I am planning to apply for an IDFC first credit card. What is the eligibility criteria for doing so?
Your chances of getting a credit card depends on the specific eligible requirements that you meet. However, you can know whether you are eligible for a credit card through the credit card eligibility checker online. IDFC FIRST Bank initiates you to provide a few details such as the name, email address, mobile number and pin code to help you know whether you have credit eligibility. Here are some factors that you need to consider to find your eligibility to get credit card.
Minimum Age
A person 18 year old or above is eligible to apply for Credit Card. The same age criteria is followed for add-on credit card holder.
Monthly Income
The credit card eligibility minimum salary is the other important requirement that an applicant has to meet for the credit eligibility and qualification for the card. Each bank has different criteria when it comes to the monthly income. IDFC FIRST Bank requires the applicant to be salaried or self-employed with a regular monthly income. Nonetheless, you have to submit a proof for the same.
Moreover, the monthly income requirement differs depending on the card you want to apply for. For instance, to qualify for a premium credit card, you should have a higher monthly income than that for a classic credit card.
Credit Score
You need a good to excellent credit score to show that you have a good credit history. Your eligibility to get credit card depends on how responsible you are with payments. For this, you need to have a score of 750 and above.
Credit Utilization Ratio
This is one among the important criteria banks consider before approving a credit card application. A credit utilization ratio shows the ratio at which you are using your available credit limit. It is derived by dividing the amount of credit you use by the total amount of credit limit you have. It is better you keep your utilization below 30 percent to give you a chance of being eligible for a credit card or acquiring a loan.
Nationality
Only Indians and Non-Resident Indians are eligible for a credit card**.**