What are the Minimum Criteria For a Credit Card to Apply online?

credit cards to apply online

There are many credit products that banks offer to their customers. Every lender offers competitive interest rates on loans and credit cards to win over the consumers. With credit card usage becoming more widespread, banks are offering a wide range of credit cards to apply online to meet different needs.  

It varies according to the lifestyle of each of us, but the needs are ample for all of us. The following categories of credit cards will help banks understand their customers’ spending habits.

  • Shopping Card 

A card that offers extensive discounts, rewards, and exclusive offers on shopping online and offline.

  • Cashback Card 

A card that provides cashback points on every purchase to help save money.

  • Rewards Card

A card that gives cardholders a variety of gifts by accumulating reward points.

  • Travel Card  

A card designed especially for the wanderlust in you offering discounts on tickets, hotel bookings, and lounge access at airports.

  • Life-Time Free Card

A credit card with no annual fees.

  • Business Card

A premium credit card that offers an advance credit facility to help you efficiently manage your business.

  • Lifestyle Card 

A card with multiple offers, discounts and rewards on utilities.

  • Entertainment Card 

A card with a focus on recreational discounts and offers.

Factors affecting eligibility for credit cards

Individuals interested in applying for an RBL credit card must meet the following requirements:

Age Criteria

Credit cards are only available to those who meet the bank age requirements. Minimum age of 25 years is required for an RBL Bank credit card. You can proceed with the credit card apply online if you pass the age requirement.

Income Criteria

You need to prove that you have a regular income source to get your credit card. The card features and specifications available vary depending on the income criteria. You can obtain a credit card by paying a fixed deposit and meeting the bank’s minimum income requirements. 

You can only obtain an RBL credit card if you have a steady source of income. The two types of employment are salaried employees and self-employed individuals managing their businesses. Residents of India or non-resident Indians are eligible to apply.

Documents

You need to submit some key documents when applying for your new credit card. A bank representative will contact you following the verification process and guide you through the process. You may have to provide KYC documents and income verification to get a credit card.

  • Identification such as a passport, driver’s license, or voter’s ID is required as proof of address.
  • Identification proof: Bank statements, voter registration cards, driving licenses, pension books, etc.
  • Bank statements, payslips, or income tax returns provide proof of income
  • Pan Card
  • Photo the size of a passport

The applicant’s credit history

This refers to how you manage your credit activities. When applying for a credit card, lenders strongly favour a customer with a good credit history. You could reduce your chances of getting a credit card if you have pending debts. Taking out a credit card is like taking out a small loan from the company for a few days, which is repaid after a specified time. Therefore, previous debt can prevent you from paying the dues of the newly obtained RBL credit card. Lenders face risk because the borrower might have trouble repaying the loan and turn into a defaulter. Therefore, if you have a high debt balance, your chance of getting a credit card are slim.

Employment status 

Credit cards are only available to people with a steady income stream. As long as you can prove a steady income, both salaried and self-employed people can receive a card. Credit card companies currently accept Rs. 15,000 as the accepted monthly income limit for eligibility. Individuals who apply for a credit card must provide all information on their income tax returns and proof of their identity.

Co-Signer 

You may require a co-signor if you are too young or do not earn enough to pay your bills to have a credit card or have a poor debt credit card. If you are delayed on your payments, your co-signer becomes responsible for paying your bills. If you have an outstanding balance, they will cover it equally.

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