How can I get my first credit card in India?

Bunty Sharma Credit Card Advisor

Introducing a credit card in your wallet can be financially liberating. With pre-approved credit limits, 40-50 days of interest-free credit, and value-added benefits on transactions such as cash back, rewards, etc., there are multifarious perks of owning a credit card.

India’s 1.3 billion population is supported by a mere 63.5 million cards in force (CIF), as compared with 1.1 billion CIF for the 320 million Americans. In other words, for 2000 Indians we have 1 credit card, whereas for every 2,000 Americans there are seven cards. Indian demographics add an even greater skew i.e. we have an astounding 500 million under the age of 21. Accordingly, the future aggregate demand for first-time credit cards is a mind-boggling 100s of millions.

In India, a humongous customer base is therefore yet to commence its maiden credit card journey. For first-timers, there is a clear & present need to familiarize themselves with all relevant aspects of credit card selection and usage.

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How to Qualify for a Credit Card

Your credit history and repayment capacity are the two most important factors that determine your eligibility for a credit card. The card issuing bank will assess your creditworthiness prior to extending a credit facility.

The bank would typically look for the following parameters:

• Indian National, with valid residence proof.
• A credit score of at least 700, and a minimum of six months of regular credit history.
• Minimum income of INR 20,000 per month.
• Minimum age of 21.
• Your current income and credit utilization behavior.

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How To Choose Your First Credit Card

• Joining and annual fee
• Annual fees
• Finance charges
• Late payment fee
• Cash advance or ATM withdrawal charge
• Over limit fee
• Foreign markup