5 Essential Requirements for Your First Credit Card in Bangladesh
1. Proof of Identity
To apply for your first credit card in Bangladesh, you must provide proof of identity. Typically, this means submitting your National ID card, passport, or driver’s license. These documents confirm that you are a Bangladeshi citizen and are eligible to own a credit card.
2. Proof of Income
Banks in Bangladesh require proof of income to ensure that you have the financial capability to make repayments on any credit extended to you. This can be in the form of a salary certificate issued by your employer, bank statements showing monthly income, or tax returns if you’re self-employed.
3. Age Requirement
In Bangladesh, the minimum age to apply for a credit card is typically 18 years old. However, most banks prefer applicants who are at least 21 years of age since this is usually when individuals have stable incomes. Some banks may also have specific age limits for supplementary cardholders.
4. Employment Status
Lenders often require applicants to either be employed full-time or self-employed with a steady flow of income. If you’re a salaried individual, you’ll need to provide employment details and may even need a recommendation from your employer. For self-employed individuals, being able to display financial stability is key.
5. Bank Account History
Having an existing relationship with the bank you’re applying to—such as maintaining a current or savings account—can expedite the approval process. Banks prefer applicants who have had accounts with them for at least six months. This helps them assess your financial habits, including how well you manage your funds.
Complete Guide: How to Apply for a Credit Card through Online Banking in Bangladesh
1. Log in to Your Bank’s Online Banking Portal
The first step in applying for a credit card through online banking in Bangladesh is to access your bank’s online platform. Visit the official website or use their mobile app to log in using your account credentials, which generally include your username and password. Make sure that the device you are using for this process is secure.
2. Navigate to the ‘Credit Card’ Section
Once logged in, look for the section dedicated to credit cards. This may be listed under “Services,” “Products,” or “Card Services” depending on the bank. Most banks in Bangladesh have a separate category for credit card applications in their online banking system to make it easier for users to explore various options.
3. Choose the Type of Credit Card
After entering the credit card section, you will likely be presented with several available types of credit cards. These may vary based on features like reward points, cashback offers, or annual fees. Take your time reviewing these options, ensuring that the card you choose aligns with your financial needs.
4. Fill Out the Application Form
When you’ve selected your desired credit card, proceed by filling out the online application form. You will need to provide personal details such as your name, address, National ID number, and employment information. The form may also ask for financial details, such as your monthly income and existing bank account number.
5. Upload the Required Documents
At this point, you may be asked to upload supporting documents directly via the online banking system. These include proof of identity (like a National ID card), proof of income (such as salary slips or tax returns), and sometimes utility bills for address verification purposes. Make sure all documents are clear and easily legible before uploading.
6. Review and Submit Your Application
Before submitting, carefully review the details you’ve entered to ensure there are no mistakes. Double-check that all required fields are completed and that your uploaded documents are correct. After you’re satisfied, submit the application through the online portal.
7. Wait for Approval and Notification
Once your application is submitted, the bank will begin processing it. Approval times may vary, but most banks will notify you via SMS or email within a few business days. If any additional information or documents are required, the bank will reach out to you during this time.
8. Receive Your Credit Card
Upon approval, the bank will dispatch your credit card either to your registered address or to a designated branch where you can collect it. Make sure to activate your card through the bank’s online platform or by following the instructions provided with the card to begin using it.
Understanding Credit Card Documentation and Eligibility Criteria in Bangladesh
Required Documents for Credit Card Application
When applying for a credit card in Bangladesh, the bank will ask for several key documents to verify your identity, income, and financial standing. The most commonly required documents include a valid National ID card or passport for identity verification, proof of address such as a utility bill, and proof of income like salary slips or tax returns. Providing accurate and complete documentation will ensure a smoother application process.
Income and Employment Verification
Banks in Bangladesh are particularly interested in understanding the applicant’s financial stability. As part of this, you must supply proof of income through documents that indicate regular earnings, such as salary certificates, payslips, or bank statements. If you are self-employed, recent tax filings and profit and loss statements may be requested. Banks evaluate these documents to determine whether you can reliably meet the repayment obligations on the credit card.
Minimum Age for Credit Card Eligibility
In Bangladesh, banks set specific age limits for credit card applicants. The minimum age is usually 18 years, but many banks prefer applicants who are at least 21, given that this age group is more likely to have a stable income. Young adults below the preferred age limit may still apply for a supplementary card, often linked to a parent’s primary account.
Understanding Credit History Requirements
For individuals applying for their first credit card, banks will either lend based on other financial behaviors or may examine existing loans or credit lines. If you’ve had prior dealings with the same bank—such as maintaining a successful account or loan—this helps in establishing trust. Existing credit history with another bank also plays an important role, as it will reflect in your credit report when lenders assess your risk.
Eligibility Based on Employment Type
Both salaried individuals and self-employed professionals can apply for a credit card, although each category has unique criteria. Salaried individuals need to provide employer details and, in some cases, recommendation letters or employment verification. For self-employed professionals or business owners, the focus is more on financial health demonstrated through tax filings, profit statements, and business stability.
Additional Criteria: Bank-Specific Requirements
Different banks may impose additional eligibility criteria beyond standard documentation and income verification. Some banks might require a minimum monthly income level, ranging between BDT 20,000 to BDT 70,000, depending on the type of credit card. In addition, having a long-standing relationship with the bank you’re applying to—such as maintaining current accounts or using other banking products—can bolster your chances of approval.
Best Banks Offering Easy Credit Card Approval in Bangladesh 2024
Standard Chartered Bank
Standard Chartered Bank is known for its relatively easy credit card approval process in Bangladesh, especially for individuals with a solid financial track record. The bank offers a variety of credit cards tailored for different income ranges, ensuring flexibility for both salaried and self-employed professionals. Applicants who maintain a salary account with the bank may also receive expedited approval.
BRAC Bank
BRAC Bank is another top choice for easy credit card approval, particularly for individuals with lower or moderate incomes. With relaxed eligibility criteria compared to other banks, BRAC Bank is more accessible to first-time credit card applicants. Moreover, those who maintain a consistent relationship with the bank via savings or deposit accounts generally find the approval process even quicker.
City Bank
City Bank is well-regarded for its fast credit card issuance process, often approving applications within a few days for qualified candidates. The bank’s American Express cards are popular choices among mid-to-high earners, and City Bank extends simplified application processes to existing customers. If you hold an active account or loan with City Bank, your chances of approval significantly increase.
Eastern Bank Limited (EBL)
Eastern Bank Limited (EBL) offers a range of credit cards that accommodate various income levels. The bank’s emphasis on customer satisfaction often results in quicker approvals—particularly for EBL account holders. EBL also allows individuals with a moderate salary (BDT 25,000 or above) to apply for their basic credit cards, making it one of the more accessible options.
DBBL (Dutch-Bangla Bank Limited)
Dutch-Bangla Bank Limited (DBBL) has positioned itself as a go-to bank for hassle-free credit card acquisitions in Bangladesh. Being one of the most technologically advanced banks in the country, DBBL offers easy online application processes, along with lenient requirements for existing account holders. Their approval times are shorter for salaried individuals with established employment histories.
Prime Bank
Prime Bank offers a seamless and straightforward credit card approval process, primarily focusing on salaried individuals and established business owners. If you meet Prime Bank’s income requirements and currently hold an account, the approval process can be quite swift. Additionally, the bank offers special incentives, including reward points and cashback, which attract new applicants who prioritize ease of approval.
Bank Asia
Bank Asia is another excellent option for those seeking easy credit card approval in Bangladesh. Known for its inclusive banking policies, Bank Asia provides tailored credit cards for varying income brackets. The bank also assists first-time applicants by offering pre-approved card deals to individuals with strong financial standing, making it easier to obtain their first credit card.
Credit Card Application Process: From Submission to Approval in Bangladesh
1. Submitting the Credit Card Application
The first step in obtaining a credit card in Bangladesh is submitting your application either online or in-person at the bank. If applying online, you’ll need to fill out an application form via the bank’s website or mobile app. For in-person applications, you can visit the nearest branch and submit a filled-out paper form along with required documents like proof of identity, income, and address. Ensure that all information you provide is accurate, as any discrepancies may delay processing.
2. Document Review and Verification
Once the credit card application is submitted, the bank initiates a detailed document review and verification process. This step involves cross-checking the documents you’ve provided—such as salary slips, National ID, and utility bills—against the information on your application form. Banks in Bangladesh may also use third-party services for additional verification, such as verifying your employment status through your employer or assessing your credit history via the Bangladesh Bank or other financial institutions.
3. Initial Credit Assessment
After document verification, the bank performs an initial credit assessment. This evaluation helps the bank determine whether you meet the minimum criteria for credit card issuance, including factors like stable monthly income, satisfactory employment details, and acceptable credit history. The bank may also assess your existing relationship with them, such as whether you hold a savings account or any previous loans, to gauge your financial responsibility.
4. Internal Risk Evaluation
During this stage, the bank assesses the risk associated with approving your credit card application. They examine your income level, current financial obligations, and credit score to decide the type of credit limit and interest rate you’ll qualify for. A low-income applicant might receive strict conditions such as a lower credit limit, while higher-income individuals may get more favorable terms. Each bank has its own algorithm to calculate these risks, ensuring that they comply with internal and regulatory guidelines.
5. Final Approval or Rejection
Upon completing the risk evaluation, the bank reaches a decision—either approving or rejecting your credit card application. If approved, the bank will notify you through SMS, email, or a phone call, depending on its communication protocols. In some cases, if additional information is needed, the bank might request further documentation before providing final approval. On the other hand, if your application is rejected, the bank may also inform you of the reasons behind the rejection, such as insufficient income or poor credit history.
6. Issuance and Delivery of the Credit Card
Following approval, the bank will initiate the credit card issuance process. Generally, it takes 7-10 business days for your credit card to be prepared and dispatched. Depending on the bank, the card will either be delivered to your registered home address via courier or will be available for collection at a designated branch. Along with the physical card, you’ll also receive important details such as the credit limit, interest rates, and any applicable fees.
7. Activating Your Credit Card
Once received, you must activate your credit card before using it for transactions. Activation methods may vary between banks, but most offer options such as calling customer service, sending an SMS, or activating through the bank’s mobile app or online portal. After activation, your card is ready for use, allowing you to start making purchases both online and offline immediately.
8. Using and Managing Your Credit Card
After activation, you can begin using your credit card for various transactions. It is essential to manage your card responsibly by keeping track of your spending and ensuring timely payments to avoid late fees or negative impacts on your credit score. Additionally, using your credit card wisely and within your credit limit can improve your future creditworthiness, which might lead to better offers such as higher credit limits or reduced interest rates from your bank.
