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A credit card is a great option if you’re looking to make big purchases while keeping your finances in check. It helps you make smarter decisions and earn rewards every time you use it. Plus, it can be a useful tool for long-term financial planning, especially if you manage it responsibly.
However, to get a credit card from a bank or financial institution, you’ll need to meet certain requirements. To qualify, you’ll need to meet the credit card age limit set by the issuer, along with other eligibility criteria. Check out the minimum age requirement, along with some other key details.
What is the Age Limit for Getting a Credit Card?
Generally, in India, the minimum credit card age limit is 18 years. Some banks or lenders issue cards to people older than 21 years. While the minimum age limit starts at 18 years, the maximum could go across 60 years, variable from bank to bank.
Those who are below the required age cannot apply for their own cards. However, they can be added as authorised users on the cards of their parents or guardians. Add-on cards are generally available only to immediate family members, such as:
- Children above 18
- Spouses
- Parents
Other Eligibility Criteria to Get a Credit Card
You can simply check your eligibility for a credit card online. Almost every bank and financial institution lists the terms online through websites and mobile applications.
Other than age, the general eligibility factors include:
- Income: The bank or financial institution providing you with a card will want to know more about your income status. This factor is necessary to ensure that you are creditworthy and you can pay your bills on time.
- Nationality: Due to the reason that credit cards in India are generally offered to Indians, it is also necessary to check this criteria.
- Credit History: The lender assesses your credit history to make sure that you are a responsible credit user. This ensures that your credit history is clear of defaults and late payments.
- Employment Type: Employment type is necessary to check if you are a salaried individual with a regular income or a business owner. Your employment type and income stability prove that you can pay your bills on time.
Factors Affecting Credit Card Eligibility
There are several factors which can impact your eligibility during the card application review. These factors include:
- Credit Utilisation Ratio (CUR): This ratio is the card limit that you have used compared to the overall credit you have received. It is better to keep the CUR low to depict responsible credit usage. If your CUR is high, the lender might consider it as a problematic factor in the next application.
- Credit History: Your credit history is an important factor when applying for a new card. Before providing you with a new card, the lender will check your credit history to see if you have used the amount responsibly and paid the bills on time without any default.
- Existing Card Applications: When you apply for a new card, the lender generally sends a credit report request to the credit bureau. It is also known as a hard enquiry. When you submit a large number of applications in a shorter time, it lowers your capability to get a card. It depicts your hunger for additional credit. Before applying for a new card, it is necessary to maintain at least a gap of 6 months.
- Credit Score: A bank or a financial institution would check your credit score before providing you with a card. Generally, a credit score of more than 700 is considered worthy for a customer to get a card. The credit score is determined based on the payment default, history, and credit score.
Documents Required for Credit Card Application
Here is a list of general documents required to apply for a credit card application.
- Proof of Identity: It includes a PAN card, Aadhaar card, voter ID, driving license, passport, etc.
- Proof of Address: Aadhaar card, passport, ration card, utility bills, rent agreement (if applicable).
- Proof of Income: For salaried individuals, the documents include salary slips, bank statements, and a letter of employment. For business owners, the documents include Income Tax Returns, Profit and Loss Account balance sheets certified by CA in the last 2 years, and the last 6 months’ bank statements
Please note that these are general documents and can vary from bank to bank.
Meanwhile, many banks require more than 15 days to approve your credit card application, but this process can be done quickly if you choose the right financial institution. If you want to get a card with maximum benefits and fast approval, you can check out the One Credit Card.
This card allows you to earn 5x reward points, and you can check the eligibility criteria easily through the website. Moreover, you can get to enjoy a range of discounts across categories and manage your usage like a pro on the OneCard App! The approval process is quick, and you can apply online from the official website or the app.
