Money Management
April 12, 2023

Are you eligible for a credit card?

Are you eligible for a credit card? If not, sign up for Xare as an alternative.

Thinking of applying for a credit card? There are a bunch of factors that you must consider in advance.  one. The main question is - are you even eligible for a credit card?

One might argue about the need for a credit card. The fact is that they give you the freedom to shop and spend as you like. Carrying credit cards is safer than carrying cash, they provide better fraud protection and you can keep track of your spending. Also, you can earn substantial rewards without altering your buying pattern. 

Here is some basic information about credit card eligibility. Before applying, read this blog and check if you meet the following criteria.

Personal Factors

· Age: You must be at least 18 years old. However, some banks have a minimum requirement of 21 years. The maximum age requirement also differs, although it usually goes up to 60 years.

· Annual salary: Your annual income determines your eligibility for a particular card. The minimum wage required to apply for a credit card in India is around Rs. 3 lakhs per annum. Different card issuers may have varying minimum requirements.

·  Residential status: Citizens, residents, and non-residents can apply. However, certain cards are only available for citizens of that particular country. Having a valid visa is also essential for a credit card.

External Factors

· Credit score: Your credit card application is more likely to be approved with a healthy credit score. If you have a low score, your application is rejected. A healthy credit score ranges from 750 to 900.

· Existing Debt: Your current credit utilization ratio will also be considered. If your dues exceed the granted limit, it may negatively affect the approval of your application.

· Employment: Your employment status is a significant factor. Maintaining a job for over a year can significantly improve your chances of getting a credit card.

Required Documents

Although the required documents will differ from bank to bank, some of the primary documents that need to be submitted are; Completed application form, Passport-size photographs, Proof of identity, Proof of residence, Latest salary slips, Income tax forms, and Bank statements.

There are several sources to check your credit card eligibility. They even let you personalize your needs and select a credit card best suited to your needs. But if your credit card application gets declined, or you are not of age to be eligible, just use Xare!

Get Xare

Ask your parents or a friend or family member to download the Xare app and share their credit cards with you. The process is instant, safe, and seamless. They can set limits according to their personal preference and monitor every transaction to ensure safe spending. And you can simply shop on Xare using a shared card.

Share Cards with Friends 

The fun doesn’t end here. If your application is approved and a bank offers you a credit card, you can get more out of it by joining a XareClub. This is an innovative feature that allows anyone to create a private group on Xare and invite friends to share cards and their benefits. This is a cool way to shop using a shared card and enjoy unlimited bank offers, discounts, cashback, and more.  

Some of XareClub's features include: 

• Enjoy exclusive offers on club members' cards

• Efficient and easy overseas spending

• VIP privileges like lounge access, concierge services, etc.,

• Rewards when others shop on your card,

and so much more!

To enjoy more offers on credit cards, download Xare today!

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