When one applies for a loan or credit card, the bank first checks their CIBIL (credit) score to evaluate the borrower’s creditworthiness based on their past credit history. There is no required minimum CIBIL score for credit card applicants. Each credit card has different requirements of CIBIL scores from their customers. Banks also look at other information like annual income and the current employment status of the applicant before making a decision.
Minimum CIBIL Score For Credit Card
CIBIL scores range from 300 to 900. Before one applies for a credit card, it is recommended for them to check CIBIL score and figure out their best options based on their CIBIL score.
- A score of 750 will get one access to a leading credit card provider with good terms and benefits. If you have a good credit score, it is recommended to shop around and find the best credit that will suit your needs.
- For someone with a credit score between 650-750, there might be a few options for credit cards. However, they may not qualify for a credit card with a high limit. They also will not be eligible for most credit cards with great benefits and rewards programs.
- A credit score under 650 will very rarely qualify for a credit card. If one has a score under 650, our recommendation is to improve CIBIL score before applying for a credit card.
Secured Credit Card: How to use and improve Credit Score
Secured credit cards are credit cards issued by banks by taking a fixed deposit as security from the customer. Very often, secured credit cards are offered to customers without a requirement of CIBIL score. A secured credit card is a great tool for students and those with a low credit score to improve their credit score. When one shows a record of timely payments and responsible use of credit with secured credit cards, their CIBIL score will improve. With an improved CIBIL score, one can apply to credit cards with better rewards, benefits, and terms.