Looking for financial assistance from a credit tool like a credit card or digital card but don’t know how to decide what to get? Well, there are a number of factors you need to consider before setting off on this journey, chief amongst which is the eligibility criteria required.

Want a credit card? There are a few things that are required in this case. You have to abide by specific and stringent credit card eligibility requirements for obtaining your card. Every bank or card has different parameters, and not meeting any of them means that your application may be rejected immediately. Your credit score may take a hit as well, which is avoidable.

As per standard credit card eligibility criteria, the first thing mentioned is age. You, as the applicant, have to be at least 18 years of age or above to apply for a card. Some banks have a minimum age requirement of 21 years as well. You must also know that the maximum age requirement differs and can generally go up to 60 years. The next crucial aspect is your annual salary, which determines your eligibility for a particular card. The minimum salary required to apply for a credit card in India is a minimum of Rs. One Lakh annually.

Hence, it is best to check the criteria with your bank, as this also differs and depends on the card issuer. The next step is checking nationality or residential status. Hence, citizens, residents, and non-residents can apply, but some cards are only issued to Indian citizens. Apply for a credit card after taking all these eligibility requirements into account.

Therefore, to sum up, in India, the credit card eligibility criteria are as follows:

• First and foremost, an applicant must have a minimum age of 18 years or above. You cannot apply for a credit card if you are below that age.
• The minimum income or salary should range between Rs. 1 lakh to Rs. 3 lakh.
• You should either be salaried or self-employed to apply for a credit card.

If you are a first-time job holder, or do not have an existing credit history, it would be far easier for you to get financial assistance through a digital card.

How to apply for a digital card

It is easier to get a digital card like the LazyCard than a regular credit card since there are no stringent eligibility guidelines for the former.

• Get a card of your choice by logging into the app of your bank or financial institution like LazyPay.
• The next step is to fill in your details and verify with the OTP for application submission. After that, your OTP will come to your registered mobile number, and once you enter the same, you will get the proper application form.
• The subsequent step is to get instant approval in principle. It happens after verification.
• You will have to upload and verify your KYC and other documents successfully.
• After this, the financial institution will verify your documents and will notify you that your application is approved.

Your LazyCard will be sent to you after that. You can activate it by following the steps mentioned on the app, and can start using it instantly for all your shopping needs.

Conclusion

With a sneak-peek into both types of cards, it is clear that a regular credit card comes with varying eligibility criteria that applicants have to meet. This makes it extremely difficult for people like first-time earners, who do not yet have a credit history. Because of such problematic criteria, getting a digital card is more accessible, and is rapidly gaining preference. This can be attributed to the lower entry barriers and quick application process.

You should carefully check the criteria for any card that you apply for. At the same time, maintaining a healthy credit score is always advisable before you get a credit card or digital card. It will increase the chances of approval for your application. Once you start using the card, make sure you pay off your dues. It will significantly enhance your credit score while helping you avoid piled-up debts. To learn more about how digital cards work, and what rewards you get from their usage, visit the LazyPay website today.