Minimum CIBIL Score For Credit Card That Customers Should Know

Credit Card has been one of the most popular banking products among customers since its launch. For customers, it is not just a piece of plastic, but an avenue of some amazing offers. But there is one thing about which a lot of people are ignorant related to the credit card - What is the minimum CIBIL Score for a credit card that lenders ask before sanctioning you a credit card? Now, you must be thinking what is this CIBIL score which is so necessary to get a credit card.

Well, CIBIL Score is nothing but a 3-digit term ranging from 300 to 900 that defines an individual’s creditworthiness. The score closest to 900 is considered to be a good score. For example, a score of 700 or above is considered to be a good score among lenders. On the other hand, a score below 650 is considered to be a poor score. So, before providing a credit card to customers, lenders check their CIBIL scores so that they can have an idea about their repayment behavior. They are more likely to provide a credit card to someone who has a good CIBIL score as compared to a person with a poor score.

In this article, we will be telling you about the importance of a minimum CIBIL Score for credit card so that you can understand better. Other than this, you can also know how to check CIBIL score. So, keep reading.

Impact of Minimum CIBIL Score for Credit Card

Before knowing the importance, let’s understand how does a credit card help? People can buy anything with their credit card and repay the amount within 30-50 days without any extra interest. So, if a lender is giving you a credit card, it is important for a lender to make sure that the customer will be able to repay the credit card bill. What is the way to ensure that? Well, a CIBIL score of an individual tells the whole story about past repayment behavior and any of the missed repayments.

That’s why lenders usually put a minimum CIBIL Score for credit card that a customer needs to qualify. Among lenders, this score is considered to be 700 as this is a good score. Many lenders have this eligibility criterion related to the CIBIL score that is a must for a customer to fulfill. For example, if the minimum CIBIL score for a credit card is fixed at 750, a customer with a CIBIL score below this cannot opt for this particular credit card. This minimum figure usually tends to vary from one bank to another.

If an individual has a good CIBIL score, it means he or she has a brilliant repayment behavior and lenders are likely to provide a credit card to such individuals. Some of the benefits of a good CIBIL score are mentioned below. Please have a look.

• If an individual has a good CIBIL score, 700 or above, lenders are more likely to provide you a higher credit limit as compared to an individual who has a poor score which is considered to be 650 or above.

• Similarly, lenders usually offer Credit Cards with more cashback offers, privileges, and other reward programs to people with a good CIBIL score.

• The approval time is quite low to customers with a good CIBIL score. It means, your application will be processed at a much faster rate.

How to Check CIBIL Score of yours?

Now, you must be thinking about the method by which you can check CIBIL score. Well, the process is quite simple. Go to the official website of CIBIL. Provide basic details such as Name, Mobile Number, email address, etc. Provide the PAN Number. Based on this detail, CIBIL will send your report to your registered email ID. This report will have your CIBIL score.