HSBC Credit Card Eligibility

1. Applicant must be between age of 18-65 Years. 

1. The minimum income required for this card is Rs.4 lakh per annum 

1. You should be a resident of the cities in which the credit card is offered. Currently, the card is available in major cities such as Kolkata, Ahmedabad, Chandigarh, Jaipur, Coimbatore, Kochi, Bengaluru, Mumbai, Hyderabad, Noida, Pune, Delhi National Capital Region (NCR), Gurgaon, and Chennai. 

HSBC Live+ Credit Card

1. Applicant must be between the ages of 18-65 Years. 

1. Establish a minimum annual salary of Rs.4 lakh for salaried people. 

1. You must live in Kolkata, Ahmedabad, Chandigarh, Jaipur, Coimbatore, Kochi, Bengaluru, Mumbai, Hyderabad, Noida, Pune, Delhi National Capital Region (NCR), Gurgaon, and Chennai. 

1. Must be an Indian resident. 

Documents Required to Apply for an HSBC Credit Card

The below are the basic documents required to apply for HSBC credit cards:

1. KYC documents such as Passport, PAN card, Voter Id card, Driving Licence etc.
2. The latest copy of salary slips along with three months bank statement
3. Salary certificate for employees of MNC corporates.
4. Form 60 in case PAN card is not available.

Factors that Affect your HSBC Bank Credit Card Eligibility

There are many factors that affect your HSBC Bank credit card eligibility criteria. Some of the factors are as follows:

1. A High Outstanding Amount on your Existing Credit Cards: If you already hold a credit card and are applying for another one, the outstanding due amount on your existing credit card will have an impact on your application. 

1. Number of Credit Cards you Own: If you have multiple credit cards and have a high due amount on each card, you will end up having a high credit utilisation ratio. This will have a negative impact on your credit card application. 

1. ‘Charge-off’ or ‘Settled’ Remark on your Credit Report: If you were unable to clear your credit card dues in the past and worked out a settlement with your credit card provider, your credit report will clearly mention that you "Settled" your dues. This remark on your credit report has the potential to get your application rejected. 

1. Recent Delinquency on your Credit Report: If you have defaulted on any of your loans recently, it will bring your credit score down. Your credit card application may be rejected or you would not get a great credit card deal if you have a low credit score. 

1. Multiple Credit Inquiries: Avoiding applying for multiple lines of credit at the same time. If the lender notices that you have made multiple hard enquiries for credit, it makes you look like a desperate borrower. 

1. Monthly Income: If you have applied for a credit card before, you would have submitted your income proof documents. All lenders check your monthly income before approving any lines of credit. To be eligible to get an HSBC Bank credit card, you should meet the income requirements set by the bank. 

1. Credit History: HSBC Bank will assess your credit report and check your credit score when you submit a credit card application or apply for a loan. A credit score can range from 300 to 800. A low credit score will affect your credit card application negatively. However, a high credit score will help you get better deals.

1. Employment: If you receive a monthly salary and are employed by an organisation, you will be required to mention your employer's name. The organisation you work with, the reputation of your employer, job stability, and other factors plays a great role when you apply for a credit card. If you are self-employed, you will be required to submit your IT returns and profit and loss statements. 

1. Age: To get a credit card, you will have to meet the age criteria set by the bank. If you are applying for a primary credit card, you should be at least 21 years and cannot be more than 60 years. However, for an add-on credit card, the minimum age is 18 years. Before you apply for a credit card, make sure you meet the age criteria. 

1. Debt-to-Income Ratio (DTI): This is a simple concept. If you have a high debt to pay every month, your credit card provider will hesitate to approve your credit card application. A Debt-to-Income Ratio is calculated by dividing your gross monthly debt by your monthly income. A high DTI Ratio affects your repayment capacity. If your total debt is high, it is advisable to reduce it before applying for a new line of credit.

1. Other factors that can affect the credit card eligibility are the organisation you work with, the nature of the job, job stability, and lack of credit history.

How to improve your HSBC Bank credit card eligibility

If you applied for an HSBC Bank credit card and your application was rejected for some reason, consider improving your credit card eligibility and apply again after a few months. Some of the ways you can improve your credit card eligibility are:

1. Improve your Credit Score: Before applying for a loan or a new credit card, it is very important to check your credit score. A credit score is assigned by the credit reporting agencies in India, namely TransUnion, Experian, and Equifax. 

You can get a free copy of your credit report once every year from each of the credit report bureaus. Download your credit report and check your credit score before applying for a new line of credit. 

As per the credit report, if your credit score is low, make healthy financial decisions and improve your credit score before you apply for a credit card or a loan. Closing existing loans, clearing your credit card balance, paying your bills on time, and increasing your income can help you improve your credit score. 

If you close an existing loan to boost your credit score, check your credit report after a month for an updated score. 

1. Pay your Bills on Time: You can improve your creditworthiness by being a prompt payer. You can build your credit score and improve your credit card eligibility by Paying your bills on time, avoiding cheque bonuses and late fees. Make sure you pay all your bills on or before the due date. 

Consider setting up standing instructions for your loans, EMIs, and other bills to make sure you do not miss a payment. 

1. Maintain Good Debt-to-Income Ratio: When you apply for a credit card, your Debt-to-Income Ratio will be calculated. The DTI Ratio is calculated by dividing your total monthly debt by your total monthly income. 

If you have a high DTI Ratio, consider closing your existing loans or paying the total outstanding due amount on your existing credit card before applying for a new card. Allow some time for your credit report to be updated with the new score. To get a good deal on your credit card, it is important to reduce your total monthly debt. 

1. Do not Apply for Multiple Lines of Credit at the Same Time: As mentioned above, do not make multiple hard enquiries when you are planning on applying for a credit card. Do the research and apply for one credit card that suits your requirements. 

Multiple applications make you look needy for money and which will make lenders question your repayment capacity. 

There are many ways in which you can increase your credit card eligibility.

Some of the ways are:

1. Improve your credit score before applying for a credit card. If you have a low credit score, consider closing your existing loans, paying your bills on time, or clearing your existing credit card due amount. 

Your credit score will improve if you have availed credit and pay it promptly. This will also increase your creditworthiness. 

Once you have taken steps to improve your credit score, allow some time for your credit report to be updated with the new score. Once your credit score is updated, go ahead and apply for a new line of credit. 

1. Avoid defaulting on any payments when your credit card application is in progress. Your new credit card provider will be able to see if you have defaulted on any of your payments. 

1. Calculate your Debt-to-Income Ratio and reduce it if it is too high. Having a good DTI Ratio will help you get better credit card deals. 

1. If you have an existing credit card, check your good credit utilisation ratio. Make sure you using your credit card wisely. 

1. Avoid cheque bounces, late fees, and penalties on all your active lines of credit. 

Credit cards make payments easy for all expenses online and offline while offering various benefits

Find a Card >>