Credit cards are our saviours; hence, having a credit card nowadays has become important. Credit cards come in handy in times of need, which hardly any other financial instruments can offer. However, it might seem difficult to qualify for a credit card as there might be various criteria to fulfil. Hence, in this article, we will look at credit card eligibility and what issuers check before issuing a credit card.

Four Conditions To Fulfil To Become Eligible For Credit Cards

You have been trying several times to successfully finish the application process and get hold of a credit card. But, each time something or the other happens, your application gets rejected. Listed below are the four things every issuer checks before granting permission. Check if you have properly fulfilled all the conditions.

● Submit The Age Proof

The first thing to remember in how to apply credit card is to submit the age documents properly. You need to be eighteen years or older to apply for it. It does not matter whether you are the sole holder or just an add-on holder. You need to be an adult. This is similar for all major banks. Moreover, provide proper documents like Aadhaar card and PAN Card to support your claims.

● Maintain A Good Credit History

If you are wondering how to get a credit card approval easily, then it is possible by maintaining a high credit score. The better the credit history and score, the better the chances of getting the card approval at once. For instance in the case of IDFC FIRST Bank you should maintain a credit score of 700 and above for easy approval. A lower score can delay or sometimes reject your card application.

● Prove Your Source Of Income

Your monthly income also determines whether you will qualify for a credit card or not. Moreover, it also depends on the type of card you are applying for. The minimum salary differs with banks. Major banks require you to be salaried or self-employed to get a credit card. Also, you need to submit proof of your claims.

Furthermore, the minimum income will also differ for different cards. For instance, the required salary threshold for normal credit cards will be less than a premium one. Hence, check the minimum salary amount before applying.

● Reasonable Card Utilisation Ratio

This ratio shows how you are using your credit limit. Maintaining this ratio below 30% is advised. It is calculated by dividing the credit amount used by the total credit amount. A higher credit utilisation ratio will always hinder your credit card application.

Wrapping Up

These criteria are applicable for both physical and virtual credit card since both of them function in a similar manner. Following these guidelines will definitely help get higher chances of approval; however, if the issue persists, It is better to reach out to the bank officials for a better understanding.