Credit Card » Eligibility Criteria

Eligibility Criteria

Every financial facility that you want to avail has to have set of formalities to be complied with. If you want to avail the facilities of a credit card there has to be a set of Terms and Conditions that you have to meet and follow. The eligibility criteria are predominant among these Terms and Conditions. Some of the key issues in these eligibility criteria are as follows.


Residence

The term of residence varies from service provider to service provider. One may say that you should have been staying at the mentioned address for the last two years, omse may say three years. Thus this term varies. Over and above this you should have a legal proof of staying at that residential address. This proof has to be either a ration card, passport or electricity bill. If you are staying in a rented place you should have a rent receipt signed by the landlord. If you have just moved to the present residence and this residence is on rent, the chances of the approval of the credit card are less. On the contrary, if the applicant has been staying at the mentioned residence for a longer time the chances of his application getting approved get a bit of a boost in the right direction.


Telephone number

A telephone number whether land line or mobile is mandatory for applying for a credit card. This is necessary because a person can be traced with the help of either the land line number or the mobile number. Moreover, the land line phone bill shows the address of the applicant. The credit card applicant can be contacted whenever wished to, by the credit card service provider.


Profession

Some of the professions are black listed by the credit card issuers. This is just because the people of these professions are too intelligent to be wheedled by marketing gimmicks of the card issuers. Professors, lawyers, journalists and school teachers feature in this black list. The credit card issuers are very careful while issuing credit cards to IT personnel because they can move abroad any time when they get a better opportunity. Thus, it is compulsory for the applicant to declare his or her profession for availing a credit card.


Place of work

While issuing a credit card the place of work is of utmost importance. The place of work shows the probability of risk that the applicant may be facing during working hours. It also reveals the designation or post of the applicant. If the sleuths of the credit card issuer are smart enough they can get to know the exact remuneration being paid to the applicant. The reputation of the employer of the applicant is also taken into consideration. The tenure of the applicant with the present employer is also of importance while approving the credit card.


Age

The age of the applicant is crucial while approving the credit card. Minors whose age is less than 18 years are not allowed to avail the services of the credit card. Thus, if the applicant is a minor his or her application for credit card is supposed to get rejected. On the other hand if the applicant is too old then the card issuer may take objection.


Another credit card

If the applicant has another credit card he / she should declare it in the new application. This helps the new credit card issuer to know about the financial credibility of the applicant. It also reveals the punctuality of the applicant at paying the monthly dues. Thus the verification of the credit history of the applicant becomes easy.


Dependents

If the number of dependents is more the chances of the monthly payment being regular are decreased by a long way. Thus the credit card issuer makes it compulsory for the applicant to declare the number of dependents. If any of the dependents is earning then the applicant should disclose this as well.


Criminal Record

Nowadays, the crimes are on an increase. The credit card issuers do not want to be dragged into the court for the crimes they have not committed. Thus, they check each and every legal aspect of the applicant. Special attention is paid to the police record and financial credibility of the applicant.

The list of things that feature in the list of eligibility criteria for applying of credit cards may increase and totally depends on the credit card issuer.

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