The credit card is the useful device that helps us to pay and still be cashless. It is a type of plastic card and is famously known as the plastic money. It is a type of loan that is taken for a brief period of time from the credit card company. To become the cardholder you need to fulfill the credit card eligibility criteria. It has become one of the popular devices in the modern world as the people have adapted the technology and the financial transactions are made digitally. The cards are one of the safe modes to do the business. The credit cards has been used by many people and is one of the most convenient ways to make the payments from both channels that is offline and online mode. It has the limit up to which you can make the purchase or pay the bills. The credit card company send the bill according to the stipulated time and after every cycle, you will have to payment to the company according to your credit card bill. The interest rate is levied upon the credit cards if the payment is not done in time. They also add the interest rate when you pay the minimum amount due. Thus on the outstanding amount they do add the interest rate. The interest rate charged by the companies are different. There are many schemes of the credit card that are specially made for particular reason. Eligibility criteria- The applicant should be either Resident of India or Non- Resident Indian (NRI). You should be a salaried individual, professional or self- employed. The minimum age required to obtain a credit card should be 18 years and the maximum age should be 70 years. For the Add- on card holder, the minimum age should be 15 years. The credit score of the applicant should be good with no bad debts/ defaults. The minimum income required to obtain a credit card should be at least ? 10,000 per month. Documents required: ID Proof- PAN Card/ Driving Licence/Aadhar Card/ Passport. Age Proof- PAN Card/ Aadhar Card/ Passport Residence Proof- Utility bills/ allotment letters. Bank Statement- Last 3 months bank statement/ last 6 months bank passbook. Income Proof- Latest salary slip/ ITR/ Form-16. Professional Information- Name of your employer, company address, Designation, Work address. Factors affecting the eligibility criteria:
Age- The first and foremost eligibility criteria that are required is that you should have valid and legal age to handle the credit card. The most important thing is that add- on cards are also available for which you need the minimum age of 15 years. The age determines whether you are capable and responsible enough to handle the card or not. Good credit score- The credit history is one of the most important factors to determine your eligibility. The credit score of the individual depends on the past credits, it’s history, the repayment history, or any missed payments. The credit cards are the unsecured form of loans thus are given to the applicant who is trustworthy. The higher your credit score the chances to get the card becomes more. If you have any defaults in your credit then to get the credit becomes difficult. The credit cards for the person with the bad credit score is also available. The option is to apply for the secured credit card. You will have to pay a certain amount to secure the card so that the company can trust you and gives you the card. In the case the cardholder defaults then they can seize the security money deposited by them. Thus, the option for the individual with the low score is also available. But the higher the score, chances of getting the card easily becomes more. Regular and stable income- It is one of the important factors as the credit card is a type of the loan and you will have to pay back if you avail the service. The minimum income of the cardholder should be enough to pay the bills of the credit cards. The regular and stable flow of the income is necessary to be a cardholder. It will also determine the credit limit of your card. The credit cards eligibility is one of the important factors if you want to be a card holder. The credit card is of different types and must be selected according to your requirements. Also, you need to check and find out the one that gives you most benefits and is suitable to your needs from the pool of cards available to you through several credit card companies. And be responsible as well as careful while using it.
