Standard Chartered Credit Card Eligibility

Standard Chartered Bank is leading British multinational financial services company in India. Headquartered in London, the bank offers an array of banking products that offers exclusive benefits to their customers. Standard Chartered Bank credit cards are one of the most sought-after credit cards in the country. This is mainly due to the reputation of the bank and the exceptional benefits offered. Some of the benefits of these credit cards are flexible EMI facility, 360 degree rewards program, cashback on fuel spends, and great discounts on dining, shopping, and travel bills.

If you are planning on getting a credit card from the Standard Chartered Bank, you should meet certain eligibility criteria. The requirements differ from card to card and are set by the bank.

General eligibility criteria to apply for a Standard Chartered Bank Credit Card

Particulars For all Standard Chartered Bank credit cards
Minimum age of the applicant 21 years
Maximum age of the applicant 65 years
Employment status Self-employed/salaried individuals/professionals
Minimum annual income** Differ from card to card

Apart from the general eligibility criteria listed by Standard Chartered Bank, there are a few documents that are mandatory to apply for a Standard Chartered Bank credit card.

KYC Documents required to apply for a Standard Chartered Bank credit card

  • Duly-filled credit card application form.
  • Recent passport size photographs.
  • One proof of identity. The accepted documents are
    • Driving licence
    • Copy of your passport
    • Voter ID card
    • Aadhaar card
    • PAN card.
  • One proof of address. The accepted documents are
    • Driving licence
    • Copy of your passport
    • Voter ID card
    • Aadhaar card
  • Latest one month salary slip, if you are salaried.
  • Latest returns computation with income or Last Business Continuity Proof, if you are a self-employed businessman or self-employed professional.

Factors that affect your Standard Chartered Bank credit card eligibility

When you apply for a credit card, there are many factors that affect your eligibility. Some of the factors that play a major role when you apply for a Standard Chartered Bank credit card are:

  • Credit score: When you apply for any line of credit, your lenders will check your credit score. Based on your credit history, credit bureaus in India assign your credit score. A credit score can range between 300 to 900. The lower your credit score, the lesser are your chances to get credit. All lenders prefer applicants with a high credit score. A credit score above 750 is expected when you apply for a loan or a credit card. Before applying for a Standard Chartered Bank credit card, make sure you check your credit score. You can get a free copy of your credit report from Experian, TransUnion, and Equifax once a year. If you see that you have a low credit score, consider improving it before applying for a credit card. Applying for a loan or a credit card with a credit score may get your application rejected. In a few cases, lenders might issue you a credit card even if your score is low but you would not land up getting a good deal.
  • Age: To get any lines of credit, you need to be creditworthy. The only way lenders will be able to assess if you are a reliable borrower is by checking your credit history. Based on your credit report, lenders will be able to assess your creditworthiness and decide if you can repay the credit. However, if you are too young and are applying for your first credit card, you may not have a credit history. Lack of credit history can also affect your credit card application. If you haven’t availed credit before, consider building a positive credit history before you get your first credit card.
  • The number of credit cards you own: Many millennials hold multiple credit cards as they are easily available. It may seem beneficial to have many credit cards but it affects your credit score negatively if you are not a prompt payer. If you have multiple credit cards and pay your minimum due amount every month, your credit score will still be hampered if you do not clear the total outstanding due amount on each card. If you have a revolving balance to clear on each of your credit cards, it brings your credit score down considerably. Think twice before you apply for another credit card if you have one already.
  • Income: Each credit card offered by Standard Chartered Bank has specific income criteria that have to be met by the applicant. The minimum annual income of the applicant is set based on the features and benefits of the credit card. As the benefits differ from card to card, so does the income requirements. If you are planning to apply for a specific Standard Chartered Bank credit card, get in touch with the bank for accurate information.
  • Gross monthly debt:When you apply for a new credit card, lenders will check your ability to repay the amount borrowed. For this reason, the Debt-to-Income Ratio will be calculated. A DTI Ratio is calculated by dividing the sum of your total monthly debt by your monthly income. If you are paying a huge part of your income towards debt, you will have a high DTI Ratio. If you have a high DTI Ratio, lenders will hesitate to approve your credit card application. Before applying for a credit card, calculate your DTI Ratio and consider reducing it if it is too high.
  • Recent delinquency on your credit report: If you have defaulted on any one of your loans or credit card payments in the recent past, your credit card application may be rejected. Lenders would not want to issue a credit card if you were unable to make your payments in the past. That is a risk, credit card provider would not be willing to take. In the past, if you weren’t able to pay the total outstanding amount on your credit card and worked out a settlement with your lender, your credit report will contain this information. If there is a “Settled” remark on any one of your lines of credit, it negatively affects your credit card application.
  • Multiple applications: While choosing the best credit card for you, it is very important to avoid making multiple hard inquiries for credit. If you apply for multiple credit cards you like, the lenders will be able to see all the hard enquiries made by you. This will make you look like a needy borrower. Therefore, while applying for a credit card, finalise on one card and apply for it. Avoid applying for another credit card while one credit card application is being processed.

There are many other factors that affect your credit card eligibility. Some of them are:

  • Your job profile
  • The organisation you work with or the kind of business your run
  • The reputation of your organisation/business
  • Your credit utilisation rate on existing credit cards
  • Your place of residence

How to improve your Standard Chartered Bank credit card eligibility

If you like to apply for a particular credit card and notice that you are not eligible to apply, or if the bank rejects your application, you can always apply again after improving your credit card eligibility. There are many ways you can improve your eligibility. Some of the ways are:

  • Improve your credit score:Improving your credit score will help you increase your credit card eligibility, as your credit score has a great impact on your credit card application. You can improve your credit score by closing one of your loans, reducing your Debt-in-Income Ratio, paying the total outstanding balance on your existing credit card/cards, and by paying all your bills on time.
  • Pay all your bills promptly: It is strongly recommended to avoid defaulting on any payments when your credit card application is being processed. This includes your loan payments, your credit card bills, and your EMIs. Make sure you pay all your bills on or before the due date and avoid cheque bounces and late fees.
  • Say no to multiple credit card applications: As mentioned earlier, avoid making multiple hard enquiries while you have submitted a credit card application with one bank.

Some other ways you can improve your credit card eligibility are as follows:

  • Maintain a healthy Debt-to-Income Ratio. Try to reduce your DTI Ratio if need be.
  • If you have a credit card, make sure you clear the total outstanding balance regularly and not just pay the minimum due amount. Also, maintain a good credit utilisation rate on your existing credit cards. Both under using your credit limit and overusing it has a negative impact.
  • Avoid cheque bounces, late fees, and penalties on all your active lines of credit.
  • Consider increasing your income. You can increase your income by reducing your total debt or increasing other sources of income. For example, you can show your rental income in your credit card application.

Top Standard Chartered Bank credit cards

Some of the most popular credit cards offered by Standard Chartered Bank are:

  • Standard Chartered Bank Ultimate Credit Card
  • Standard Chartered Bank Manhattan Platinum Credit Card
  • Standard Chartered Bank Super Value Titanium Credit Card
  • Standard Chartered Bank Emirates World Card
  • Standard Chartered Bank Platinum Rewards Credit Card
  • Standard Chartered Bank Landmark Rewards Platinum Credit Card
  • Standard Chartered Bank Visa Infinite Credit Card
  • Yatra Platinum Credit Card

If you are planning to apply for a Standard Chartered Bank credit card, you can reach Standard Chartered Bank customer care department by writing an email to customer.care@sc.com. The bank has also listed state-wise phone banking numbers for credit card enquiries on their official website. Visit the bank's’ website and call the applicable number for more information. If you are an existing Standard Chartered Bank customer, you can apply for a credit card through your netbanking account.

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