When and if you plan to get a new credit card, meeting the credit card age limit criteria and other requirements is of utmost importance. These criteria help the issuer assess your availability to pay the credit card bills and make timely payments.
Your age is a parameter to get an estimate of your employment status, earning potential and your financial literacy. To protect against defaults and late payments, issuers must ensure that you are eligible to get a card. Here is a rundown to help you grasp the need for age eligibility criteria.
What is Eligibility?
Eligibility terms are specific parameters that credit card issuers rely on to judge your creditworthiness. These criteria vary slightly from one financial institution to another. Nevertheless, most issuers check the following criteria:
- Age
- Income details
- Employment type and stability
- Place of residence
Ways to Find Your Eligibility
Checking this is the prerequisite for the application process. Going through the website to know the criteria is the best way to get accurate information. Additionally, getting a pre-approved offer from your bank is a sign that you fit the criteria. Other ways to check the criteria is using the credit card company’s mobile app or calling customer care.
Credit Card Age Criteria
You should be eighteen years or above to get the credit card from most issuers in India. However, for some credit card issuers, the minimum credit card age limit for an applicant is twenty-one years. This is subject to the card type and the benefits it offers.
Apart from that, the eligibility range ends at 58 or 60 years, depending on the financial institution. Age is not the only eligibility criterion that gives you access to credit cards. You also need to have the following:
- A good credit score
- A sound credit history
- A moderate to low credit utilisation ratio
- A stable income
If you qualify across these parameters, you are eligible. If you see that you don’t meet these parameters, you can work to improve on these aspects and reapply later. To understand the process better, learn the following eligibility criteria for most credit card issuers:
Age Parameters
The age criterion differs from one company to another. For some, it is at least eighteen years old, and for some, it is twenty-one years. So, while applying for your credit card, learn about what your chosen credit card company prefers.
Residential Status
To get a credit card from an Indian financial organisation or bank, you must have an Indian residential address. In some cases, NRIs can also apply for an Indian credit card.
Income Stability
As a credit card applicant, you should have a stable income source. This may be via a job with monthly remuneration above ₹15,000 or having a business with income stability of at least two to three years.
Credit History
Your credit history also needs to be good and consistent. If not, then work on your repayment practices to build a good credit history. This can smoothen your process to get a credit card in now or in the future.
Bank Account
When you apply for a credit card, you need to have a bank account. It can be with the credit card issuing bank or another financial institution. It can also be your salary account that enables you to access your monthly pay.
Document Requirements
Besides your eligibility criteria, you also need to submit documents that verify your eligibility. Thus, you need to have these documents available to complete the application process.
- ID Proof: Aadhaar card, PAN CARD, Voter’s ID, Passport, ration card and driver’s license
- Address Proof: PAN card, Passport, Utility Bills, Rental Agreements, Property Documents, etc.
- Income Proof: Income tax returns, salary slips and bank statements
Importance of Age As a Credit Card Applicant
When it comes to credit cards, age reflects maturity and the ability to earn a steady income. For instance, if Rahul is 19 years old, he may not have enough experience with credit and repaying responsibly. He may also not have a stable job or a clear idea of what he wants to do professionally.
If Maria is 30 years old, she may be employed and have some experience with credit. She also has a long time ahead to her to grow in her profession and increase her income.
If Adam is 55 years old, he may have great experience with credit but may be close to retirement.
Credit card companies consider these scenarios when approving your application. To ensure a simplified application process with easy-to-meet criteria, go for the One Credit Card. This stylish metal credit card not only boosts your style quotient but also offers a range of deals on dining, shopping, travel and more. You can also use the powerful One Credit Card App to set spending limits and track all purchases with ease.
What’s more, you can earn 5X points on your top two spending categories each month. To enjoy a seamless and convenient credit card experience, apply online now!
