Receiving the first salary is a notable milestone in everyone’s life, or when you get bestowed with promotions or succeed in your business ventures. The increased monetary power brings about wide-ranging changes in daily lifestyle, presenting you with the scope of exploring uncharted territories.
Among these, owning a credit card is one of the very few thoughts that usually strike the mind. And the question of how to get a credit card accompanies it. Credit cards bring in the facility of deferred payment, which comes in handy while purchasing expensive items. They do away with the need of paying via cash, and that too on the spot.
Some of the most popular credit cards offer a spectrum of facilities that satisfy the wishes of a common consumer. Free movie tickets, redeemable points, gift vouchers etc. get tagged along with credit cards. For instance, the Bajaj Finserv RBL Bank SuperCard advances complimentary access to airport lounges up to eight times a year.
The perks of owning a credit card are thus available in plenty. So, the desire to own one is quite natural to hit your consciousness. If you are wondering about the nuances and want to know if you’re eligible to obtain a credit card, we answer these questions below.
Eligibility criteria for owning a credit card
- Age: You have to cross a certain minimum age to be considered eligible for possessing a credit card. Similarly, an upper age threshold is also finalised by banks and NBFCs. These vary from bank to bank and from one credit card variant (issued by the same institution) to another. The eligible range generally commences from 18 years and continues till 70 years of age.
- Nationality: You must be an Indian citizen to have the opportunity of possessing a credit card. Foreigners remain ineligible to own a credit card issued by some Indian banks and financial institutions. However, special provisions are in place for Non-Resident Indians (NRIs), who look to steer clear of foreign transaction charges while visiting the country.
- Monthly income: A credit card cannot be issued to an unemployed individual. The very fundamental working formula of a credit card is the bank paying on behalf of the customer. The latter owes the former and needs to settle the debt after a stipulated time. Hence, banks include minimum monthly/yearly income criteria to remain free from the burden or loss caused by defaulters. Again, the limit changes from one bank to another and from card to card. 15,000 INR as net monthly income is the lowest you can come across in the market.
- Employment status: Banks establish different benchmarks for salaried and self-employed individuals. Before you apply for a credit card, have a thorough look at these criteria to avoid getting rejected by the issuer.
- Credit score: A bank will verify the creditworthiness of the applicant before issuing a credit card, which is measured via credit score. It is calculated by several agencies like CIBIL, CRIF Highmark, Experian, Equifax etc. They keep a tab on repayment history, and any case of default impacts the credit score negatively. Hence, before applying for a credit card at any bank, ensure that you pay all the bills on time and maintain a healthy credit score. Generally, banks ask for a credit score of 750 and above to clear the application in one go, without any compromise.
The best credit card in the market
The Bajaj Finserv RBL Bank SuperCard is more than just a credit card. In fact, it flaunts the power of four distinct cards all clubbed into one. It incorporates the traits of a regular credit card, an EMI card, an ATM card and a loan card for availing of personal credit. Eligibility to own the Bajaj Finserv RBL Bank SuperCard, which is also an instant credit card includes:
- The applicant’s age should be a minimum of twenty-five and a maximum of sixty-five years. The application will stand cancelled in case of any age discrepancy.
- The applicant should be an Indian and have a reliable source of income. The income requirements differ for a salaried employee from a self-employed one.
- A credit score of 750 or above is highly desirable for a hassle-free clearance.
Therefore, for owning a credit card, you need to cater to several requirements. First and foremost, you need to fall within the stipulated age limit. You must be an Indian, and the procedure varies for NRIs. Then you must also be employed, whether salaried or involved in a personal enterprise. A credit score of 750 or above is also a must-have criterion for possessing a credit card. You must keep in mind that banks and NBFCs follow different policies, and hence the prerequisites differ. So, read through the terms and conditions before filling in your application. The Bajaj Finserv RBL Bank SuperCard is among the best you will find in the market. It is also an instant credit card, which you can access without much trouble after submitting the relevant documents.