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Here’s a quick snapshot of the standard eligibility criteria for credit cards in India:
| Particular | Details |
|---|---|
| Credit Score | Preferably above 750 |
| Minimum Age Requirement | 18 years |
| Maximum Age Requirement | 60-65 years |
| Income Requirement | Varies from card to card |
| Employment | Salaried or Self-employed |
The eligibility for a credit card, particularly minimum income requirement, varies from issuer to issuer. However, there are a few factors that primarily decide your eligibility for a credit card:
Age: Most card issuers offer credit cards to individuals aged 18 years or more. However, some issuers have also set the minimum age at 21 years.
Income: One of the most important factors that impact your credit card eligibility is your monthly income. Most card issuers have set a minimum income requirement on each of their card offering. If your income is lower than the set threshold, your application may be rejected.
Credit Score: The card issuer checks your credit score at the time of card application. Usually, banks offer credit cards to people with a good credit score, preferably above 750. However, there are few entry-level credit cards available in the market that are designed for new-to-credit (NTC) individuals. FD-backed credit cards are also an ideal option for NTC consumers and those with poor credit score.
Location: Credit card issuers also consider your address when they assess your eligibility while applying for a credit card. Some cards are only available to those residing in particular cities. Therefore, before applying for a credit card, you should check whether that card is offered in your city or not.
Existing Relationship with Bank: If you already have a savings account, fixed deposit or any other product from the bank, you are more likely to get approved for their credit cards. You may also get pre-approved card offers from the bank.
Credit Utilization Ratio: This is another factor that your card issuer considers while evaluating your credit card application. Credit Utilization Ratio (CUR) is the ratio of the credit limit you have used to the overall credit limit. It shows how much of your available credit limit you are using. It is good to keep your CUR as low as possible because a higher CUR reflects that you are credit hungry. Therefore, you should never max out on your credit limit as it can impact the chances of your credit card approval.
Suggested read: Tips for Lowering your Credit Utilization Ratio
Credit Enquiries: Whenever you apply for a loan or credit card, the lender requests the credit bureau for your credit report, such requests are known as ‘hard enquiry’. Submitting multiple hard enquiries in a short period of time can lower your credit score and make you look credit hungry. Hence, always check eligibility before applying for a card; do not make multiple applications.
Before applying for a credit card, minimum income requirement is one of the first things that you should check. The table below shows the minimum salary for top credit cards in India:
| Credit Card | Minimum Income Requirement |
|---|---|
| HDFC Diners Club Black Metal Edition Credit Card | Salaried: Rs. 2.5 Lakh p.m. Self-employed: Rs. 30 Lakh p.a. |
| Axis Atlas Credit Card | Salaried: Rs. 1.5 Lakh p.m. Self-employed: Rs. 18 Lakh p.a. |
| ICICI Emeralde Credit Card | Salaried: Rs. 12 Lakh p.a. Self-employed: Rs. 15 Lakh p.a. |
| HDFC Regalia Gold Credit Card | Salaried (govt.): Rs. 1 Lakh p.m. Salaried (non-govt.): Rs. 1.5 Lakh p.m. Self-employed: Rs. 18 Lakh p.a. |
| YES BANK Paisabazaar PaisaSave Credit Card | Net salary of Rs. 25,000 per month or ITR of Rs. 7.5 lakh |
| HSBC TravelOne Credit Card | Salaried: Rs. 6 Lakh p.a. Self-employed: Rs. 12 Lakh p.a. |
| Axis Select Credit Card | Rs. 6 Lakh p.a. |
| Tata Neu Infinity HDFC Bank Credit Card | Salaried: Rs. 1 Lakh p.m. Self-employed: Rs. 12 Lakh p.a. |
| HDFC Millennia Credit Card | Salaried: Rs. 35,000 p.m. Self-employed: Rs. 6 Lakh p.a. |
| MakeMyTrip ICICI Bank Credit Card | Salaried: Rs. 20,000 p.m. Self-employed: Rs. 2.4 Lakh p.a. |
The documents required to apply for a credit card usually depend on your credit card issuer. Below-mentioned is the list of documents that you may need to submit to avail a credit card:
Read in detail: Documents Required to Apply for a Credit Card
You can apply for a credit card through Paisabazaar as per your eligibility. All you need to do is follow the below-mentioned steps to check the pre-approved credit card offers for you:
Once you submit the duly filled form, the provider will assess your application, check eligibility and, if satisfied, approve your application. You will receive your new credit card in 3-5 business days.
You can click on the below-mentioned links to check the eligibility for the credit cards offered by top credit card issuers:
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the credit card purpose and credit card amount
Step 5: Compare offers and apply for the best-suited credit card
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the credit card purpose and credit card amount
Step 5: Compare offers and apply for the best-suited credit card
To check your credit card eligibility for a particular credit card, you may visit the respective card issuer’s website. Alternatively, you may check your eligibility and find pre-qualified offers at Paisabazaar. Start by filling out the application form at the top of the page.
The eligibility requirement for a business credit card may vary across issuers and cards. You may check your eligibility with the respective provider.
In general, self-employed individuals aged between 18 and 65 years can apply for a credit card. Lenders also require a minimum ITR per annum that varies across the card types. Usually, entry-level cards have an easier eligibility conditions.
Credit card issuers offer credit cards to individuals with a good credit score of 750 and above.
The minimum age requirement to apply for a credit card is 18 or 21 years and may vary depending upon your profile (whether salaried or self-employed), card type, and issuers’ internal policies.
Yes, students can apply for secured credit cards that are offered against fixed deposits and do not require income proofs as a necessary document. However, regular unsecured cards are not offered to students without income.
No, it is not necessary to have a bank account to avail a credit card with an issuer.
The basic eligibility criteria for HDFC Bank Credit Card is that your age must be between 21 to 60 years if you are a salaried employee. For self-employed applicants, the age bracket is between 21 to 65 years. Apart from this, you must be an Indian resident to avail a credit card. The minimum income requirement for different HDFC Credit Cards differs basis card variant.
The minimum salary requirement for a credit card varies from issuer to issuer and also across different cards from the same issuer. Moreover, the minimum salary required to apply for a credit card depends on if the primary applicant is a salaried individual or self-employed.
Yes, all credit card issuers will require proof of income to verify your employment status, whether salaried or self-employed. The latest salary slips, copies of your tax returns are some of the documents, which can be submitted as proof of income.
No, credit cards cannot be given on the same day as the application. To process the application and verify documents, credit card issuers may take 3-5 business days, sometimes longer depending on the consumer’s profile. However, the application process has become much quicker nowadays with some issuers delivering cards as early as the next day of application.
Your credit card eligibility is primarily determined based on several factors, including credit score, income, age, employment type, existing relationship with the credit card issuer and other debts. A good credit score plays an important role in getting a credit card as per your requirements.
The primary criteria for a credit card are your credit score and income. It is not necessary for you to be a salaried individual. As long as you can submit proof of a stable income through business or profession, you can get a credit card. However, in such cases, you need to submit an annual ITR as income proof.
The credit limit on a credit card is determined based on your income. The credit limit is usually a multiple of your monthly net income. Apart from your income, your debts, payment history and credit history also play an important role in deciding the credit limit.
The credit limit on your credit card is initially based on the income you have submitted in the application form. Later, when your income increases, you can approach your credit card issuer and ask them to increase your credit limit. However, the final decision will be at the bank’s sole discretion.
No, it is not mandatory to have an account with the same bank to avail a credit card. All you need is a good credit score, decent payment history, stable annual/monthly income to be approved for a credit card. The final approval, however, depends on the bank’s internal policies.
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