Age is not just a number when it comes to the world of finance. It’s a key determinant of your financial capabilities and freedoms. This is even more pronounced when it comes to credit cards. The maximum age limit for credit card in India is a crucial factor that influences the eligibility criteria set by various banks and financial institutions. This article explores this often overlooked aspect of credit card eligibility and its implications.
Understanding age restrictions for credit card applicants in India
Age restrictions for credit card applicants exist for valid reasons. After all, banks need assurance that the cardholder can repay their dues. So, credit card issuers usually ask that applicants be either self-employed or a salaried person with a regular income source. They will also look at applicants’ credit history. A good credit history indicates financial reliability and a lower likelihood of defaulting on payments.
The maximum age limit for credit card in India varies from one bank to another. Typically, it ranges between 60 to 70 years. Banks generally consider older applicants to be riskier due to health issues and the lack of regular income post-retirement. These factors may compromise older applicants’ ability to repay their dues.
Managing credit card usage as you approach the maximum age limit
As you approach the maximum age limit to apply for a credit card, you should:
- Maintain a lower credit utilisation ratio to show you’re not overly reliant on credit, making you a less risky borrower
- Avoid multiple hard enquiries that can negatively affect your credit score
- Maintain a robust credit score between 750 and 900 to increase your chances of approval
- Repay all your credit card bills and EMIs on time regularly to avoid damaging your score
- Avoid overdrafts, which indicate financial instability, deterring banks from approving your application
- Show a steady source of monthly/ annual income, which will assure banks of your ability to repay your credit card bills
Bajaj Finserv RBL Bank credit cards
As you approach the maximum age limit for credit cards in India, it’s essential to make the most out of the available financial tools. One such tool is the Bajaj Finserv RBL Bank Credit Card, which offers a host of benefits:
- Split purchases above Rs. 2,500 into affordable EMIs
- Convert your card’s available cash limit into a personal loan for 90 days
- Withdraw cash from any ATM in India interest-free for up to 50 days
- Get your annual fee waived when you spend the minimum amount per your card variant
- Enjoy free airport lounge access
- Have your fuel surcharge waived off at any Indian refuelling station
- Access reward points, cashback offers, and discounts on dining and movie experiences
While age restrictions do exist for credit cards in India, they aren’t a barrier to your financial freedom. With the right understanding and responsible credit card usage, you can wield this valuable financial tool, regardless of age.
