Union Bank is one of the largest government-owned banks in our country. The credit cards offered by the bank are known for their excellent features and benefits such as nil joining and renewal fees, attractive reward points, low interest rate, free credit period of up to 50 days, flexible payment option, and refund of fuel surcharge. To get a Union Bank credit card, you will have to meet the eligibility criteria set by the bank. The eligibility requirement differs 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
Eligibility criteria to apply for a Union Bank Credit Card
|Particulars||For all Union Bank credit cards|
|Minimum age of the applicant||21 years|
|Maximum age of the applicant||65 years|
|Employment status||Self-employed/ professional/ salaried individuals/ senior citizens|
|Income criteria||Differ from card to card|
*The eligibility criteria differ from card to card. Please get in touch with the bank or check the Union Bank official website for more information.
Factors that affect your Union Bank credit card eligibility
There are many factors that affect your credit card application.Some of the important factors are:
- Your monthly income: All lenders check your monthly income before approving any lines of credit. To be eligible to get a Union Bank credit card, you should meet the income requirements set by the bank.
- 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.
- Credit history: Your credit score is the first thing lenders check when you apply for a credit card or any line of credit. 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.
- A high outstanding amount on your existing credit cards: If you have an active credit card and are applying for another one, the bank will check your payment history and credit utilisation rate on your existing card. If you are not a prompt payer and have defaulted on your credit card bill, your application may be rejected.
- The number of credit cards/lines of credit you own: Your total monthly debt plays a crucial role when you apply for a credit card. Your credit card provider will consider all your lines of credit and your ability to repay before approving your application. For this purpose, a Debt-to-Income Ratio is calculated. A DTI Ratio is calculated by dividing your total monthly debt by your income. If you have a high DTI Ratio, the chances of your application being rejected will be high. If you pay a lot towards debt every month, consider reducing it before you apply for a new line of credit.
- Settled accounts: In the past, if you worked out a settlement with your credit card provider, it will appear in your credit report. This remark will have a negative impact on your credit card.
- 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.
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 Union Bank credit card eligibility
There are many ways in which you can increase your credit card eligibility. Some of the ways are:
- By increasing your credit score, you will be able to increase your credit card eligibility. You can improve your credit score in many ways. Closing your existing loans, paying your credit card bill in full, and paying your bills on time will have a positive impact on your credit score.
- Pay all your bills on time. This will help you increase your creditworthiness. When you pay all your bills before the due date, it makes you look like a responsible borrower and increases your repayment capacity.
- 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.
- If you have an existing credit card, maintain a good credit utilisation ratio. Did you know that a low credit utilisation rate affects your application negatively? When you have a low credit utilisation rate, lenders think you do not need credit and would think twice to approve your credit card.
- Avoid cheque bounces, late fees, and penalties on all your active lines of credit.
Top Union Bank credit cards
Some of the most popular credit cards offered by Union Bank are:
- Union Bank RuPay Credit Card
- Usecure Credit Card
- Visa Signature Credit Card
If you are planning to apply for a Union Bank credit card, you can talk to one of the bank’s executives by dialing 1800 22 22 44 or 1800 208 2244. NRI cardholders can reach the customer care department by dialing +918061817110. If you are an existing customer, you can apply for a Union Bank credit card through your netbanking account. Alternatively, you can apply for a credit card online on the Union Bank official website or you can visit a bank branch in person.
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