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ToggleA credit card can significantly improve your credit profile and can also be an excellent savings tool. In India, where credit usage is not yet widespread, many people still view credit cards as a luxury rather than a practical financial tool.
Despite this, the credit card industry in India has grown at a compound annual growth rate (CAGR) of 20% over the past five years, with the number of credit cards exceeding 78 million by July 2022.
If you are considering applying for a credit card in India, you might be unsure about the eligibility requirements. Many people hesitate to apply because they fear they might not qualify. However, understanding the eligibility criteria can clarify this for you. In this blog, we’ll explore how credit card eligibility works, so let’s get started.
When you’re looking to get a credit card from a bank, it’s important to know the eligibility criteria. These are the conditions set by banks to determine if you qualify for a credit card. Typically, they include your age, income, and credit score.
Understanding these factors helps you figure out which credit cards you might qualify for, saving you time and protecting your credit score from being negatively impacted by unsuccessful applications.
While the eligibility criteria are generally similar across major banks, there may be slight differences based on each bank’s policies. Factors that affect eligibility include whether you’re salaried or self-employed, and your annual income and other credit obligations.
Let’s take a closer look at the factors that affect your credit card eligibility in India:
These documents are commonly required for most credit card applicants:
If you are self-employed, you might need to submit additional documents to prove your income and business operations:
NRIs must submit these documents to get a credit card in India:
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The minimum salary needed to qualify for a credit card depends on the specific card you’re applying for. Generally, cards with higher credit limits and more premium benefits require a higher income.
Yes, your mobile number must be linked to your Aadhaar for identity verification purposes when applying for a credit card.
Establishing or improving your credit score involves responsible financial behaviour. This includes consistently paying your credit card bills and utility bills on time. Even if you have a poor credit history, making timely payments can help you rebuild your credit over time.
Priyanka Rao is a content strategist for Jupiter.Money, and specializes in writing on topics related to finance, banking, budgeting, salary & wages, and other financial matters. She has a passion for creating engaging content that resonates with audiences across various digital platforms. In her free time, Priyanka enjoys traveling and reading, which allows her to gain new perspectives and inspiration for her work. With a keen eye for detail and a creative mindset, Priyanka is committed to creating content that connects well with her readers, enhancing their digital experiences.
View all postsPriyanka Sharma is the Head of Credit Cards (Sr. Director Business & Product - Credit Cards) at Jupiter Money, where she leads the growth and development of the company’s credit card portfolio. She is responsible for driving strategic initiatives and enhancing customer experiences through innovative credit products. Priyanka’s leadership is shaping Jupiter’s approach to simplifying personal finance for its customers. Prior to her role at Jupiter Money, Priyanka was an Engagement Manager at McKinsey & Company, where she provided strategic advice to clients across various sectors. Her expertise in business strategy, growth, and operations was built on her strong analytical skills and client-focused problem-solving abilities. Earlier in her career, she worked at ZS, a global business consulting firm, where she contributed to various projects, gaining significant experience in data-driven business decisions. Priyanka holds a Post Graduate Programme in Management with a focus on Finance, Strategy, and Leadership from the Indian School of Business (ISB), where she graduated with distinction, earning a place on the ISB Dean’s List. This prestigious academic achievement underscores her deep understanding of financial strategy and leadership, which she continues to leverage in her fintech leadership role.
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