Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • YES Bank Credit Card Eligibility

    Credit cards have become a vital financial instrument in today's world. You can pick from a diverse selection of credit cards through multiple lenders. YES Bank offers a wide range of credit cards that you can choose based on your spending habits.

    Eligibility Criteria for YES Bank Credit Cards

    • You should be salaried or self-employed.
    • Your age must be between 21 years and 60 years.
    • Your net monthly income must be at least Rs.25,000.
    • Your Income Tax returns must be Rs.5 lakh or above.

    Documents Required to Apply for a YES Bank Credit Card

    • Proof of identity and address
      • Driving licence
      • NREGA Job Card (if applicable)
      • A letter from National Population Register
      • Passport
      • Voter ID
      • Ration Card
    • PAN Card
    • Form 60 (if PAN card is not available)
    • Aadhaar Card

    Factors that Affect Your YES Bank Credit Card Eligibility

    Age
    • While issuing a credit card, lenders look for credit score and 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.
    Income
    • The minimum income criteria set by the bank is one of the most important eligibility criteria you must meet.
    • Your credit card application will be rejected your monthly income is less than the minimum income set by the bank.
    • Therefore, it is very important to explore various credit cards available in the market and choose the one that suits you.
    Gross monthly debt
    • When credit card providers check your credit score, they will be able to see your existing lines of credit.
    • If your monthly debt amount is high, it will affect your credit card application negatively.
    • Most lenders calculate the Debt-to-Income (DTI) ratio where the total debt amount is divided by the total monthly income. If you have a high DTI ratio, your credit card application may be rejected as it indicates that you may be not capable of paying your future payments.
    Credit score
    • One of the first things a credit card provider will do as soon as you submit the application form is to check your credit score.
    • A credit score may range anywhere between 300 to 900. All lenders prefer applicants with high credit score of 750 and above.
    • A low credit score indicates that you do not have a good credit history and decreases your creditworthiness. Before applying for a credit card, check your credit score.
    • If you have a low credit score, apply for a credit card only after your score has improved.
    Multiple applications
    • It is very important to compare various credit cards available in the market to choose the right one that suits your requirements.
    • However, 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 in the eyes of the lenders. Therefore, while applying for a credit card, finalise on one card and apply for it.
    • Try not to apply for another credit card while one credit card application is being processed.

    How to Improve your YES Bank Credit Card Eligibility

    • Watch your credit score: You can improve your credit card/loan eligibility by increasing your credit score. If you have a low credit score, consider closing your existing loans, paying your bills on time, or clearing your existing credit card balance. When you make healthy financial changes, your credit score will improve. After you have closed any line of credit, check your credit score after a month for the updated score. Apply for a credit card after your credit score increases.
    • Do not default on your payments: When your credit card application is being processed, make sure you pay all your bills on time. Your credit card provider will be able to see if you default on your payments and might reject your application if you are not a prompt payer.
    • 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. This will make you look like a desperate borrower.

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

    • Maintain a good Debt-to-Income ratio.
    • If you have an existing credit card, maintain a good credit utilisation ratio and pay your bills on time.
    • Avoid late fees, and penalties on all your active lines of credit.
    • Consider increasing your income and reducing your total debt to get better credit card deals.

    FAQs on YES Bank Credit Card Eligibility

    1. Is an NREGA Job Card a valid document proof?

      Yes, you can submit your NREGA Job Card as a document proof.

    2. What do I do if I have misplaced my PAN card?

      In case your PAN Card is not available, you can submit Form 60.

    3. What should my credit score be to get a credit card from YES Bank?

      A credit score ranges between 300 to 900. The bank prefers applicants with a high credit score of 750 and above.

    4. Can I apply for a credit card if another credit card application is in process?

      Yes, you can apply for a two credit cards however, multiple applications could make you seem like you are credit hungry and can reduce your credit score.

    5. What are the eligibility criteria to get FinBooster: YES BANK - BankBazaar Co-branded Credit Card?

      Yes, you need to have a minimum income of Rs.25,000 per month to apply for the FinBooster: YES BANK - BankBazaar Co-branded Credit Card.

      

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