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Finance

What are the key factors to become eligible to apply for a Credit Card?

Credit Card Eligibility

Most people feel that they would give up a lot of financial freedom without credit cards. Today you can afford to have a lavish lifestyle with these plastic cards. It is just not the access to credit what makes a credit card important for people.

For some, it is security as they don’t have to invite trouble showing a lot of money; instead, they think it is safe to take out the wallet for using credit cards any number of times while shopping. For some others, credit cards promote a good image, and show that they are successful in a job and life. For others, a credit card helps meet financial emergency. They use it to buy essential things, pay utility bills, recharge mobile, and more.

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Depending on different needs of people, banks have introduced a range of credit cards, which are designed for meeting various purposes. To acquire a credit card of your choice, you need to prove your credit eligibility.

How would you know whether you are eligible for a credit card?


Your chances of getting a credit card depends on the specific eligible requirements that you meet. However, you can know whether you are eligible for a credit card through the credit card eligibility checker online. IDFC FIRST Bank initiates you to provide a few details such as the name, email address, mobile number and pin code to help you know whether you have credit eligibility. Here are some factors that you need to consider to find your eligibility to get credit card.

Minimum Age


To apply for a credit card, you need to be at least 18 years of age. This minimum-age criterion is applicable even for the add-on credit card holder.

Monthly Income


The credit card eligibility minimum salary is the other important requirement that an applicant has to meet for the credit eligibility and qualification for the card. Each bank has different criteria when it comes to the monthly income. IDFC FIRST Bank requires the applicant to be salaried or self-employed with a regular monthly income. Nonetheless, you have to submit a proof for the same.

Moreover, the monthly income requirement differs depending on the card you want to apply for. For instance, to qualify for a premium credit card, you should have a higher monthly income than that for a classic credit card.

Credit Score


You need a good to excellent credit score to show that you have a good credit history. Your eligibility to get credit card depends on how responsible you are with payments. For this, you need to have a score of 750 and above.

Credit Utilization Ratio


This is one among the important criteria banks consider before approving a credit card application. A credit utilization ratio shows the ratio at which you are using your available credit limit. It is derived by dividing the amount of credit you use by the total amount of credit limit you have. It is better you keep your utilization below 30 percent to give you a chance of being eligible for a credit card or acquiring a loan.

Nationality


Only Indians and Non-Resident Indians are eligible for a credit card.

If you want to know your suitable credit card, you can check it using the credit card eligibility checker online. To apply for the IDFC FIRST Bank credit card, apply here.

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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