Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
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    Reasons why your Credit Card Application Can be Rejected

    With the multiple options available in the Indian financial market today, it is very easy to apply for a credit card. You can apply online for a credit card from the convenience of your home or office. There are also pre-approved credit card options available to customers.

    However, even if it is a pre-approved credit card or not, the lender undertakes a certain approval process before issuing a credit card to the applicant. Every lender takes various factors into account before deciding whether to accept or reject a credit card application.

    Here are 6 reasons why your credit card application could be rejected by a lender:

    Bad credit score:

    Most lenders reject credit card applications if the applicant has bad credit scores. Credit score is one of them most important factors behind the acceptance or rejection of credit cards as well as other loans. Most institutions have a standard credit score rate for considering the creditworthiness of the customer, i.e., whether he/she is reliable in terms of repayment of the credit availed from them.

    Usually, a good credit score or CIBIL score would be 750+. The CIBIL score will be negatively affected if:

    • You have loans with multiple lenders
    • You have applied for a credit card with various lenders
    • You have not paid your EMIs on time
    • You have defaulted on repayment of previous loans

    If you do not have a loan history, this also affects the credit card application since there is no track records to evaluate your creditworthiness.

    Low income:

    There are various lenders who are readily available to provide credit cards to eligible customers, that too with higher credit limits. However, it is very important that your repayment capacity is satisfactory and your income backs up your claim. The income eligibility criteria has to be met and the applicant also has to submit income documents such as Form 16, Salary Slips, Income Tax Returns, etc., at the time of application. Your application will be rejected if you do not meet the income requirements specified by the lender.

    Occupation:

    Occupation is another important factor considered by the credit card companies while issuing a credit card. Some credit card applications may be rejected due to the employment of the applicant, even if they fulfill the minimum criteria required. Reputation of the company is a factor considered while evaluating the repayment capacity of an applicant. An unstable work history also would affect the approval of your credit card application negatively.

    Mistakes in the application form:

    Even though this might seem like a minor issue, making mistakes on the application form can end up in a credit card application getting rejected. Many applicants make this error while filling the application form such as - missing crucial information, entering wrong details, etc. This is why it is better to apply online for a credit card since online credit card applications prompt the applicant to fill any mandatory field that has been omitted.

    Owning multiple cards:

    If an individual has several credit cards in his/her name, then the chances that his/her credit application being declined is high. All lenders consider applicants to be reliable only if they have a good debt-to-income ratio. If the income outflow is high due to having multiple credit cards, then the lender will not be convinced of the creditworthiness of the borrower. Lenders do not prefer borrowers who frequently transfer the balance on their credit cards or change cards frequently.

    Location verification:

    Almost all lenders make a physical verification of the applicant and his/her address - both residential and official. Hence it is important that when the representatives of the company visit the location to verify their home and office address nothing goes wrong. It is very important that the address you have specified in the credit card application is accurate.

    Thus, these reasons can attribute to the rejection of your credit card applications. Lenders do not necessarily disclose the reason behind rejecting a credit card application. Other than these specific reasons, an applicant should also note the terms and conditions laid down by the credit card issuer before applying for a credit card.

    How to Ensure the Approval of Your Credit Card Application:

    If your CIBIL Score is poor then you should make sure that you pay all your dues in a timely manner, keep good balance on your credit card and limit new applications for other cards, in order to secure a better decision with regard to your credit card application.

    While submitting your income eligibility details also include the income you receive from other sources since this will increase your chances of approval of the credit card application.

    Another measure would be to get a secured credit card. In order to get a secured credit card, you will have to open a fixed deposit account with the Bank of your choice and this makes sure that the repayment on the credit extended will be guaranteed. Secured credit cards are similar to unsecured credit cards and with a secured card, you can improve your credit score gradually. By paying the dues on time, you can build your CIBIL score and upgrade to an unsecured credit card soon.

    Reasons why your Credit Card Application Can be Rejected Reviews

    • ICICI Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I have been using ICICI bank credit card for while, there service is good, they have not charge any annual fee in this bank ,and i am happy with my credit limit which they have given in this card and they provide good offer and discount in shopping and in fuel , overall service is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 21, 2019
    • Standard Chartered Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I have been using standard chartered bank credit card for an while, they have not charged me annual fee in this card , as it is life time free credit card, and i am happy with my credit limit they have given me in this card, and there overall service is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 21, 2019
    • SBI Cards Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I have been holding SBI credit card for long time, they have charged me annual fee in this card. but it use to get revise it like there is waived off option is available in this card, if i spend certain amount then my annual fee will get waived off, i am happy with my credit limit they have given me good limit, there service is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 21, 2019
    • Citibank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I have been using Citi bank credit card for an while, they have charged me annual fee in this card,but there is waived off option available in this card,like if i spend certain amount then my annual fee will get waived off, and i am happy with the credit limit they have given me in this card,there overall service is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 21, 2019
    • Axis Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I have been using Axis bank credit card recently, they have not charged me annual fee in this card, as it is life time free card, and i am happy with the credit limit they have given me in this card, the reason for choosing this bank credit card is because they provide me good offers and there service is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 21, 2019
    • HDFC Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I have been using HDFC credit card recently, they have charged me annual fee in this card, but there is waived off option available in this card ,like if i spend 90,000 in an calender year,then my annual fee will get waived off, and i am happy with the credit limit they have given me in this card, and they are giving good on line shopping offers.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 21, 2019
    • Kotak Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been using Kotak mahindra platinum bank credit card for an while,they have not charged me annual fee in this card, as it is life time free credit card, and i am happy with the credit limit they have given me in this card, and they have not giving much good offers, only for shopping this card is useful.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
    • Citibank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been holding Citi Rewards bank credit card , they have charged me annual fee in this card they have charged me up to 500 rupees and annual fee,but there is waived off option available in this card, like if i spend certain amount they my annual fee will get waived off, and they have given me good credit limit in this card, and i am happy with reward point they use to give good reward points.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2019
    • HSBC Bank Credit Card
      "Good Card"
      0.5 5.0/5 "Blown Away!"
      There are many offers are going on and there is no annual fee hence i have opted this card. I have received the card on time. I got my first month bill and the statements are clear. I used to receive a promotional updates to my mails. Once i spoke with customer care and its easy to connect.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 21, 2019
    • ICICI Bank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been using ICICI bank credit card for long time, they have not charged em annual fee in this card ,as it is life time free credit card, and i am not happy with the credit limit ,i want to extend my credit limit, and the best thing is there offers they give good offers in regular basis.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2019
    • SBI Cards Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been using Sbi credit card for long time,they have charged me annual fee in this card, but there is waived off option available in this card,like if i spend certain amount then my annual fee will get waived off ,and i am happy with the credit limit they have given me in this card, there offers are good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2019
    • Citibank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been holding Citi INDIAN OIL bank credit card for long time, they have not charged me annual fee in this card as it is life time free credit card, and i am happy with my credit limit they have charging me in this card, there service is good, they give good offers in fuels, like in petrol they use to give good cash back and even discount.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2019
    • HDFC Bank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been using HDFC credit card for long time,they have charged me annual fee in this card, but there is waived off option available in this card, as i spend certain amount then my annual fee will get waived off , and i am happy with the credit limit they have given me in this card, and even there offers are good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2019
    • Bank Bazaar Credit Card
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using bank bazaar service from past 1-2 years ,there service is good, and i came to know through on line, as i usually check the credit score and compare the bank which one would be good, i have been using mobile application, it is easy to access, and there application is user friendly, overall service is good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2019
    • Axis Bank Credit Card
      "Excellent card"
      0.5 4.0/5 "Great!"
      I have applied for Axis bank credit card recently,the reason for choosing this bank credit card is that they give good offers in on line like in flip kart or amazon site i use to get good cash back,and they have charged me annual fee up to 250 rupees, but it is kind of life time free card,like i use to get offers or points in it , and i am happy with credit limit they have given me in this card, they have given me 25,000 i am satisfied with it,and there service is good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2019
    • Bank Bazaar Credit Card
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using bank bazaar service for first time, i came to know about bank bazaar service through on line, and i have been using both website and mobile application which was easy to access,and even i have applied for credit card recently, there customer team had done time to time follow up with me regarding my application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
    • SBI Cards Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been using SBI credit card from long time, they have not charged me annual fee in this card , as it is life time free card i have got ,and i am happy with the credit limit they have given me in this card,and there customer service is good, they provide good offers.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 21, 2019
    • ICICI Bank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been using ICICI bank credit card for long time, the reason for choosing this card is that they are giving very good service, and they have not charged me annual fee in this card, as it is life time free credit card, and i am happy with the credit limit they have given me in this card, and there customer service is good, they use to give good offers .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 21, 2019
    • Bank Bazaar Credit Card
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using bank bazaar service from past six months, and i came to know about bank bazaar service through on line, as i was checking my credit report through it, and recently i have applied for credit card through bank bazaar , and i have been using mobile application ,it is easy to access and there application is user friendly application.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 21, 2019
    • HDFC Bank Credit Card
      "Bad experience"
      0.5 2.0/5 "Expected more"
      I have been applied for HDFC credit card recently, i am not happy with there service , like i have applied for regalia first card and they have given me club miles card ,i asked the customer care to change it they are not responding me and not resolving my issue , i am going to cancel this card now,i am not satisfied with there overall service, i had bad experience with this bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 21, 2019
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