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

HSBC Credit Card Eligibility

HSBC Bank is one of the largest private banks in the world and offers several feature-rich credit cards with competitive interest rates. The benefits and features on HSBC credit cards are some of the best among other credit cards in the market.

If you’re planning to apply for an HSBC credit card, here are the basic eligibility criteria to apply for HSBC Bank credit cards, 

  • You should be at least 18 years.
  • You should have a stable monthly income.
  • Your credit score should be good.
  • Applications are subject to the bank’s credit and other policies.
More

Here are the Credit Card Eligibility Criteria for Top HSBC Bank Credit Card

Eligibility Criteria

  • Applicant must be between age of 18-65 Years.
  • The minimum income required for this card is Rs.4 Lakh Per Annum

Eligibility Criteria

  • Applicant must be between age of 18-65 Years.
  • The minimum income required for this card is Rs.3 Lakh Per Annum for Salaried Individual's

Eligibility Criteria

  • Applicant must be between age of 18-65 Years.
  • Maintain a quarterly Total Relationship Balance (TRB) of Rs.4 lakh; OR Have a mortgage relationship with disbursal of >Rs.1.50 crore with HSBC India; OR Have a corporate salary account under HSBC with Net monthly salary of Rs.3 lakh.
  • Offered to HSBC Premier relationship customers

Eligibility Criteria

  • Applicant must be between age of 18-65 Years.
  • Total Relationship Balance (TRB) of Rs.2 lakh; OR Mortgage relationship of Rs.30 lakh with HSBC India; OR Hold a corporate salary account with Net Monthly salary credit of Rs.50,000; OR Hold an Active Credit Card with the bank; OR Have a home loan or personal loan
  • Offered to HSBC Premier relationship customers

Documents Required to Apply for an HSBC Credit Card

The below are the basic documents required to apply for hdfc cards,

  • KYC documents such as Passport, PAN card, Voter Id card, etc.
  • The latest copy of salary slips along with three months bank statement
  • Salary certificate for employees of MNC corporates.
  • Form 60 in case PAN card is not available.

March- Super Duper Offer by Bankbazaar

  • Avail a gift voucher worth upto Rs.2000 from Amazon on applying for a credit card
  • Voucher will be provided upon approval of the credit card application
  • Offer will be valid from March 1, 2019 to March 28, 2019

Factors that affect your HSBC Bank credit card eligibility

There are many factors that affect your HSBC Bank credit card eligibility criteria. Some of the factors are as follows:

  • A high outstanding amount on your existing credit cards: If you already hold a credit card and are applying for another one, the outstanding due amount on your existing credit card will have an impact on your application.
  • The number of credit cards you own: If you have multiple credit cards and have a high due amount on each card, you will end up having a high credit utilisation ratio. This will have a negative impact on your credit card application.
  • “Charge-off” or “Settled” remark on your credit report: If you were unable to clear your credit card dues in the past and worked out a settlement with your credit card provider, your credit report will clearly mention that you “Settled” your dues. This remark on your credit report has the potential to get your application rejected.
  • 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 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.
  • 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 an HSBC Bank credit card, you should meet the income requirements set by the bank.
  • Credit history: HSBC 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.
  • Employment: If you receive a monthly salary and are employed in an organisation, you will be required to mention your employer’s name. The organisation you work with, the reputation of your employer, job stability, and other factors plays a great role when you apply for a credit card. If you are self-employed, you will be required to submit your IT returns and profit and loss statements.
  • Age: To get a credit card, you will have to meet the age criteria set by the bank. If you are applying for a primary credit card, you should be at least 21 years and cannot be more than 60 years. However, for an add-on credit card, the minimum age is 18 years. Before you apply for a credit card, make sure you meet the age criteria.
  • Debt-to-Income Ratio (DTI): This is a simple concept. If you have a high debt to pay every month, your credit card provider will hesitate to approve your credit card application. A Debt-to-Income Ratio is calculated by dividing your gross monthly debt by your monthly income. A high DTI Ratio affects your repayment capacity. If your total debt is high, it is advisable to reduce it before applying for a new line of credit.

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

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

How to improve your HSBC Bank credit card eligibility

If you applied for an HSBC Bank credit card and your application was rejected for some reason, consider improving your credit card eligibility and apply again after a few months. Some of the ways you can improve your credit card eligibility are:

  • Improve your credit score: Before applying for a loan or a new credit card, it is very important to check your credit score. A credit score is assigned by the credit reporting agencies in India, namely TransUnion, Experian, and Equifax. You can get a free copy of your credit report once every year from each of the credit report bureaus. Download your credit report and check your credit score before applying for a new line of credit. As per the credit report, if your credit score is low, make healthy financial decisions and improve your credit score before you apply for a credit card or a loan. Closing existing loans, clearing your credit card balance, paying your bills on time, and increasing your income, can help you improve your credit score. If you close an existing loan to boost your credit score, check your credit report after a month for your updated score.
  • Pay your bills on time: You can improve your creditworthiness by being a prompt payer. You can build your credit score and improve your credit card eligibility by Paying your bills on time, avoiding cheque bonuses and late fees. Make sure you pay all your bills on or before the due date. Consider setting standing instructions for your loans, EMIs, and other bills to make sure you do not miss a payment.
  • Maintain good Debt-to-Income Ratio: When you apply for a credit card, your Debt-to-Income Ratio will be calculated. A DTI Ratio is calculated by dividing your total monthly debt by your total monthly income. If you have a high DTI Ratio, consider closing your existing loans or paying the total outstanding due amount on your existing credit card before applying for a new card. Allow some time for your credit report to be updated with the new score. To get a good deal on your credit card, it is important to reduce your total monthly debt.
  • Do not apply for multiple lines of credit at the same time: As mentioned earlier, do not make multiple hard enquiries when you are planning on applying for a credit card. Do the research and apply for one credit card that suits your requirements. Multiple applications make you look needy for money and which will make lenders question your repayment capacity.

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

  • Improve your credit score before applying for a credit card. If you have a low credit score, consider closing your existing loans, paying your bills on time, or clearing your existing credit card due amount. Your credit score will improve if you have availed credit and paid it promptly. This will also increase your creditworthiness. Once you have taken steps to improve your credit score, allow some time for your credit report to be updated with the new score. Once your credit score is updated, go ahead and apply for a new line of credit.
  • Avoid defaulting on any payments when your credit card application is in progress. Your new credit card provider will be able to see if you have defaulted on any of your payments.
  • Calculate your Debt-to-Income Ratio and reduce it if it is too high. Having a good DTI Ratio will help you get better credit card deals.
  • If you have an existing credit card, check your good credit utilisation ratio. Make sure you using your credit card wisely.
  • Avoid cheque bounces, late fees, and penalties on all your active lines of credit.
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