Didn’t Check the Credit Card Eligibility? Do it to Prevent a Possible Rejection

Expectations soar from relaxing in the sandy beaches to pocketing out the latest iPhone that may have come in the market. One of the financial instruments that can help experience these luxuries is a credit card, isn’t it? With the divine gift of cashless buying power, credit cards enable all with ease. But you must deserve to get something and a credit card is also one of them. You must meet the credit carde ligibility before it can be given to you.

Those who apply without having a hang of the eligibility criteria often find their application getting rejected by the bank or any other financial institution that offers credit cards. The rejection not only causes disappointment but also affects your credit health by reducing some points off your credit score that ranges from 300 to 900 in India. A low score can create a bad impression before the lender which can so easily reject the application for other credit cards you make in the future, let alone the credit cards.

And so, you must be aware of the eligibility to prevent the said consequences. What should you do? Just read out the eligibility criteria of different lenders before taking a call. All that and more is discussed in this article.

Credit Card Eligibility SBI

State Bank of India (SBI) often becomes the top pick amongst individuals when it comes to credit cards. The bank offers a diverse suite of cards addressing the varied needs of individuals. If you want to apply for SBI credit card, do check the eligibility criteria sought by the banking behemoth. Here’s a list of those.

• You must be an Indian national
• You should be more than 18 years at the time of applying
• A good credit history is sought with no spots of loan or credit card default
• The income criteria can vary across the cards

Credit Card Eligibility HDFC

HDFC Bank is arguably the largest provider of credit cards in India. It has achieved this feat because of the amazing features the bank provide through its cards. However, you must meet the eligibility criteria before applying.

• Both salaried and self-employed individuals are eligible to apply for the card
• While salaried can apply between 21 and 60 years of age, self-employed can do so between 21 and 65 years
• The income criteria can differ across the individual cards of HDFC Bank

Credit Card Eligibility ICICI

The private lender ICICI Bank is also among the league of top credit card providers in India. Want to grab its credit cards? You need to conform to the eligibility criteria stated below.

• Both salaried and self-employed can apply for the credit card
• The minimum age of the applicant must be at least 23 years
• While salaried must earn a minimum of ₹20,000 per month, self-employed must generate an annual turnover of at least ₹3 lakhs

Credit Card Eligibility Calculator

Lenders also run the credit card eligibility calculator to assess the candidature. Once you submit the application, the lender would scrutinize your income and bank statement from various perspectives. Based on which the lender sets the credit limit up to which you can shop with the card. If the income and bank statement are robust, you may get a higher limit compared to those with a slightly weaker financials.