HSBC Credit Card Eligibility
HSBC Bank is one of the largest banks in the world. This British multinational financial company offers a wide range of banking products with exceptional features and benefits. HSBC Bank credit cards are known for their loyalty program, fuel surcharge waiver, excellent cashback on select transactions, attractive discounts, and low finance charges. If you are planning to get an HSBC Bank credit card, make sure you read the eligibility criteria set by the bank for the card you wish to apply. The requirements differ from card to card.
General eligibility criteria to apply for an HSBC Bank Credit Card
|Minimum age of the applicant*
|Maximum age of the applicant**
|Minimum age for add-on cardholders
||Rs.3 lakh onwards depending on the type of credit card
*HSBC offers a few credit cards like HSBC Visa Platinum Credit Card for applicants who are 18 years old. However, the minimum age of the applicant differs from card to card. Get in touch with HSBC Bank for more information.
**The maximum age of the applicant differs from card to card. For information about a particular credit card, get in touch with HSBC Bank.
***HSBC offers certain credit cards for applicants with a minimum annual income of Rs.3 lakh. However, the income criteria are different for each credit card. If you are enquiring about a particular credit card offered by the bank, get in touch with HSBC for more information.
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.
Top HSBC Bank credit cards
Some of the most popular credit cards offered by HSBC Bank are:
- HSBC Visa Platinum Credit Card
- HSBC Smart Value Credit Card
- HSBC Premier Mastercard Credit Card
- Advance Visa Platinum Credit Card
If you are planning to apply for an HSBC Bank credit card, you can talk to one of the bank’s executives by dialing 1860 108 7788 or 1860 500 2277. If you are calling from overseas, dial 040 - 67173402 or 080 - 49089632 If you are an existing customer, you can apply for an HSBC Bank credit card through your netbanking account. Alternatively, you can apply for a credit card online on the HSBC Bank official website or you can visit a bank branch in person.
Check Other Banks Credit Card Eligibility