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Credit card eligibility: What criteria and documents are needed?

Understand what credit card providers are looking for and you'll have a better chance of meeting credit card eligibility criteria.

If you apply for a credit card and don't meet the requirements, your application may be rejected and your credit score damaged. 

Check out what lenders are looking for, factors that may affect your eligibility, and a list of documents required for credit card applications.

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Why apply for a credit card?

A credit card is an excellent financial tool that allows you to make purchases at stores. You can also do online transactions without the need for having cash in hand. With credit cards, you can buy things now and pay for it later within a specific period.

If you're making any big-ticket purchase, you can convert it into Equated Monthly Installments (EMI) and pay for it in smaller instalments. A credit card is issued by a bank, and it comes with a pre-loaded amount or a pre-determined spend limit.

Check your eligibility for a credit card

You can apply for a credit card with any bank. But remember, the bank will assess your eligibility before approving your credit card application request. The eligibility requirements may vary based on the bank and the type of card you wish to get.

At HSBC, we have simple eligibility requirements for all our credit card offerings.

These include:

  • Age
    You must be between 18 and 65 years old.
  • Citizenship
    You must be an Indian citizen.
  • Residence
    You must reside in Chennai, Gurgaon, Delhi National Capital Region (NCR), Pune, Noida, Hyderabad, Mumbai, Bangalore, Kochi, Coimbatore, Jaipur, Chandigarh, Ahmedabad or Kolkata.
  • Annual income
    If you are a salaried employee, you must have a minimum annual income of INR400,000.

Factors that affect credit card eligibility criteria

Now that you're aware of the common eligibility requirements to get a credit card, here are 5 factors that affect the criteria.

  1. Annual salary
    The annual salary you draw plays a vital role in determining your eligibility for the particular card you wish to apply for. For example, if you want to apply for an HSBC Cashback Credit Card, you must have a minimum annual income of INR4 lakh.
  2. Credit score
    Banks consider this as one of the important factors while assessing your financial credibility. You'd be considered a responsible credit card user if you have a credit score of 700 or more. Your chances of getting your credit card application approved are then better. Not sure if you're eligible to apply for a credit card? Here are 5 ways to improve your credit score.
  3. Employment
    Another critical fact that the banks consider while assessing your eligibility for credit is employment status. If you've been employed with your current organisation for more than a year, you have a high chance of getting the card you wish.
  4. Credit ratio
    The bank issuing the credit card will check your credit ratio while reviewing your application. Using a high percentage of the credit limit and failing to repay the credit card bills on time will affect your chances of getting a card.
  5. Location
    Banks also take into account your current location while reviewing your credit card application. Certain cards are only available if you live in certain cities. You may have a better chance of getting the credit card you want if you live in a bigger city.

Visit the HSBC Visa Cashback Credit Card page for eligibility requirements. 

Documents required for credit cards

When you apply for a credit card, you must provide certain documents to the bank to prove your financial capacity. At HSBC, we have a simple and minimal documentation process. 

We'll require a copy of:

  • The latest salary slip, if you're a salaried employee, OR
  • The front side of the card and the latest credit card statement, if you're already using another credit card, AND
  • Proof of residence, identity proof, and your PAN (permanent account number) card

Used responsibly, a credit card is an excellent financial tool that allows you to make purchases and online transactions without the need for having cash in hand. 

Don't have an HSBC Cashback Credit Card?

Apply for an HSBC Cashback Credit Card and receive up to 10% cashback on transactions, plus special offers. T&Cs apply.

Complete online credit card application and Video KYC to win an Amazon e-gift voucher (worth INR250). T&Cs apply.
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Disclaimer

This publication has been issued by The Hongkong and Shanghai Banking Corporation Limited (HSBC), India, Incorporated in Hong Kong SAR with limited liability, for the information of its customers only. This publication does not constitute investment advice or an offer to sell, or a solicitation of an offer to purchase or subscribe to any product / investment. The information herein is derived from sources believed to be reliable and the concerned Information Provider(s) have duly authorized HSBC to use such information provided by them. Whilst every care has been taken in compiling the information, HSBC and the concerned Information Provider(s) do not guarantee, or make any representation or warranty and accept no responsibility or liability as to its accuracy or completeness and shall not be liable for damages arising out of any person's reliance upon this information or any action taken or not taken as a result of any material contained in the publication. Expressions of opinion are those of HSBC and the Information Provider(s) only and are subject to change without notice. HSBC has not independently verified any information provided by the Information Provider(s) or that has been derived from the sources believed to be reliable by HSBC. Opinions expressed herein do not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this publication. This document is for circulation in India only. No part of this publication may be reproduced or stored in a retrieval system without the prior written permission of HSBC. Any liability is accordingly expressly disclaimed by HSBC, its officers, directors and employees.