What Is The General Eligibility For A Credit Card?

Before granting a credit card, banks have stringent eligibility requirements and undergo a complete background check. There are some broad Credit Card eligibility restrictions, such as age, salary, and nationality, as well as a few additional elements, such as credit score and debt, that influence issuance. While the particular eligibility criteria for each bank may vary, most institutions have the following requirements:

1. Age: For getting a credit card one must be within a certain age limit. The minimum age required to apply for a credit card is 18 (for some financial institutions) and 21 (for most financial institutions) years of age and the maximum age is around 60-65 years.
   
   
2. Annual Income: If you're eligible for a certain card, it's based on your annual or even monthly income. In India, a minimum annual salary of Rs. 2.5- 3 lakh is necessary to apply for a credit card. Banks keep a check on annual income to take calculated risks.
   
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3. Nationality: Nationality is a very important and rigid criteria banks have when it comes to sanctioning Credit Cards. Citizens, residents, and non-residents are all eligible to apply for a credit card, yet some banks only provide credit cards to Indian citizens. Before enrolling for a credit card, it is critical to confirm the correct credit card eligibility with the relevant financial institutions.
   
   
4. Credit Score: A credit score shows an individual's creditworthiness or in simple terms, it shows their ability to be able to pay back their credit. CIBIL score/Credit Score is a number between 300-900, the higher the number, the better the chances to get the credit card sanctioned. It is one of the most important factors that you should consider when you check credit card eligibility criteria
   
   
5.  Employment: Similar to other factors, the employment status of an individual is also an important criterion for financial institutions to see if a person is eligible or not. Being employed at one place and having stable employment makes your credit-taking ability good. That is why it has made it to the list of certain common eligibility criteria.
   
   
6. Documents: There are certainly some formalities one needs to complete the application process of a Credit Card. These formalities require certain documentation like:
   

• Identity Proof (Aadhaar Card, PAN Card, Driving License, Voter ID Card, Passport)
• Address Proof (Electricity bill, Ration card, Passport, Driving license, Telephone bill)
• Last two months’ bank statement.
• Income Proof (Latest payslip, Form 16, Income tax (IT) return)
• Age Proof (Tenth standard school certificate, Birth certificate, Passport, Voter ID card)
• Other Documents (PAN card photocopy, Form 60)
  
  

As already mentioned, different banks have different sets of eligibility criteria based on their policies but these are some eligibility criteria that all of them have in common with minor modifications.

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