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CIBIL Score for Credit Card

Credit cards are not just plastic currency that can be used in the times of need. They are so much more. Apart from making online as well as offline transactions easy, if used wisely, they can also help users to build and improve their credit score. If you have a zero or low credit score, using a credit card is the easiest way to improve your rating. You need a 700 or above CIBIL score for credit card. However, some providers can also offer credit card for low CIBIL score or even without a credit score.

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How to Check CIBIL Score for Credit Card?

Below are the steps to check your CIBIL score for credit card:

  • Visit the official website of CIBIL. Click here to visit the website.
  • Select the 'Get your CIBIL Score’ option.
  • Now click on the "Click here" button to see your free Annual CIBIL Score.
  • Enter your name, email address, and password.
  • Attach an identity proof, such as Passport, PAN Card, Aadhaar Card, or Voter ID.
  • Enter your area’s PIN code along with your date of birth and phone number.
  • Then click on the 'Accept and continue' tab.
  • You will get an OTP on your registered mobile number. Enter it and click on 'Continue'.
  • Now select 'Go to dashboard' to check your credit score.
  • The user will be redirected to myscore.cibil.com.

Here, click on 'Member Login' and after log in, you can easily see your current credit score for credit card.

Additional Reading: How to read cibil report?

Minimum CIBIL Score Required for Credit Card

CIBIL score is usually in the range of 300 to 900. Any score above 700 is considered a good CIBIL score. The minimum credit score for credit card required by most banks, NBFCs and other financial institutions is 700 or above.

Most credit card providers follow similar guidelines for assigning credit cards to their customers. Therefore, you must have a good CIBIL score for credit card.

Apart from meeting the minimum CIBIL score for credit card norms, applicants also have to meet other eligibility requirements, including the age, income, city of residence, and so on.

Some credit cards can also be offered to persons with low credit scores. Low credit score credit cards are usually secured or are offered to the existing customers of the bank.

Additional Reading: How to increase cibil score fast?

Benefits of Good CIBIL Score to Get a Credit Card

There are several benefits of having a good cibil score for credit card, such as:

  • Best deals on credit cards
  • Credit cards with attractive rewards and benefits
  • Instant approval on credit card applications
  • Better negotiation power
  • Higher credit card limit
  • Easier access to premium credit cards
  • Access to pre-approved credit card offers

Additional Reading: How to check cibil defaulters list?

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Impact of CIBIL Score for Credit Card Approval

Credit score required for credit card may vary from one provider to another, however, most issuers require a CIBIL score of 700 or above for approving a credit card request. Here are some impacts of CIBIL score on credit card approval:

  • An excellent CIBIL score can get you the best credit card deal.
  • You can get a higher credit limit.
  • Every credit card provider conducts a credit card score check before issuing a card.A great score can get you pre-approved offers on credit cards.
  • A poor score can result in rejection of your credit card application.
  • If you don’t have a credit history, you can get a low CIBIL score credit card or secured credit card and use it to build your credit score.

Additional Reading: Top credit rating agencies in India

How to Read CIBIL Score Report for Credit Card?

A CIBIL report contains detailed information about all the credits you have availed, including home loan, car loan, personal loan, credit card, overdraft facility, and so on. There are various details in your CIBIL report. Here are the key sections of a CIBIL report:

  • CIBIL score: Your CIBIL score is calculated based on your credit behavior and ranges between 300 to 900. A score of above 700 or above is considered a good CIBIL score for credit card.
  • Personal information: Your credit report contains your personal information, such as your name, gender, date of birth, and identification number (like PAN, passport number, and voter ID number).
  • Contact information: The report also has information about your address and contact numbers under this section. The report has details of up to 4 addresses. 
  • Employment information: Your monthly or annual income details are also there as reported by banks and other financial institutions.
  • Account information: Under this section, you will find the details of the credit facilities that you have availed, including the name of lenders, types of credit facilities (personal loan, home loan, auto loan, overdraft, etc.), account numbers, details of ownership, date of opening and last payment, loan amount, current balance, and a record (month on month of up to 3 years) of your credit payments.

Enquiry information: Every time an individual applies for a loan or credit card, the respective lender accesses their credit information report (CIR). The system displays this in your credit history and as “Enquiries”. Having too many hard enquiries can impact your score negatively.

Additional Reading: What is good cibil score range?

Things to Remember

  • Update your information regularly: Most people don’t bother about updating their information after they get a credit card. You can change your contact details (such as the phone number, email id, etc.). The only way for a bank to contact or reach you is through this information. Generally credit card companies share information of all your transactions on your contact details available with them. Not updating your information could mean you would not be aware if someone uses your credit card to make unauthorised purchases.
     
  • Don't attend to suspicious calls and emails: Nowadays many fraudsters are calling or emailing people to access their credit card information for fraudulent purposes. Always remember that banks never call for such information. If you receive any such call or email, be alarmed. Your credit card details should not be shared with anyone under any circumstances as they are only for you.
     
  • Replace the credit card when you’re doubtful: There can be times when you will have to use your credit cards in distant places. If you are not comfortable using them at some places, you must replace them immediately. Nowadays card cloning is a common method to steal confidential information. Ask your card issuer to replace the card if you feel suspicious.
     
  • Only use secure portals: When making online transactions, most people log on to the internet to transfer their money or make purchases. This could provide scammers an ideal opportunity to rip you off. Always use secure websites for all transactions, they begin with "https". 
     
  • Immediately report any misuse: At times, you can fall victim to a credit card fault despite being safe. In such cases, immediately contact your credit card issuer and inform them about the incidence. If you fail to report such incidents within a stipulated time, credit card companies will make you pay for it.

Also Read - All about credit score

FAQs

How much CIBIL score is required for a Credit Card?

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The minimum credit score for credit card is usually 700 or above. Most lenders accept this score to approve your credit card application.

Can I get a credit card with a low CIBIL score?

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Yes. You can approach your bank or apply for a secured credit card if you have a low CIBIL score.

Is 700 a good CIBIL score for a credit card?

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Yes. To get a credit card, a CIBIL score of 700 or above is considered good by most card issuers.

Why do banks check CIBIL score to issue a credit card?

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A CIBIL score is the representation of one’s creditworthiness. It shows how much credit you have availed and how well you have paid your past debts. Checking CIBIL scores of applicants gives banks assurity that the applicant is trustworthy and will not default the payment in future.

What are the reasons for a credit card application rejection?

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The most common reasons for a credit card application rejection are:

  • Applicants not falling under the required age bracket.
  • Not having sufficient monthly income.
  • Not having a good CIBIL score.
  • Not residing in the city where credit card providers serve.
  • Working in an unestablished organization.
  • Not providing complete or accurate documents as required by the card provider.

What to do if my credit card application is rejected?

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Firstly, make a credit card score check online. If you have a zero or bad credit score, wait for at least 6 months and build a good credit score. You can also apply for a secured or add on credit card meanwhile to help you build a credit history.

Can I get a credit card with 650 CIBIL score?

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You can apply for a secured credit card or approach your bank for a credit card if you have a CIBIL score of 650.