Corporation Bank Credit Card Eligibility

Headquartered in Mangalore, Corporation Bank is one of the most reputed public-sector banks in India. The bank offers a wide range of banking services and financial products. The credit cards offered by Corporation Bank are known for low finance charges, free credit period up to 50 days, cash withdrawal facility, temporary credit limit enhancement, and excellent reward program. If you are planning on applying for a Corporation Bank credit card, you must have a bank account with them. There are other eligibility criteria set by the bank for those who wish to apply for a credit card.

General eligibility criteria to apply for a Corporation Bank credit card

Particulars For all Corporation Bank credit cards
Minimum age of the applicant 18 years
Maximum age of the applicant 70 years
Nationality An Indian citizen or person of Indian origin
Employment status Self-employed/ professional/ salaried individuals/ senior citizens
Income criteria
Category Gold Platinum Signature
Self-employed Rs.1.8 per annum Rs.2.5 lakh per annum Rs.10.50 lakh per annum
Professional Rs.1.8 per annum Rs.3 lakh per annum Rs.10.50 lakh per annum
Senior citizens Rs.1.2 per annum Rs.2.50 per annum Rs.10.50 lakh per annum
Salaried Rs.1.8 per annum Rs.2.5 lakh per annum Rs.10.50 lakh per annum

*The eligibility criteria differ from card to card. Please get in touch with the bank or check the Corporation Bank official website for more information.

Factors that affect your Corporation Bank credit card eligibility

Apart from the generic eligibility criteria set by the bank, there are many other factors that will affect your credit card eligibility. If you do not meet the basic eligibility set by the bank or if your credit card application is rejected by the bank, focus on improving your eligibility before you apply again. There are many ways you can increase your credit card eligibility. Some of the ways are:

  • Your monthly income: If you have applied for a credit card before, you would have submitted your income proof documents. All lenders check your monthly income before approving any lines of credit. To be eligible to get a Corporation Bank credit card, you should meet the income requirements set by the bank.
  • Credit history: Corporation Bank will assess your credit report and check your credit score when you submit a credit card application or apply for a loan. A credit score can range from 300 to 800. A low credit score will affect your credit card application negatively. However, a high credit score will help you get better deals.
  • A high outstanding amount on your existing credit cards: If you have an existing credit card, the bank will check the outstanding due amount and your payment history on the card. If you are not a prompt payer and have defaulted on your credit card bill, your application may be rejected.
  • The number of credit cards/lines of credit you own: Credit card providers check your total monthly debt before issuing you a card. For this purpose, a Debt-to-Income Ratio is calculated. A DTI Ratio is calculated by dividing your total monthly debt by your income. If you have a high DTI Ratio, the chances of your application being rejected will be high. If you pay a lot towards debt every month, consider reducing it before you apply for a new line of credit.
  • Settled accounts: In the past, if you worked out a settlement with your credit card provider, it will appear in your credit report. This remark will have a negative impact on your credit card.
  • Recent delinquency on your credit report: If you have defaulted on any of your loan 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 credit inquiries: Avoiding applying for multiple lines of credit at the same time. If the lender notices that you have made multiple hard enquiries for credit, it makes you look like a desperate borrower.

Some other factors that can affect your credit card eligibility are:

  • Age
  • Lack of credit history
  • Job stability
  • Nature of work
  • The organisation you work with

How to improve your Corporation Bank credit card eligibility

There are many ways you can increase your credit card eligibility. Some of the ways are:

  • The first step you can take to increase your credit card eligibility is to increase your credit score. You can improve your credit score by taking healthy financial decisions. Closing your existing loans, paying your credit card bill in full, and paying your bills on time will have a positive impact on your credit score. After you have taken any steps to increase your credit score, check your credit score after allowing a few months for the new score to be updated.
  • Increase your creditworthiness by paying your bills on time. When you pay all your bills before the due date, it makes you look like a responsible borrower and increases your repayment capacity.
  • Maintain a good Debt-to-Income Ratio, lower it if necessary. You can lower your DTI Ratio by closing any lines of credit or paying your credit card bill in full.
  • If you have an existing credit card, maintain a good credit utilisation ratio. Did you know that a low credit utilisation rate affects your application negatively? When you have a low credit utilisation rate, lenders think you do not need credit and would think twice to approve your credit card.
  • Avoid cheque bounces, late fees, and penalties on all your active lines of credit.

Top Corporation Bank credit cards

Some of the most popular credit cards offered by Corporation Bank are:

  • Corp Global Card
  • Corp Bank International Credit Card

If you are planning to apply for a Corporation Bank credit card, you can talk to one of the bank’s executives by dialing 1800 22 6606. If you are an existing customer, you can apply for a Corporation Bank credit card through your netbanking account. Alternatively, you can apply for a credit card online on the Corporation Bank official website or you can visit a bank branch in person.

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