HDFC Credit Card Eligibility

HDFC Credit Cards come in a wide range with benefits for travel, fuel, an array of discounts and rewards, and so on. To get approval for HDFC Credit Cards, you have to meet the eligibility criteria set by the bank for specific card.

HDFC Credit Card Eligibility Criteria

  • The salaried individuals, self-employed individuals/professionals and businessmen are eligible for the card.
  • The age stipulation for the HDFC Credit Card is 21 years to 65 years.
  • The minimum monthly income required ranges from Rs. 10,000 to Rs. 1.75 lakhs for the salaried individuals and for the self-employed the minimum annual income required ranges from Rs. 6 lakhs to Rs. 21 lakhs depending on the category of the card applied for.
  • Some categories of cards are by invitation only for premium customers of the bank.
  • For professionals applying for the Professional Card, the age stipulation is between 21 years to 60 years for the ones who are salaried and 21 years to 65 years for the ones who have own practice.
  • Only customers of Best Price Membership will be eligible for Commercial Cards.
  • The credit score should be satisfactory and preferably 750 and above.

Documents required for HDFC Bank Credit Card

The following are the documents required for HDFC Bank Credit Card:

 

Type of documentSalariedSelf-employed
KYC DocumentsVoters Id Card, Aadhra Card, Pan Card, Passport, Driving Licence, Utility bills and any other Government ID
Income Proof
  • Latest Salary Slip
  • Latest Form 16 and IT Returns
  • Bank account statement for the last 6 months
  • Audited Balance Sheet and P & L Account for the last 2 years
  • IT Returns for the last 2 years.
  • Bank account statement for the last 12 months
PhotographTwo passport size photographs
ApplicationPrescribed application for the credit card

Factors That Affect HDFC Bank Credit Card Eligibility

  • Credit score: The credit score is a tool to gauge your creditworthiness. It is very essential to keep the score at an optimum level by following certain norms that can gear up your score. The credit score mainly depends on the frequency at which you have applied for loans, the number of loans you have, the type of loans, your repayment history, etc. 
  • Multiple applications: Keep a gap of at least 6 months between each loan application. Apply for a credit card with one bank and wait for the response. Refrain from applying for the card with different banks at the same time. Each bank will do a credit score check and your credit history will have a record of the same. Every time an inquiry is made your credit score will come down. Especially if the application is rejected for some reason. 
  • Credit limit usage: If you already have credit cards, limit the usage of the card to a maximum of 30%. Credit utilised judiciously will help you to maintain a good score. 
  • Repayment of existing debts: Prompt repayments of the existing loans & credit card dues will also help you in improving your credit card eligibility. 

HDFC Bank Credit Card Eligibility Factors

  • Age: The age stipulated to be eligible for HDFC Credit Card is between 21 years to 65 years. For professionals who are salaried, the age stipulation is between 21 years to 60 years and for the professionals who have a self-practice, the age stipulation is between 21 years to 65 years. To be eligible for the card you must fall in this age criterion.
  • Relationship with the bank: If you are a long-standing customer of the bank with satisfactory dealings, the credit card will be issued without a hitch. If you are a premium customer of the bank, some categories of cards are issued by invitation alone and there will be no other criteria to be met with.
  • Income: HDFC stipulates a minimum monthly income of Rs. 10,000 to Rs. 1.75 lakhs to the salaried individuals and an annual income of at least Rs. 6 lakhs to Rs. 21 lakhs for the self-employed, depending on the category of the card applied for. If the income is higher the purchasing power will be higher, so also the repayment capacity. Elite category of cards is issued to applicants with a considerably good income to suit their lifestyle. The indulgence of each applicant will be facilitated as per the income by setting proportionate credit limits.

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HDFC Credit Card Eligibility FAQs

What are co-branded cards?

If any merchant’s logo or name is featured in a credit card as a co-promoter of that specific card, then it is known as a co-branded card. Online shopping websites and airlines are some of the merchants who sponsor co-branded cards. Special privileges are provided by these merchants on the usage of the card.

What is contactless payment technology and how does it work?

Contactless payment technology is using the card by waving the card over a reader and the payment is accepted. There is no need to swipe the card and enter the PIN. The contactless payment is allowed up to a purchase of Rs. 2,000. Over and above this amount the card has to be swiped and the pin entered. The payment terminal will also say whether the transaction is successful or not. In case the terminal does not work then the card has to be swiped and the pin entered.

What is the CVV number?

The card verification value number is a 3 digit number mentioned on the back of the credit card. CVV number is very essential and it is a security feature for online transactions.

What are the charges applicable to an HDFC Bank credit card?

The charges applicable for the credit card are:

  • Joining fee: The fee that has to be paid before the card is activated.
  • Annual fee: A pre-determined amount to be paid annually for renewal of the card.
  • Late payment charge: The penalty collected if the credit card payment is not made within the payment due date.
  • Cash withdrawal: Charges for withdrawal of cash using the credit card.
  • ECS of cheque dishonour charge: The charges collected when the ECS or the cheque issued is returned unpaid for want of funds.
  • Foreign currency transactions: For foreign currency transactions made overseas. A percentage of the transaction which is stipulated by the bank and normally at 3.5% of the transaction amount will be charged. Concessions on this fee are given by many banks as a part of the privileges offered for a particular card.

What is an add-on card?

A separate card issued to family members along with the primary card. The credit limit of the primary cardholder will be shared by the add-on cardholder and will have the same features of the primary card.  The reward points earned with the transactions made through the add-on card will be credited to the account of the primary card.

What should be done if the HDFC Bank card is stolen or lost?

The moment you notice the loss or theft of the card, you will have to block the card by contacting the customer care helpline of the bank to avoid unauthorised usage of the card. Subsequently, you can place a request for a replacement card.

Will there be a penalty for the usage of the HDFC Bank credit card over and above the credit limit?

If the transactions including purchases made and the fees and charges collected on the card exceed the credit limit, a penalty will be charged on the overdrawn amount regularisation of the dues.

Can a request for enhancing the HDFC Credit Card limit be placed after some period of using the credit card?

Yes. You can place a request for enhancement in the credit limit. You will have to give additional documents like the income document for appraisal. Also, your credit history and the payment of the existing credit card dues will also be considered while determining the enhanced limit.

What is the finance charge in respect of HDFC Credit Card?

If you pay an amount less than the total amount due as per the billing statement, then charges at 3.49% p.m. will be collected on the unpaid amount. The charge so collected is the finance charge.

To be eligible for HDFC Bank Commercial Card it is mandatory to be a customer of Best Price Membership. What does that mean?

Commercial credit card is issued only to business enterprises to manage their business expenses.

To purchase from Best Price Stores both online and offline a Best Price Membership is mandatory. The requirements to become a Best Price Member are:

  • A valid licence issued by the State/Central Government or Local bodies to run the business.
  • The membership will be granted to offices/schools/hospitals/public trusts etc., based on the valid business licence for self-consumption.
  • The Best Price Membership can be submitted offline at the Membership Desk of any nearest store or online through the website www.bestprice.in or by writing to their Member Support Centre.
  • An undertaking has to be given that the purchases are made for the purpose of the business and not for the personal requirement.

What does EMI conversion on credit card debt mean?

Conversion of big-ticket purchases into easy EMI is the EMI conversion on credit card debt. With HDFC Bank Credit any purchase over Rs. 10,000 can be converted to EMI.

What does chargeback in terms of a credit card mean?

If a dispute is raised by the cardholder for the charges appearing on the credit card statement, the refund or reversal of such charges made by the bank is charge-back.

What does revolving credit mean?

The facility to pay the minimum amount due which is normally 5% of the total amount due on the credit card bill, and the balance carried over to the next billing cycle is known as revolving credit.