If you’re wondering what the credit card scene is like and how to get one, this post is for you! Getting a credit card in India is a big step – it’s great for shopping, travel, or online payments, but there are some rules to follow. I’ve gathered all the details, so let’s see what you need for a Credit Card Eligibility Criteria in India!
Basic Requirements for a Credit Card
Banks have some basic requirements for getting a credit card. These may vary slightly between banks, but they are generally the same:
Age: You must be between 21 and 60 years old. Some banks also offer cards for those as young as 18 if you are a student or need an add-on card. There are also some special cards for senior citizens, but their limits are different.
Income: Banks require you to have a regular income. For salaried individuals, the minimum salary should usually be ₹2-3 lakh per year (for beginner cards). Self-employed or businessmen must provide income proof, such as an Income Tax Return (ITR). Student cards don’t require income proof, but their limits are lower.
Credit Score: This is a big factor. Your CIBIL score (or any other credit bureau score) should be above 700-750. This score indicates your reliability in paying back your money. If your score is low or you’re new, you may initially receive a basic card.
Indian Resident: You must be an Indian resident. There are separate cards for NRIs, but they require more documents.
Documents: The following will be required:
- Identity Proof: Aadhaar, PAN, passport, or voter ID.
- Address Proof: Aadhaar, utility bill, or rent agreement.
- Income Proof: Salary slips (last 3 months), bank statement, or ITR.
- Photo: One passport-size photo.
Eligibility for Different People
1. Salaried People
If you are employed, getting a credit card is the easiest. Banks only require your salary slips and bank statements. A monthly salary of ₹15,000-20,000 is sufficient for entry-level cards. Premium cards require ₹50,000+ monthly. Beginner cards from banks like HDFC, SBI, and ICICI are available with an annual income of ₹2-3 lakh.
2. Self-Employed/Businessmen
If you run your own business or are a freelancer, you will need to show your ITR. You need a minimum annual income of ₹3-5 lakh. Banks also check your business stability, so having proof of 2-3 years of business experience is a better option.
3. Students
There are also credit cards for students aged 18-25, such as the SBI Student Plus or HDFC ISIC card. These don’t require income proof, but they do require a college ID or admission letter. These cards come with low limits (₹10,000-50,000) and are mostly secured cards (against fixed deposits).
4. Add-On Card
If you’re not eligible, but your family members (parents) have a credit card, you can get an add-on card to their card. Their eligibility counts, and you simply share their card limit. Age must be 18+.
Credit Card Types and Eligibility
- Beginner Cards: For new users, such as SBI SimplySAVE or HDFC MoneyBack. Requires an annual income of ₹2-3 lakh and a CIBIL score of 700+.
- Lifestyle Cards: For shopping, dining, or travel, such as ICICI Coral or Axis Flipkart. Requires an annual income of ₹5-10 lakh and a score of 750+.
- Premium Cards: For seniors, such as HDFC Infinia or Amex Platinum. Requires an income of ₹25 lakh+ and a CIBIL score of 800+.
- Secured Cards: For low credit scores, against a fixed deposit, such as SBI Unnati or ICICI Instant Platinum. FDs start at ₹20,000.
Your CIBIL score can approve or reject your credit card application. Scores between 300-900 indicate:
- 750-900: Easy approval, better cards and limits.
- 600-750: Basic cards are available, but limits will be lower.
- 300-600: Approval difficult, try a secured card or FD-based card.
If your score is low, first make bill payments on time, clear your loans, and avoid unnecessary credit inquiries. Your score may improve within 6-12 months.
Different Bank Rules
- HDFC: ₹15,000 monthly salary is sufficient for beginner cards. ₹1 lakh+ for premium.
- SBI: Starts with an annual income of ₹2.5 lakh, but focuses more on CIBIL score.
- ICICI: Flexible, but ITR or salary proof is required.
- Axis: Lifestyle cards require an income of ₹5 lakh+.
- Amex: For high-income users, an annual income of ₹10 lakh+.
Tips for Getting a Credit Card
- Check your needs: Shopping or travel? Compare rewards and benefits first.
- Start with a small card: If you’re new, get a basic card and build your credit score.
- Avoid EMIs: High EMIs can lower your credit score.
- Pay bills on time: Late payments hurt both your score and approval chances.
- Compare: Compare offers on Flipkart, Amazon, or bank websites.
| Features | Description |
|---|---|
| Age | 21-60 (18+ for students) |
| Minimum Income | ₹2-3 lakh/year (Beginner), ₹5-25 lakh/year (Premium) |
| Credit Score | 700-750+ (Basic), 800+ (Premium) |
| Required Documents | PAN, Aadhaar, Salary Slips/ITR, Address Proof |
| Card Types | Beginner, Lifestyle, Premium, Secured |
| Popular Banks | HDFC, SBI, ICICI, Axis, Amex |
Pros and Cons
Pros:
- Easy shopping, online payments, and travel.
- Rewards, cashback, and discounts available.
- Helps build a credit score.
- Useful in emergencies.
- Beginner cards available with low income.
Cons:
- High interest rates (36-48% yearly) if bills are paid late.
- Hidden fees like annual or foreign transaction fees.
- Overuse can lead to a debt trap.
- Approval difficult for those with a low credit score.
- Premium cards require very high income.
Conclusion
Getting a credit card is a big decision, but if you know your needs and budget, it’s a great tool. It’s not like a ₹16,499 phone, but using it correctly can make you financially strong.
For beginners, try basic cards from SBI or HDFC, and if you have a larger budget, look into premium cards from ICICI or Amex. Pay attention to your CIBIL score and income proof, and always pay your bills on time. Let us know in the comments which card you’re considering or have any questions about?
500k