Before applying for any credit card—whether it’s a lifetime-free option or a premium card with exclusive benefits—it’s important to understand the credit card eligibility criteria. While these requirements aren’t overly complex, they can vary depending on the card.
Understanding the common eligibility factors can help you prepare more effectively and increase your chances of approval. Here’s a quick look at the basic requirements most banks consider when reviewing credit card applications.
Essential Credit Card Eligibility Factors
When you apply for a credit card, banks look at a few basic things to decide if you’re a good fit, including:
- Age: You must be at least 18 years old to apply for a credit card, although some banks may prefer that applicants be over 21 years of age. There’s generally a maximum age as well, typically 60 to 65 years. That’s because they want you to be likely to have a stable income when you have the card.
- Income: Banks need to see that you have a regular income. It shows them you can handle your credit card bills each month. The minimum income required can change depending on the bank and the type of card. Cards with more perks often need a high-income requirement than basic cards with fewer perks.
- Employment Status: Having a stable job is a good sign for banks. It suggests a regular income stream. Income proof is mandatory and if you’re self-employed, income tax returns and bank statements will be needed to indicate that your business is doing well and your income is consistent.
- Credit Score: A good credit score, which is above 700 tells the bank that you’ve handled credit or loans responsibly in the past. Paying your previous loan EMIs and other credit card bills on time helps build your score. If you’re new to credit and don’t have a credit history, you can start with a secured card (where you get a credit card against your fixed deposit, which works as collateral).
- Residential Status: Banks ask for proof of residence to verify your address for security purposes and comply with KYC regulations. Sometimes, your city of residence can matter, especially if a card offer is specific to certain metropolitan cities.
- Outstanding Debt: Banks review any credit cards or loans you already have to determine your debt burden. If you have a current debt, they may be reluctant to approve more credit, as it may signal a risk of overextension. To improve your chances, keep your record clean with minimal debt and pay bills on time.
- Several Applications: Applying for many cards within a brief period is likely to work against your credit score and alert lenders. It is advisable to apply for cards that suit your profile and requirements.
After you understand the credit card eligibility checker well enough, you can begin looking for a card that fits your lifestyle. There are numerous options available, ranging from beginner-friendly cards to cards designed for particular needs such as shopping or travel with rewards in those areas.
To choose, you need to first analyse your spending habits. If you use your card mostly for fuel, then any fuel credit card is the best. However, if you use it for your business or travel, then a business credit card and a travel credit card would be the right option, respectively.
What if your expenses change every day, and you need a card that fits your lifestyle? Then, a reward credit card is a suitable option. This is because it gives you rewards on different expenses and helps you save more with your changing spending needs.
A favourite among newcomers is a lifetime-free credit card with no joining or annual fees. These cards are particularly attractive if you’re beginning your credit history or don’t want to have to worry about recurring charges.
However, cost isn’t the only factor to consider—it’s equally important to look at features, rewards, and how well the card aligns with your spending habits. For instance, the One Credit Card. It’s a lifetime-free credit card and with its digital-first approach, managing your card is incredibly straightforward. Its OneCard App allows you to:
- Track your spending
- See your reward points
- Pay your bills
- Control your card’s security features with just a few taps
This means less time spent on navigating websites or waiting on customer service calls for simple queries.
Furthermore, one of the standout benefits of the One Credit Card is that you get 5X rewards on your top two spending categories each month. The app automatically identifies where you spend the most (like groceries, dining, travel, or shopping) and rewards you based on it! Plus, these reward points don’t expire, and you can easily redeem them through the OneCard App. The One Credit Card not only offers valuable perks but also a premium touch with its metal card, all at zero yearly costs. Yes! It’s a lifetime-free card, making it the best free credit card in India for beginners and frequent credit users. Apply now and see how it fits into your financial life!
