Established in 1994, IndusInd Bank is a Mumbai based bank that offers excellent banking products and services. IndusInd Bank credit cards are popular in India. Each credit card offered by the bank is exclusively designed to suit the needs of the cardholder. From attractive reward program to a high credit limit, IndusInd Bank credit cards offer exceptional privileges. To get an IndusInd Bank credit card, you will have to meet the eligibility criteria set by the bank. The requirements differ from card to card.
Maha March Mela 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 31, 2019
General eligibility criteria to apply for an IndusInd Bank Credit Card
|Particulars||For all IndusInd Bank credit cards|
|Minimum age of the applicant*||21 years|
|Maximum age of the applicant**||65 years|
|Minimum age for add-on cardholders||18 years|
|Employment status||Self-employed or salaried individuals|
|Minimum annual income***||Differs from card to card|
*The minimum age of the primary credit cardholder should be at least 21 years. However, the age criteria may differ from card to card.
**The maximum age of the primary credit cardholder should not be more than 65 years. However, the age criteria may differ from card to card.
***The minimum income criteria depends on the type of card you choose. Get in touch with the bank for more information.
Factors that affect your IndusInd Bank credit card eligibility
- Age: If you are too young and do not have a credit history, lenders will think twice before approving your credit card application. It takes a few years to build a positive credit history. If you have availed credit before and have not defaulted on your payments, lenders will be able to access your creditworthiness. However, if you just started working and are availing credit for the first time, lenders will not be able to access if you are a prompt payer. Before applying for a credit card, consider building a good credit history. This will help you get better credit card deals.
- Credit score: Your credit score is one of the first things lenders check as soon as they receive your application. The credit reporting agencies in India namely, Equifax, TransUnion, and Experian assigns your credit score based on your credit history. A credit score may range from 300 to 900. It is assigned by the credit reporting agencies in India. All credit card providers prefer applicants with high credit score. A low credit score indicates that you do not have a good credit history and decreases your creditworthiness. Before applying for a credit card, it is very important to check your credit score and make healthy financial changes if your credit score is low. You can get a free copy of your credit report every year from each of the credit reporting agencies. If you have a low credit score, it is recommended to apply for a credit card only after your score has improved.
- 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.
- A high outstanding amount on your existing credit cards: Having multiple credit cards is quite common these days. If you already have a credit card and are applying for another one, make sure you do not have a high outstanding balance on your existing card. Your new credit card provider will check your payment history on your existing card. If you are someone who pays only the minimum due amount every month and have a huge credit card debt, your new credit card application may be rejected or put on hold till you clear your outstanding balance with your current credit card provider.
- Multiple credit inquiries: Multiple hard enquiries for credit make you look like a needy borrower. If you are planning on applying for a credit card, avoid submitting multiple applications.
- Recent delinquency on your credit report: Your credit score will be negatively affected if you have defaulted on any one of your loans in the recent past. Your credit card application may be rejected or you would not get a great credit card deal if you have a low credit score.
- 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.
Some other factors that will affect your credit card eligibility are:
- The organisation you work with
- Job stability
- The nature of your work
- Number of credit cards you own
- Credit utilisation rate on your existing cards
- Settled accounts
How to improve your IndusInd Bank credit card eligibility
- You can increase your credit card eligibility by increasing your credit score. There are many ways in which you can increase your credit score. Closing one of your existing loans, reducing your Debt-to-Income Ratio, increasing your total income, or clearing your existing credit card total outstanding due amount will help you increase your credit score.
- Do not default on your payments. Pay all your bills on or before the due date.
- If you have a credit card already, make sure you have made your payments on time and maintained a good credit utilisation rate.
- Avoid making multiple hard enquiries while you have submitted a credit card application with one bank.
- Check your Debt-to-Income Ratio and lower it if necessary. You can lower your DTI Ratio by closing any lines of credit or paying your credit card bill in full.
- Avoid cheque bounces, late fees, and penalties on all your active lines of credit.
Top IndusInd Bank credit cards
Some of the most popular credit cards offered by IndusInd Bank are:
- Indulge Credit Card
- Crest Credit Card
- Pinnacle Credit Card
- Pioneer Heritage Credit Card
- Pioneer Legacy Credit Card
- Legend Credit Card
- Signature Credit Card
- Nexxt Credit Card
- Duo Card
- Platinum Aura Credit Card
- WorldMiles Credit Card
- Gold Credit Card
- Business Gold Credit Card
You can apply for an IndusInd Bank credit card online by visiting the bank’s official website. Alternatively, you can reach the IndusInd Bank customer care department by dialing 1860 267 7777.
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