Approval of your credit card application requires you to adhere to the credit card eligibility requirements, as stated by the card issuer. Every credit card provider has their own parameters when handing out credit cards. The standard requirements have been detailed below for your reference.
Credit Card Eligibility Requirements
- Nationality
To state it bluntly, most countries provide credit cards only to citizens located in the pertinent country. India, for example, only provides its citizens with the privilege of holding a credit card. This provision is allowed for both resident Indians and non-resident Indians.
- Credit Score
To ensure that an individual is accountable for their financial decisions and is responsible with the regular payment of their monthly credit card bills, credit scores are checked by banks before the provision of a credit card. These scores factor in the credit history of an individual, including any payment default and their overall payment history.
- Miscellaneous Applications
Credit card providers also scrutinize any loan applications or other credit applications you may have under your name. A minimum of six-month gap must be maintained between each credit card application to prevent financial institutions from viewing you as a credit-hungry individual.
- Age and Income
These two criteria go hand-in-hand when applying for a credit card in person or applying for a credit card online. Different credit card providers hold different levels of age and income statuses that you need to abide by, in order to be eligible to obtain their credit card. To avail a credit card, an individual must be at least 18 years old in most countries and needs to display evidence in the form of authentic documentation suggesting that you can pay your monthly bills on a timely basis. This evidence stems from your monthly or annual income statement. Indian citizens are permitted to have a co-signer on their behalf, if they own deficient income statements.
Documentation
- Address
Address requirements vary from country to country across the world. Most countries require the standard copy of your passport and a driver’s license (if you hold one). Additional requirements include bank account statements and your utility bills. In India, address requirements are a little more specific, and are a lot more detailed to mitigate any potential fraud. Banks may ask for a job card issued under NREGA, ration card and property registration card. It is essential that these documents are not outdated. Banks routinely ask individuals to provide the last three-month bank statements and utility bill copies for this reason.
- Identity
Similar to your address documentation, identity requirements differ depending on the country you wish to attain a credit card from. In India, equipping your credit card institution with certain documents, like your PAN Card, Aadhaar Card, voter’s identification, overseas citizen of India card, letters issued by UIDAI, and driver’s license is imperative. USA, on the other hand, would require just your proof of citizenship document and social security number. Every country will need evidence to substantiate your name, date of birth and photograph attestation.
- Income
As mentioned above, minimum income levels vary as per every bank’s regulations and policies. However, in addition to ensuring that you earn the minimum amount to apply for a credit card, you also must provide testaments to the bank to aid your application. These testaments include your ITR, salary slip and form 16. Supplementary documentation includes disclosure of your employment status, non-taxable annual income and monthly housing costs. Your employment status refers to whether you are employed, part of the military, retired, self-employed or unemployed. Non-taxable annual income refers to any public assistance, social security, workers, and disability compensation you may have gained. In other words, it relates to the amount exempt from federal income taxes.
Auxiliary Information
The Bajaj Finserv credit card department and the RBL Bank credit card department have joined hands to offer the much-vaunted Bajaj Finserv RBL Bank SuperCard. This SuperCard combines the benefits of four different cards in one and is hence known as an all-in-one card. To enjoy the benefits offered by this credit card type, a citizen of India must just be at least 25 years of age, and has to maintain a minimum credit score of 750. A mere submission of a credit card application online allows you to enjoy all the rewards that come along with this prestigious card.
