Eligibility for Credit Cards in India

A Credit Card is one of the most convenient payment instruments that allows you to pay without cash. To apply for a Credit Card, you must meet the bank’s eligibility criteria. Here, you can get information on the eligibility for Credit Cards.

The five essential eligibility criteria for getting Credit Card include: 

1. Residential status

The applicant should be a resident of India. Some lenders may offer cards to Non-Resident Indians, too.

2. Age

Age requirements for credit card applicants vary by lender. Generally, salaried individuals must be between 21 and 60 years old, while self-employed individuals can apply for credit cards if they are between 21 and 65 years old.

3. Income

Salary plays a key role in credit card eligibility. Generally, you should be either a salaried or self-employed individual to apply. You must have the means to repay the credit used, and your income level will determine the type of credit card you qualify for. An individual earning, say, ₹1,00,000 per month may be eligible for an HDFC Bank Regalia Gold Credit Card. On the other hand, an individual earning ₹25,000 per month can be eligible for an HDFC Bank MoneyBack+ Credit Card.

Note:

• If you're self-employed, you may be asked to submit your latest Income Tax Returns copy as income proof to get a credit card.

• Some card issuers may issue Credit Cards to individuals who cannot meet the issuer's income requirements. However, the card may be backed by security such as a Fixed Deposit. The credit limit offered on such cards is usually a specific percentage of the Fixed Deposit value. Such cards may also come with spending limits.

4. Bank account

When you apply for a Credit Card, you don't necessarily need to hold a bank account with the card-issuing bank. However, you do need a bank account to provide the card issuer with proof of income. A Salary Account, where your employer deposits your monthly pay, can be used to show bank statements as income proof for your Credit Card application.

5. Credit History

Your credit history is a reflection of your debt repayment habits. Financial institutions send your debt repayment data to credit information bureaus that compute a score based on your creditworthiness. This score is a three-digit number, typically ranging from 300 to 900.The higher your score, the better your chances of getting approved for a Credit Card. Generally, a score of 750 and above is considered good. Your credit score also reflects your ability to pay back Credit Card bills.

Other factors typically include the purpose of the card and the city in which you live.

At HDFC Bank, we offer various Credit Cards, each with varying features and eligibility criteria. There's a Credit Card for almost everyone. You can access perks like cashback and rewards points, discounts on dining, and complimentary lounge access, to name a few. What's more, you can conveniently start your application online. Get started here. 

*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.

*Credit Card approvals at the sole discretion of HDFC Bank Limited. Credit Card approvals are subject to documentation and verification per the Bank's requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.