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Things To Remember When You Apply For A Credit Card

‘Hello, I am calling from XYZ bank. Would you like a credit card?’ This is without a doubt India’s most heard statement. Most of us are used to the frequent calls, text messages from banks.

Quite often, people agree with the persuasion and apply for a credit card. They are quite useful when you are low on cash and the process is simple too. You swipe it across the machine and that is it.

While these cards are a great offering to prevent defaulters, most banks have strict criteria as to who is eligible. If you are planning to apply, here are a few things you need to keep in mind.


  1. A three digit score which banks put a lot of stress upon when you apply for a credit card.Many factors such as the number of loans or card applications you made and your payments and financial history go into calculating the score. It is wise to have a high credit score.
  2. Banks while reviewing your application give your annual income a close look. They want to be sure of seeing their money returned with interest once you use their card. Banks have a set minimum income limit, if you earn below that limit, there is a reduced chance of your application getting approved.
  3. Making use of your credit score, banks can access your financial history with ease. This helps them assess any loan or bill defaults against your name. If there are too many payment defaults, most banks will refuse to grant you a card.
  4. A cheque bounce is one of the financial world’s greatest sins. It is a legal offence and action can be taken against you. If you have a cheque bounce in your recent financial history, you will find it difficult to be granted a card.
  5. The most basic aspect to remember. For most banks, the minimum age to apply for a credit card is 18 and the maximum age is 60. Anyone below or above these ages will see it hard to get a card.

These five aspects should be at the back of your head when you read those bank emails or receive that call. It is best to be prepared and see your application accepted.

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