Are you planning to apply for a new credit card? If yes, you should be aware of the need to fulfil certain credit card eligibility criteria. You need to be familiar with the required eligibility criteria and check whether you can fulfil them or not before applying for a new credit card. The eligibility criteria of each credit card varies from issuer to issuer. The SBI Credit Card application eligibility criteria will be different from the Axis Bank credit card eligibility criteria. If you fail to meet the requirements, your credit card application will be rejected, which will, in turn, lower your credit score.
Top banks like SBI, Axis Bank, Citibank, etc., offer a wide range of credit cards perfectly tailored to meet your needs. You must understand the eligibility criteria of the desired issuer before applying for a new credit card. Here are the details of the Axis Bank Credit Card application eligibility criteria and of other top banks in India and how you can check it for yourself.
Common Eligibility Criteria for Credit Cards
Age, annual or monthly income, credit score and occupation are the most common parameters in the credit card eligibility criteria. Now, check out the general credit card eligibility criteria you should meet to get a new credit card from some of the most popular Indian credit card issuers.
To be eligible for a credit card, you must be an Indian national.
The age limit set by the card issuers to become eligible is generally between 21 and 65 years. Also, certain top banks offer credit cards if you are 18 years or above. The eligibility criteria for Axis Bank Credit Card application sets the age limit between 18 and 70 years of age.
You must have a regular source of income to be eligible to get a credit card. Several credit card issuers issue cards to you if you are either salaried or self-employed, whereas a few prefer you to be a salaried individual.
The monthly income criteria varies from banks to banks and NBFCs to NBFCs. However, it is mandatory to have a minimum disposable income to apply for and maintain a credit card. Your annual or monthly income determines the credit card limit and other benefits offered by the card.
A credit score of 750 or above is preferable for the credit card issuer since it indicates that you have not defaulted and have a credible repayment history.
Factors Affecting Credit Card Eligibility
Given below are certain factors that determine your eligibility for credit cards.
- Credit Score: Most of the card issuers check the 3-digit credit score at the time of new credit card application because the credit score indicates your financial responsibility. Your credit and repayment payment history can be depicted from this score.
- Income: You should meet the minimum monthly or annual income requirement set by the card issuers. It is mandatory that you earn this minimum income to fit in the eligibility to get credit cards.
- Occupation: Your occupation and years of experience play a major role in determining your eligibility for a credit card. The chances of getting your credit card application approved increases if you have a regular source of income and work experience of more than a year with the current employer or organisation.
- Credit Card or Loan Applications: The banks or NBFCs may find you credit-hungry if you have applied for multiple credit cards or loans at a time. To keep a good reputation, it is ideal to have a gap of at least 6 months between the loan or credit card applications.
- Location: The credit card issuers consider your address or location, while assessing your eligibility for applying for a credit card. Some of the credit cards are available only to the residents of certain cities.
Eligibility Criteria for Top Banks
Here is a list detailing the credit card eligibility criteria and their major parameters set by the top banks in the country.
|Credit Card Issuer||Age||Occupation||Minimum Monthly Income Required (For Basic Cards)|
|State Bank Of India||21 – 70 years||Salaried and self-employed||₹20,000|
|Axis Bank||18 – 70 years||Salaried and self-employed||₹25,000|
|Citi Bank||23 – 60 years||Salaried||₹25,000|
|ICICI Bank||21 – 60 years||Salaried and self-employed||₹15,000|
|RBL Bank||25 – 65 years||Salaried and self-employed||₹25,000|
|Kotak Bank||21 – 65 years||Salaried and self-employed||₹25,000|
|HDFC Bank||21 – 65 years||Salaried and self-employed||₹10,000|
|YES Bank||21 – 60 years||Salaried and self-employed||₹25,000|
|IDFC Bank||21 years or above||Salaried and self-employed||₹25,000|
|Union Bank Of India||18 – 70 years||Salaried and self-employed||₹21000|
|Punjab National Bank||21 – 65 years||Salaried and self-employed||₹7000|
Disclaimer: As per the financial institution’s discretion, the criteria mentioned here are subject to change.
How to Check Your Credit Card Eligibility
You can visit the credit card issuer’s website to check your eligibility. You have to visit the Axis Bank’s website to check the Axis Bank Credit Card application eligibility criteria. Here are the general steps you may have to follow in each website.
- Visit the credit card issuer’s website.
- Go to the credit card section and click on ‘Apply Now’.
- Enter details like your name as per the PAN card, date of the birth, profession, and registered mobile number.
- Click on the ‘Check Your Offer’ option.
- Verify your number by entering the OTP sent to your mobile number.
- Now, you can view the list of credit cards you are eligible to apply for.
You can simply get a credit card of your choice after checking your eligibility in a few steps. Choose the best credit card from the wide range of options and reap benefits like attractive offers, rewards, minimal charges, and much more.