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Financial situations or business needs often warrant you to consider taking a personal loan or a credit card to meet your expenses. When you borrow money, you also have to be prudent enough to make timely payments as and when they are due.
Banks such as ICICI Bank have an eligibility requirement of a healthy CIBIL score which is an indication of a clean track record in terms of credit dealings. A credit score of 750 or above is normally considered to be a good score. A score of 750 or more depicts that the customer has had a favourable history of repayment over a significant period of time. When a person has such a score, there is a good chance of his credit card application getting approved quickly.
ICICI Bank is the largest private sector bank in our country providing a host of banking services to customers. Credit card is a valuable offering from the bank and they provide multiple card options that cater to varied/specific needs of the customer.
A good credit history is preferred by the bank offering credit. The credit score and report is one of the most critical documents referred by banks to figure the creditworthiness of an applicant. The bank needs to know if you are a reliable candidate before granting credit to you.
A bad CIBIL score mitigates your chances of getting a credit card or any kind of loan. A good score indicates a favourable credit history and proves that an individual handles his or her credit related activities in a responsible manner. ICICI Bank relies on CIBIL scores to assess the potential risk in lending money to consumers with the intent of alleviating the losses.
Hence, a CIBIL score of more than 750 is considered good for obtaining a credit card of ICICI Bank, though it is not the only criterion the bank considers before issuing a credit card to a customer. There may be times an individual may have a lower credit score, if he doesn’t have a history of dealing with credit too often. If all other criteria work in favour of the applicant and he/she appears prudent enough, the bank may still consider a lower credit score.
When the CIBIL score is good, it can also help you get a credit card at a lower rate of interest and/or an approval for higher credit limits on the card.
ICICI Bank credit cards provide several benefits and offer a host of features for your needs. Their cards are secure and offer lifestyle benefits, travel benefits, and many rewards. Here’s a quick look at their credit card offerings.
Each of these cards come with a world of benefits such as great discounts on gift items, food, movies and everyday conveniences. Foodies will love to avail attractive discounts on fine dining restaurants across the country on the cuisines of their choice. Travel lovers can get the best deals on hotels, flight travel, mobile plans, and much more to make their trips more enjoyable. In addition, these cards give you reward points for each spend and the value you get will depend on the category of card you have.
If an applicant’s ICICI Bank credit card application does not go through, there can be some valid reasons for the same. In fact, the reasons are more or less similar across all banks in our country. Here’s a look at the reasons that can lead to a rejection.
Here’s what ICICI Bank recommends credit card applicants to do to improve CIBIL score before they place their application.
Can I get a loan on ICICI Bank credit card?
Yes, ICICI Bank provides a service through which the bank provides loan to its selected credit card customers depending on their spending and transaction pattern and payment history.
What is the eligibility criteria for getting ICICI Bank credit card?
Here are the common eligibility parameters for applicants of ICICI Bank credit card.
What if I have a low CIBIL score, will ICICI Bank still give me a credit card?
While your credit score is a strong deciding factor for your credit card eligibility, ICICI Bank may consider issuing you one even when it is not up to the mark if you have a fixed deposit with them or if all other aspects work in your favour. Sometimes, a low CIBIL score may not be a reflection of a poor credit history and when that is the case, the bank may approve your application and grant you a credit card.
Does skipping ICICI Bank credit card payment affect my CIBIL score?
Yes, skipping a payment will lower your CIBIL score as it shows you are not responsible in your credit dealings.
I made a loan settlement with ICICI Bank credit card, will it affect my CIBIL score?
Yes, loan settlement with your ICICI Bank credit card because you were unable to pay off the loan, will have a negative impact on your CIBIL score. Such accounts are marked ‘Settled’ in the CIBIL report for the next 7 years and you will not be able to avail any loan for this period at least.
Can I get more than 3 ICICI Bank credit cards if I have a good CIBIL score?
ICICI Bank allows for a maximum of 3 add-on cards against one primary card and a good CIBIL score is not the only criterion you need to fulfil in order to get add-on cards from the bank.