Employed in a non listed company
Individual's working in non listed private firms may find it difficult to get a credit card. Usually, banks identify people serving in non listed companies as people with high risk profiles. Lending institutions feel that people falling under this category have issues such as income fluctuations, unemployment in case of unexpected closing down of the unit, designation exaggeration etc.
However, applicants with a good credit history, high income levels and stability in income may be see their applications getting accepted by banks.
Profession or area of residence in defaulter's list
At times, credit card companies reject a card application merely because the applicant's profession or area of residence falls in the blacklisted/defaulter's list. Though, with the availability of credit reports this practice is declining quickly, those who want a credit card but are facing this problem, can go for secured credit cards. Secured credit cards are those credit cards which are issued against fixed deposits in a bank.
All credit card issuers have a minimum eligibility requirement which has to be fulfilled by the prospective customers who want to own a credit card. If an individual is earning below a card issuer's eligibility norms, his/her application is bound to get rejected. In these cases also, secured credit cards come in handy.
Normally in India, banks issue credit cards to those people who earn more than Rs. 180000 annually.
Credit card companies consider minors and senior citizens as dependents lacking sufficient funds to secure credit. So, in India, card issuers are not willing to issue credit cards to applicants falling in these categories. However, if senior citizens can show good source of income, then banks may accept their applications.
If an individual's application gets rejected due to this reason, he can go for an add-on credit card with a relative's credit card being the primary card.
The main thing to keep in mind while applying for a credit card is that an applicant has to convince the card issuers that he/she has the ability to repay credit dues on time and that the card issuers will not lose any money by issuing the card to the applicant.