Credit card has become an important part of everyday life today. Whether it is about paying important bills or shopping. Many times you need money in an emergency.
At that time, credit card becomes very useful. But, the problem is that most banks do not give this useful thing to senior citizens.
If you are young and employed, then banks readily give you a credit card. Sometimes you get a credit card even if your credit score is low. And that too not just one but several credit cards. But, if you have crossed the age of 60, then you will face difficulty in getting a credit card. No matter how good your credit score is or how much money you have in your bank account.
Why do senior citizens not get credit cards?
You must have often heard this saying, ‘Age is just a number.’ But, this is not the case in the world of finance. Here age plays an important role in determining your financial capability and independence. In the case of credit cards, its importance becomes even more.
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A credit card is actually an unsecured loan. In such a situation, banks want full assurance that credit card holders can repay their dues. That is why banks mostly issue credit cards to those people who have a regular source of income. Whether his source of income is self-employment or job.
Maximum age limit of credit card
In India, the maximum age limit for a credit card varies from bank to bank. However, in most banks, it is between 60 and 70 years. Banks believe that the elderly have health problems and they do not have any regular source of income after retirement. In this situation, giving a credit card to the elderly can be more risky.
The maximum age limit for credit cards in India varies from bank to bank. Usually, it is between 60 and 70 years. Banks usually consider older applicants riskier due to health issues and lack of regular income after retirement. These factors can affect the ability of older applicants to repay their dues.
What does RBI rule say
RBI has not made any specific rules regarding giving credit cards to the elderly. However, its guidelines do say that giving loans to the elderly can be more risky. Issuing a credit card is a business decision. It mostly depends on the banks as to what age group they give credit cards to.
Actually, banks consider the elderly as financially dependent. This means that the elderly are dependent on their children for money. They also have more health problems. In such a situation, giving credit cards to the elderly can cause problems in getting the bill payment on time or the banks’ money can get stuck.
Is it wrong not to give credit cards to elderly people?
There are social and economic aspects behind banks not giving credit cards to the elderly. This sends the message that banks consider the elderly as a burden. But, it is the elderly who increase the earnings of banks through FD and other deposit mediums after retirement. Now the average age of people in India is increasing.
The elderly have also started using technology more. In such a situation, credit cards can be very convenient for them. They can book hotel and flight tickets. They can pay bills online. Senior citizens have an important role in increasing the economy. In such a situation, banks should give relaxation in credit card rules to senior citizens.
