 Years for add-on card holder

Income

Minimum Rs 20,000 per month or annual income of Rs 3 lakhs

Employment

Salaried or Self-Employed Professionals

Nationality

Indian National Citizen

IDBI Credit Card Eligibility

Age

21 - 65 years for primary holder

18 years for add-on card holder

Income

Nil

Nationality

Resident of India

HDFC Credit Card Eligibility

Age

21 - 65 years for primary holder

Nationality

Resident or Non-Resident Indian Citizen

Income

Minimum Rs 18,000 per month

Yes Bank Credit Card Eligibility

Age

21 - 60 years for primary holder

15 years for add-on card holder

Employment

Salaried or Self-Employed

Income

Minimum Rs 40,000 per month

Nationality

Indian Resident or Non-Resident Indian Citizen

Credit Card Interest Rate

Credit Card interest rates are charges levied by the issuer on the borrowed amount, i.e. only the amount actually used. It is only charged on the unpaid amount at the end of the billing cycle, which is usually a month. This means that if you repay the outstanding dues before the due date, no interest will be charged.

Credit Card Rates are calculated as Annual Percentage Rate (APR). It is the actual cost of borrowings for a year, and includes interest rate as well as other rates that may be applicable on the borrowings. The APR gives a general idea on how much you pay for availing the card and facilitates in comparing different issuers.

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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