RBL Credit Card Eligibility
Ratnakar Bank Limited (RBL) is a reputed scheduled commercial bank in India. Headquartered in Mumbai, the bank has been offering a wide range of financial services for over 6 decades. RBL credit cards are one of the most sought-after cards in the country for the excellent features and benefits it offers. To get an RBL credit card, you will have to meet certain eligibility criteria set by the bank. Each credit card has a specific set of requirements.
General Eligibility Criteria To Apply For A Ratnakar Bank Limited Credit Card
Minimum age of the applicant*
Maximum age of the applicant**
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 differs from card to card.
**The maximum age of the primary credit cardholder should not be more than 65 years. However, the age criteria differs from card to card.
***The minimum income criteria depends on the type of card you choose.
Factors That Affect Your Ratnakar Bank Limited Credit Card Eligibility
- Age: While issuing a credit card, lenders look for credit score and a good credit history, if you are too young and do not have a credit history, lenders will not be able to assess if you are a responsible borrower. In this case, your credit card may be rejected or you will get a basic credit card with a low credit limit. If you are planning on applying for a credit card, consider establishing your credit history first.
- Credit score: 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 in India, namely Equifax, TransUnion, and Experian. 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): DTI Ratio helps you calculate your total debt and compare it against your total income. A DTI is calculated by dividing your total gross monthly debt by your monthly income. A low DTI Ratio will help you increase your credit card eligibility as lenders do not prefer applicants with a high DTI Rate.
- 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. If you have a high outstanding due amount, you may not be eligible to get another credit card.
- 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.
- 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.
- 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 Ratnakar Bank Limited Credit Card Eligibility
- A good credit score has the potential to increase your credit card eligibility. You can increase your credit score by 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.
- Pay all your bills on time.
- If you have multiple credit cards and have 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. Consider clearing your credit card dues before applying for a new one.
- As mentioned earlier, avoid making multiple hard enquiries while you have submitted a credit card application with one bank.
- 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.
- Avoid cheque bounces, late fees, and penalties on all your active lines of credit.
Top Ratnakar Bank Limited Credit Cards
Some of the most popular credit cards offered by Ratnakar Bank Limited are:
- Mocash Credit Card
- Shoprite Credit Card
- Platinum Choice Supercard
- Platinum Plus Supercard
- World Plus Supercard
- Corporate Credit Card
- RBL Bank Icon Card
- Blockbuster Credit Card
- Platinum Maxima Card
- Titanium Delight Card
- Crossword Black Credit Card
You can apply for a Ratnakar Bank Limited credit card online by visiting the bank’s official website. Alternatively, you can reach Ratnakar Bank Limited customer care department by dialing 022 6232 7777 or 1800 121 9050. You can also contact RBL credit card department by sending an e-mail to firstname.lastname@example.org.
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