Due to an increasing delinquency rate in credit card bill repayments, financial institutions are issuing credit cards only to those who satisfy criteria for eligibility for credit card. Interested individuals can make use of a credit card eligibility calculator, available on their selected financial institution’s official website, to ascertain the credit limit they can avail.
Moreover, individuals should first learn the basic eligibility criteria that they need to satisfy to get a credit card.
For instance, the applicant must be 18 years of age and above, they must have a steady source of income, their credit score should be 750 or above, and some others. These requirements, however, vary with different issuers.
To check the eligibility, individuals can either contact their preferred issuer online or over the phone.
Apart from eligibility, issuers also charge a joining fee and annual fee before issuing a card. In this regard, individuals can opt for Bajaj Finserv RBL Bank SuperCard, which accompanies a range of offers and benefits and is available against minimal fees.
An individual’s eligibility to avail this card depends on the following factors –
Credit score- individuals need to possess a credit score of 750 or above.
Outstanding debts- before applying for a credit card, it is recommended to clear all the existing debts to improve eligibility.
Income- applicants should have a steady source of income and experience of 1 year in their respective profession.
Locations- credit card eligibility also depends on the individual’s area of residence.
Applicants can follow some tips to improve their eligibility and ascertain approval. Timely repayment of debts, limiting loan enquiries, lower credit utilization ratio below 30%, etc., are some of the factors that help boost one’s eligibility.
