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Credit Card: Eligibility & How to Apply?

A credit card allows you to borrow money to pay for products and services and then reimburse the card issuer later, generally with interest. Credit cards are convenient and beneficial financial tools that make spending simple and convenient. Your CIBIL score check, on the other hand, is crucial in determining whether your credit card application will get approval or not. However, you can manage your short-term financial responsibilities and meet urgent cash demands with the help of connected services. For example, interest-free periods make repayment easier for the credit car owners. Applying for a credit card can be done in a number of ways. You can either apply online or over the phone or even you can visit the bank for the same.

Eligibility for a Credit Card

You must meet certain eligibility standards in order for your credit card application to be accepted. Each bank or credit card company may have its own set of requirements. Your application may be rejected if you do not meet the bank’s requirements. As a result, your credit score may suffer.

You must meet certain standards in order to receive a credit card in India.

  • The applicant must be 18 years old or older in age.
  • A salary of INR 1 lac to INR 3 lac as a minimum income.
  • Banks generally prefer salaried or self-employed applicants.

Factors that Influence Credit Card Eligibility

Citizenship

Citizens, residents, and non-residents of India are all eligible to apply for a credit card in any of the major banks in the country. However, there are a few cards that are solely available to inhabitants of India.

Income Levels

If you are eligible for a certain card, it is determined by your annual income. In India, you must have a minimum yearly salary of INR 3 lac to apply for a credit card. However, because this criterion is entirely reliant on the card provider you choose, you should double-check with your bank.

Age of the Applicant

You must be at least 18 years old to register. Some banks, on the other hand, impose a minimum age requirement of 21 years old. The maximum age limit varies, although it is typically between the ages of 50 and 60.

Process to apply 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 kind of interest rates and benefits you’ll be eligible for from your options. Your CIBIL score will range from 300 to 850, with anything over 670 being considered “excellent” and anything over 800 being considered “exceptional.”

Lookout for various offers

When conducting your homework before applying for a CC online, keep an eye on annual interest costs. Look for recurring benefits and any sign-up bonuses, especially if you’re a new cardholder.

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.

Receive your Credit Card

If your application is approved, your CC should arrive in 10 to 14 business days; however, delivery may be hastened in some situations due to unique circumstances. After that, you must activate your card before you may use it to make purchases.

The card firm may reject your application if you have a low CIBIL score or for any other reason such as a history of late payments. In order to avoid rejection, it is best to apply for a credit card only when you have a strong CIBIL score. However, if your credit application gets rejected on the basis of a low CIBIL Score, you can adopt measures on how to improve your CIBIL score before applying again for a CC. Moreover, if you have a high CIBIL score you can select from the best credit cards in India while applying. 

Read Also: What Is Experiential Marketing? Why Is It So Important?

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