Canara Bank Credit Card Eligibility
Canara Bank credit cards are classified into Visa Credit Cards, Master Credit Cards, and Corporate Credit Card. All credit cards offered by the bank are known for the exclusive features and benefits it offers. Some of the privileges are free credit period up to 50 days, free accident insurance, lost card protection, and free card replacement services.
General Eligibility Criteria To Apply For A Canara Bank Credit Card
||For all Canara Bank credit cards
Minimum age of the applicant*
Maximum age of the applicant
Self-employed or salaried individuals
Minimum annual income**
Rs.1 lakh per annum
*The minimum and maximum age to get a Canara Bank credit card might change without any prior notice. The bank reserves the rights to determine the age of the applicant.
**Though the minimum annual income to get a Canara Bank credit card is Rs.1 lakh per annum, the income criteria differs from card to card.
Apart from the eligibility criteria mentioned in the table, Canara Bank has other generic credit card eligibility criteria such as:
- The applicant should have a good credit history.
- The bank prefers offering credit cards to those who have a bank account with them. The bank prefers applicants who have satisfactory dealing with the bank.
- The applicant should have a registered phone number to receive SMS alerts.
- The applicant must have a PAN Card.
Factors That Affect Your Canara Bank Credit Card Eligibility
There are many factors that affect your Canara Bank credit card eligibility criteria. Some of the factors are as follows:
- Age: When you apply for a credit card, lenders assess your creditworthiness. If you are too young and do not have a sound credit history, lenders would not be able to assess if you are a responsible borrower. Consider building a good credit history before you apply for a credit card.
- The number of credit cards you own: If you have multiple credit cards and have high due amount on each card, you will end up with a high credit utilisation ratio. This will have a negative impact on your credit card application.
- Income: To get a credit card, you will be required to meet the income criteria set by the bank. Failing to do so might get your credit card application rejected. If you are planning on applying for a particular credit card, make sure you go through the brochure and check if you meet the minimum income requirement set by the bank. The minimum income requirement of the applicant differs from card to card. Always apply for a card that you are eligible for.
- Gross monthly debt: When credit card providers check your credit score, they will be able to see your existing lines of credit. If your monthly debt amount is high, it will affect your credit card application negatively. Most lenders calculate the Debt-to-Income (DTI) ratio where the total debt amount is divided by the total monthly income. If you have a high DTI ratio, your credit card application may be rejected as it indicates that you may not be capable of paying your future payments.
- Credit score: One of the first things a credit card provider will do as soon as you submit the application form is to check your credit score. A credit score may range anywhere between 300 to 900. All lenders prefer applicants with a high credit score of 750 and above. A low credit score indicates that you do not have a good credit history and decreases your creditworthiness. Before applying for a credit card, check your credit score. You can get a free copy of your credit report every year from each of the credit reporting agencies in India, namely Equifax, TransUnion, and Experian. If you have a low credit score, apply for a credit card only after your score has improved.
- Recent delinquency on your credit report: If you have defaulted on any of your loans recently, it will bring your credit score down. Your credit card application may be rejected or you would not get a great credit card deal if you have a low credit score.
- Multiple applications: While choosing the best credit card for you, it is very important to avoid making multiple hard inquiries for credit. If you apply for multiple credit cards you like, the lenders will be able to see all the hard enquiries made by you. This will make you look like a needy borrower. Therefore, while applying for a credit card, finalise on one card and apply for it. Avoid applying for another credit card while one credit card application is being processed.
Apart from the above factors, there are other factors that will affect your credit card eligibility. Some of them are:
- A high outstanding amount on your existing credit cards
- The number of credit cards you own
- “Charge-off” or “Settled” remark on your credit report
- Recent delinquencies
- Lack of credit history
- Job stability
How To Improve Your Canara Bank Credit Card Eligibility
If you like to apply for a particular credit card and notice that you are not eligible to apply, or if the bank rejects your application, you can always apply again after improving your credit card eligibility. There are many ways you can improve your eligibility. Some of the ways are:
- Improve your credit score: Your credit score is one of the crucial factors that affect your credit card eligibility. If your application is rejected, consider improving your credit score and apply again later. You can improve your credit score by closing your existing loans, paying your bills on time, or clearing your existing credit card balance.
- Do not default on your payments: When your credit card application is being processed, make sure you pay all your bills on time. Your credit card provider will be able to see if you default on your payments and might reject your application if you are not a prompt payer. This includes your phone bills, existing EMIs, and credit card payments.
- Say no to multiple credit card applications: As mentioned earlier, avoid making multiple hard enquiries while you have submitted a credit card application with one bank.
Some other ways you can improve your credit card eligibility are as follows:
- Maintain a good Debt-to-Income ratio. Consider consolidating your debt and closing debts if it is possible.
- If you have an existing credit card, maintain a good credit utilisation ratio and pay your bills on time. Try to pay the total due amount on your credit card instead of the minimum due amount. This will increase your repayment capacity.
- Avoid cheque bounces, late fees, and penalties on all your active lines of credit.
- Consider increasing your income. You can increase your income by reducing your total debt or increasing other sources of income. For example, you can show your rental income in your credit card application.
Top Canara Bank Credit Cards
Some of the most popular credit cards offered by Canara Bank are:
- Canara Visa Classic
- Canara Global Gold Card
- Canara Corporate Card
- Canara Mastercard Standard Global Card
If you are planning to apply for a Canara Bank credit card, you can contact the bank by dialing their toll-free number 1800 425 0018. For Visa Credit Cards, please dial 1800 222 884. For Mastercards, please dial 1800 425 0018. If you are an existing customer, you can apply for a Canara Bank credit card through your netbanking account. Alternatively, you can apply for a credit card online on the Canara Bank official website or you can visit a bank branch in person. If you wish to leave an email, you can write to email@example.com.