During these unprecedented times we find ourselves in, many individuals have been investing in credit cards which serve as means to complete transactions while making bill payments later. However, with more banks and institutions granting more credit every year, it has become increasingly difficult to assess what exactly are the credit card eligibility requirements for credit card appliers. Based on our research of the reputed Bajaj Finserv credit card, and the credit card issuing requirements, we elucidate the eligibility criteria you must be aware of before you opt for a credit card and apply online on their website.
Credit card eligibility determinants
Nationality: Your residential status or nationality plays an important role in determining your credit card eligibility. In India, only Indian citizens and non-resident Indians (NRIs) can apply for a credit card.
Income level: A regular source of income is essential to own a credit card. It is recommended that to avail a credit card, an annual salary of at least Rs. 3 lakh is important. This amount, however, is subjective depending on the bank you approach. We urge you to maintain this amount for future security. Your income level will be assessed based on the documents you provide to the institution as evidence, namely, form 16, ITR, bank statements and salary slips among other documents.
Age: In India, an individual must be at least 18 years old to avail a credit card. Living up to its reputation of being secure, Bajaj Finserv, however, has set its lower limit as 21 years to apply for a SuperCard solely because they reckon that individuals owning this type of card must have the ability to repay their monthly bills. The maximum age to apply for a credit card is 70 years.
Residence: Your location also makes up a crucial element in determining your credit card eligibility. Certain credit cards are dispensed to particular locations. Normally to gather evidence of your address, a few documents are requested by a credit-granting institution. This includes your Aadhaar Card, utility bills (taken within the past few months), passport, driver’s license, bank account statement (recent documents only), ration card and job card issued under NREGA, among other documents. To be eligible for an RBL Bank Credit Card or a Bajaj Finserv Credit Card, you need to reside within one of the SuperCard live locations in India.
Credit score: A credit score is a quantitative measurement of your creditworthiness. It is depicted through a quantitative range between 300 and 850. A rule of thumb to remember: the higher your credit score, the more credit deserving you appear to credit lenders. A good credit score starts from 750. This score is determined through an assessment of your history with credit — repayment of bills on a timely basis, aggregate levels of debt, the total number of credit cards and open accounts etc. To apply for an RBL Bank Credit Card or a Bajaj Finserv Credit Card, you must be deemed credit-worthy by their pertinent credit departments, have no past records of credit default, and maintain a minimum CIBIL score of 750. While some banks do not necessarily look into your credit history, debt levels or aggregate loans are still looked into to determine your credit score.
Credit Utilization ratio: The credit utilization ratio is the percentage of the cardholder’s total available credit that is currently being used. A rule of thumb to bear in mind: The more you purchase per month, the higher your credit utilization ratio, and it is important to keep this at a minimum. This ratio is important as it determines how credit-hungry you are.
Based on your credit utilization ratio, credit score, address, age, income level and nationality, you are either deemed eligible or ineligible to avail a credit card. To avail one of the most reputed credit cards in India, the Bajaj Finserv RBL Bank SuperCard, and make use of the alluring reward structure that comes along with it, you must be between 21 and 70 years of age, hold a minimum credit score of 750, have no history of credit default, be supplied with a regular source of income, and live in a SuperCard live location in India. To apply for this credit card, your Aadhaar Card, voter identification card, PAN card, passport and driving license documents need to be submitted as proof of your identity. Passport size photographs may also be asked for by the pertinent credit-granting institution.