Credit Card Requirements and Minimum Criteria to Apply It

According to the reports generated, India has seen a 27% growth in credit cardholders in the last two years. Around 47.99% of Indian customers have shown interest in accessing their credit cards over debit cards, which lead to a decline of 21 million debit card owners in the year 2019.

credit card requirement

Credit cards are considered as the most preferred payment method to make any big-ticket purchases. These are rich with different features for the benefit of the users. To ensure that the customers can avail these advantages without offering much hassle, the credit card requirements stated by the different financial institutions are drafted in a way that they are easily achievable by the credit card seekers.   

Eligibility criteria required to avail a credit card, applicants –

  • Have to be at least 21 years of age.
  • Need to hold a minimum credit score of 750.
  • Should be salaried or self-employed.
  • Should not be a defaulter.

The credit card requirements may vary according to different NBFCs and financial institutions. 

The Bajaj Finserv RBL Bank Super Card, is one of the credit cards that can be availed by fulfilling these few eligibility criteria.

Bajaj Finserv also brings pre-approved offers on credit cards that reduce the time taken to avail financing and help save time. These offers are available on other financial products like business loans, personal loans, home loans, etc. To check your pre-approved offer, you just have to enter nominal details that includes your name and contact number. 

Documents required to avail a credit card

The documents needed to procure by an applicant to complete the list of credit card requirements are:

  • Identity proof that includes Aadhaar card, PAN card, Driving License, Voter ID Card, Passport, etc.
  • Address proof that includes electricity bill, ration card, telephone bill, any identity proof document with the permanent address. 
  • Income proof documents like the last two months’ salary slips or bank account statements.
  • Two passport-sized photographs.

How to apply for a credit card?

There are different ways to apply for a credit card. However, it is advisable to go for the credit card apply online process as it is comparatively convenient.

You can apply for a credit card online in a few steps by visiting the official website of your chosen financial institution. 

Before you apply, make sure to compare all the options available and check the charges and interest rates associated with the same. 

Points to remember before applying for a credit card –

  • You can have your credit card pre-approved from your preferred financial company. It checks whether you are fit for the criteria to hold a credit card and estimates the amount you are eligible to possess. This would not affect your credit score. 
  • Consider comparing the credit card offers before selecting a particular product. Analyse the credit card requirements and the features available on the card before applying for one.
  • It is advisable to use not more than 30% of your credit card limit as this can create a negative impact on your CIBIL score.
  • Clear off your credit card dues within the mentioned date. To increase your credit card limits and make higher spends, you need to settle your dues within time, as it creates a positive impression about you over the lender.

Credit cards have gained the status of one of the fastest-growing alternative methods of currencies in India. And, owing to its enormous popularity among the users, owning a credit card from different financial institutions has become an easily achievable task.

Comments are closed