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What is the minimum CIBIL™ score needed for ICICI credit cards?

ICICI bank issues credit cards based on certain guidelines set by the bank. Among these guidelines, the credit score issued by CIBIL™ is provided huge weightage while issuing the credit cards. The bank requires the applicants to have a minimum credit score of 750 to be eligible for the credit cards of the bank.

A person having a credit score of 750 or above will easily get the issue of credit cards of the bank and can also have a chance to negotiate the credit card charges that are levied by the bank.

A person having a credit score lower than 750 finds it difficult to get the credit cards of the bank. Also, if the bank decides to issue the credit cards to such applicants, the credit limit may be lower and the chances to negotiate the credit card charges may not be feasible.

About ICICI Credit Cards

Credit cards have become a useful financial tool for millions across the globe. It’s often referred to as plastic money that can be used by anyone to perform cashless transactions. The push for digital India and the multiple advantages of credit cards in the modern and global world has ensured a steady rise in the number of credit cardholders in the country. Credit cards are one of the most profitable products of any bank. ICICI Bank is among the numerous banks that provide many types of credit cards for its customers.

ICICI Bank is among one of the top names in the banking sector. It is a private sector bank that has many unique banking solutions that can be accessed by its customers across the globe. The bank provides many types of products and services for its retail banking, NRI banking and corporate banking customers. The credit cards issued by the bank are of many variants and

What are the types of credit cards issued by ICICI Bank?

ICICI Bank issues many types of credit cards for its customers depending on their needs and the credit limit that can be sanctioned to them. The types of credit cards issued by the bank are mentioned below,

Instant credit cards

Special credit cards

  • Coral credit card
  • Sapphiro credit card
  • Rubyx credit card
  • Platinum credit card

Co-Brand credit cards

  • MakeMytrip credit card
  • Manchester United credit card
  • HPCL credit card
  • Accelero credit card

Featured credit cards

  • Expressions credit card
  • Emerald credit card
  • Unifare metro credit card
  • Credit card against Fixed Deposit
  • NRI credit card

Other credit cards

  • Diamante credit card
  • Secured credit card
  • Amazon Pay credit card
  • InterMiles credit card

What is the CIBIL™ score?

CIBIL™ is one of the four certified credit rating agencies in India that are allowed to issued credit scores to individuals and business entities. The other credit rating agencies in India are,

  • Equifax
  • Experian
  • CRIF Highmark

Credit scores issued by CIBIL™ are referred by ICICI bank while considering an application for the issue of new credit cards or loan applications. The credit score issued by CIBIL™ is a three-digit number in the range of 300 to 900. Of these scores, the credit score of a person nearing 900 is considered to be good and preferred by the bank for extending a line of credit. A credit score nearing 300 is considered to be bad and adverse by the lenders. Such a score alerts the lenders of the potential risk in issuing a line of credit. This risk may be default or delay in payment of credit card dues.

FAQs

1. What are the possible reasons for the rejection of ICICI credit cards?

A. The possible reasons for rejection of the issue of ICICI credit cards are mentioned below,

Lack of sufficient income

One of the strongest criteria for the issue of credit cards is the income status of the applicant. If the income level of the applicant is low, then the credit card may not be issued.

Employment status of the applicant

The employment status of the applicant is another important criterion for the issue of credit cards. When the applicant does not have a stable employment status it reflects poorly on such applicant. The repayment capacity of the applicant gets questioned which contributes as a prime factor for rejection of a credit card application. When the applicant is employed with a delisted private company or when the bank thinks that the employer is not dependable and will continue the employment of the applicant, the credit card application will be rejected.

Low credit score

A credit score is the first point of reference for all lenders while considering the issue of credit cards. If the credit score is lower, then the credit card application will be rejected.

Non-compliance of age criteria

The bank usually specifies the age restrictions for the applicant to be eligible for the issue of credit cards. When the applicant does not meet such age criteria, the application may be rejected.

Defaults in making past repayments of Loan EMIs or credit card dues

Defaults in making past repayments of Loan EMIs or credit card dues is a prime reason for rejection of credit card application. Such defaults reflect adversely on the cardholder and lead to the reduction of credit score. This in turn will lead to the rejection of credit card application.

Excess existing liabilities

When the applicant has huge external liabilities, their repayment capacity of the credit card dues stands questioned. Hence, the credit card application can be rejected.

2. What is the minimum credit score needed for ICICI credit cards?

A. The minimum credit score needed for ICICI Credit Cards is 750.

3. Can frequently paying only the minimum amount due damage the credit score of a person?

A. Yes, frequently paying only the minimum amount due has an adverse effect on the credit score of a person and will reduce it.

4. Can I have multiple credit cards from ICICI Bank?

A. Yes. A person can hold multiple credit cards of ICICI Bank provided it is approved by the bank and such person has a sound repayment capacity for all such credit cards.

5. Is it advisable to close an old credit card?

A. No. It is not considered healthy to close an old credit card. An old credit card will have a long credit history of the person and is often the basis for determining the credit score. Hence, closing the old credit card will hugely affect the credit score, especially if it is the only line of credit.

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