Eligibility Criteria for credit cards

What is the Eligibility Criteria for Credit Cards?

The most thrilling part about owning a credit card is in the Simplicity, convenience and financial control it brings to a person. Unfortunately, not everyone gets to enjoy this seamless experience, as they are often turned down for failing to meet what we call a company’s eligibility requirements. And while some tend to underestimate the power of making sure that they check a credit card’s company eligibility requirements, the truth remains. You can barely get approved if you don’t meet a company’s eligibility. So that being said, what is eligibility? And how does it relate to one’s chances of getting a credit card approval?

Meaning of Eligibility for Credit Card

Eligibility for a credit card refers to the laid out requirements, a credit card company puts up to be met before they can approve a client’s request for a credit card. In other words, these are like the basis to what could even guarantee one of a chance in getting their application approved. Without meeting these requirements, you’re not eligible; thus, your application will be rejected. Generally, most of the standard requirements by credit card companies, to get your credit application suitable (qualified) are;

Age

Whether in the Philippines or anywhere else in the world that runs the system of issuing credit cards, age is the very first and sacrosanct factor that makes up the eligibility status. Thus, if you’re under the age of 18 or 21 for some, then you are automatically not fit to get a credit card. Therefore, your application will be rejected.

Credit History

If you’re 18 years and above congratulations. Now, it’s time to show the credit card company your past credit records, so they could calculate the type and amount of loan they’ll give you. This is also a part of all the Philippines credit card companies’ eligibility status.

Income

Although this often makes up a part of every credit company’s eligibility requirement, they vary depending on each company. The differences in income requirements can be visible in cases where Citibank card’s income requirements, differ significantly from that of Union Bank.

Occupation

Most companies need to know who they are lending their money to or getting in financial bed with. So, they often choose a particular profession based on their reasons. And in most part, this factor often the main reason why some applications do get rejected. So, be careful about what occupation you indicate.

In a nutshell, these are not the whole factors that make up an eligibility requirement. However, given that eligibility means qualification, the only way to qualify and get your credit card application approved is if you meet those requirements. Failure to do so, like in not reaching the age, having a credit score that is below what the company needs, applying with an income that is way below what the company needs, and filling up and occupation that is considered inappropriate or unfit, would mean that you’re unqualified, and your proposal will be rejected.  So follow the rules and get eligible!

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