Santa Claus comes around just once a year. In the meantime, there are Credit Cards.

Canara Bank Credit Card Eligibility

Canara Bank is one of the oldest and largest public sector banks in the country with offices spread across the globe. Canara Bank offers a wide range of credit cards to customers with competitive interest rates in the market. There are several exciting benefits and features on Canara Bank credit cards. If you’re looking to apply for a Canara Bank credit card, you’ll have to meet some of the credit card eligibility criteria. 

The below are the basic eligibility criteria required to apply for Canara Bank Credit Card. 

  • You should be between the age of 21 to 60 years.
  • A minimum gross annual income of Rs.1 lakh.
  • A Permanent Account Number (PAN).
  • You should have a good credit score or history.
  • You should preferably have an account with Canara Bank.
  • A mobile telephone connection to receive SMS alerts.

Check Eligibility Criteria for Canara Bank Credit Cards

Card Name Age Requirement Minimum Income Required
Canara Bank Visa Classic Standard Global Credit Card 21-60 years Minimum Gross Annual Income of Rs.1 lakh
Canara Bank Mastercard Standard Global Credit Card 21-60 years Minimum Gross Annual Income of Rs.1 lakh 
Canara Bank Global Gold Visa Credit Card 21-60 years Minimum Gross Annual Income of Rs.2 lakh
Canara Bank Global Gold Master Credit Card 21-60 years Minimum Gross Annual Income of Rs.2 lakh

Documents Required to Apply for a Canara Bank Credit Card

To own a credit card offered by Canara Bank, below are the documents required for availing a credit card. 

  • KYC documents such as Voter ID, Passport, Driving License, etc.
  • Permanent Account Number (PAN) card (Form 60 if PAN is unavailable)
  • Income proof such as salary slip or income tax returns (form 16).
  • Bank statements.

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.

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