The necessary minimum wage for credit card approval varies per lender. Before applying, it’s usually a good idea to double-check the income requirements. Financial institutions have a variety of qualifying requirements for credit card applicants, one of which is income. An applicant with a high salary is more likely to pay their credit cards obligations on schedule.
With a salary of Rs. 15,000, one can acquire a best credit cards, but one won’t have a lot of alternatives when it comes to choosing a credit card. It’s possible that one won’t be able to receive a credit card from the lender of choice. Only a few lenders will provide credit cards to persons earning Rs. 10,000 per month.
Low-income people, on the other hand, can get credit cards from card providers. NBFCs in India also provide credit cards to those with yearly incomes of less than Rs. 2 lakh. A credit card for low-wage earners may have a lower credit limit and fewer features and advantages. The credit limit can be expanded over time with timely repayment and an increase in earning capability.
Banks do provide credit cards to low-wage workers (between Rs 8,000 and Rs 15,000 per year), depending on their annual income. The card’s eligibility will be three times the monthly pay. Income, credit history, age, and other characteristics all play a role. Among the elements listed, an individual’s income will play a significant role in determining not only his or her creditworthiness, but also the amount of credit limit that will be granted.
The following are the fundamental documents needed to apply for a credit card:
1. Salary slips from the company
2. Income tax return document
3. Pan Card
4. Latest bank statement where the salary credited is for minimum 3 months
Which Credit Card Is Right for You?
- Your pattern of spending : When it comes to picking the correct credit card, your monthly spending pattern is crucial.
- The reward type : Credit cards give cash back, reward points, and air miles as benefits.
- Card offers : Some cards come with excellent deals and discounts when you use them to purchase on a certain website or at a specific store.
- Charges and fees: Compare the interest rates on various credit cards, as well as the associated fees and levies.
- When you apply for a credit card, some banks may give you a welcome bonus or a joining incentive.
- Payment options: Most credit cards allow you to pay in a variety of ways.
Here are the top credit cards for low-income people:
- ICICI Bank HPCL Coral Visa Credit Card : With robust cashback and fuel fee waiver programmes, the ICICI Bank HPCL Coral Credit Card may help one keep gasoline expenditures under control.
- Axis Bank My Zone Credit Card : The Axis Bank My Zone credit card has a 46.78 percent annual interest rate and a Rs.500 registration fee. It provides rebates on movie ticket purchases, complimentary airport lounge access, and fuel surcharge waiver.
- HDFC Freedom card : The HDFC Freedom card is a rewards credit card with a variety of features and bonuses. one may earn reward points on every transaction, as well as expedited rewards on birthday spending, PayZapp, and other purchases. The Liberty card has benefits in a number of other categories, such as insurance, gasoline, and more.
- Canara Bank VISA Classic Credit Card : This is a card for people who live a modest lifestyle. VISA has partnered with us to provide one of these cards. To be eligible, one must have a minimum of Rs 1 lakh. It improves the quality of one life by providing comfort and ease.
- Vijaya Bank Classic Visa Card : Vijaya Bank Visa Classic Credit Card has a maximum limit of Rs 75,000. Customers have the option of withdrawing cash up to 50% of the card amount, or Rs 25,000 per card holder. To get this card, one must have a bank account with the bank.
- HSBC Classic Credit Card : HSBC credit cardholders have no obligation for lost credit cards. After the loss of a credit card has been reported to the Bank in writing or to the VISA or MasterCard Global Emergency Service, customers do not suffer any additional charges under the HSBC Card Guarantee.
- HSBC Premier Mastercard : This card offers some of the finest eating, retail, and travel discounts available to one. Comes with a slew of benefits including cash back, rewards and access to HSBC’s loyalty programs.
Credit cards are not provided to everyone who requests one since the bank considers variables such as kind of work, credit history, and loan before granting one. This is done to verify that one will be able to pay back the credit card balance.
