If you check your E-mail or SMS inbox, you will definitely see marketing messages from various credit card providers ready to offer you credit card instantly.
However there is nothing “INSTANT” when it comes to credit card. There is lot of processing happens before a card is approved. Credit card eligibility depends on various factors and most important amongst all is the annual income of the applicant. And it’s a myth that individuals with only high income can get a card because their repayment capacity is assumed to be high.
There are many banks in India offering credit card for low income earners. The reason for checking the applicant’s income is to evaluate the credit worthiness. This does not mean individual with poor income cannot make repayment.
Listed in the below table are list of credit cards, minimum income required and the issuing bank.
| Sr.No. | Credit Card Name | Minimum Annual Salary Required (INR) | Card Issuing Bank | Monthly Income Required (INR) |
|---|---|---|---|---|
| 1 | India Card | 75,000 | Bank of India | 6,250 |
| 2 | Visa Gold | 1.5 Lac | Bank of India | 12,500 |
| 3 | Visa Gold International | 1.5 Lac | Bank of India | 12,500 |
| 4 | Axis Bank Gold | 1.8 Lac | Axis Bank | 12,500 |
| 5 | Canara Visa Classic / MasterCard Standard | 1 Lac | Canara Bank | 8,333 |
| 6 | Canara Gold | 2 Lac | Canara Bank | 16,667 |
| 7 | Visa Classic | 3 Lac | Andhra Bank | 25,000 |
| 8 | Visa Platinum | 5 Lac | Andhra Bank | 41,667 |
| 9 | Visa Signature | 10 Lac | Andhra Bank | 83,000 |
| 10 | RuPay Platinum | 1.8 Lac | Andhra Bank | 15,000 |
| 11 | RuPay Select | 5 Lac | Andhra Bank | 25,000 |
| 12 | Titanium | 2 Lac | Bank of Baroda | 16,667 |
| 13 | Signature | 12 Lac | Bank of Baroda | 1,00,000 |
| 14 | Bombay Bullion | 3 Lac | Bank of Baroda | 25,000 |
| 15 | Elite Platinum | 4 Lac | Bank of Baroda | 3,33,33 |
| 16 | Select Platinum | 6 Lac | Bank of Baroda | 50,000 |
| 17 | Gold | 1.8 Lac | Corporation Bank | 15,000 |
| 18 | Visa Classic | 60 Thousand | Vijaya Bank | 5,000 |
| 19 | Visa Global | 1.2 Lac | Vijaya Bank | 10,000 |
| 20 | MasterCard Titanium | 1.5 Lac | Central Bank of India | 12,500 |
| 21 | MasterCard World | 5 Lac | Central Bank of India | 25,000 |
| 22 | Visa Gold | 1.5 Lac | Central Bank of India | 12,500 |
| 23 | Visa Platinum | 5 Lac | Central Bank of India | 41,667 |
| 24 | RuPay Platinum | 1.5 Lac | Central Bank of India | 12,500 |
| 25 | RuPay Select | 5 Lac | Central Bank of India | 25,000 |
| 26 | Gold | 1.5 Lac | Indian Bank | 12,500 |
| 27 | Classic | 1.5 Lac | Indian Bank | 12,500 |
| 28 | Gold | 1.5 Lac | Syndicate Bank | 12,500 |
| 29 | Classic | 60 Thousand | Syndicate Bank | 5,000 |
| 30 | Signature | 5 Lac | Union Bank of India | 41,667 |
| 31 | Gold | 3 Lac | Dhanlaxmi Bank | 25,000 |
| 32 | Platinum | 6 Lac | Dhanlaxmi Bank | 50,000 |
| 33 | Empowerment | 80 Thousand | Jammu and Kashmir Bank | 6,666 |
| 34 | Empowerment | 1.5 Lac | Jammu and Kashmir Bank | 12,500 |
So as you can see, there are credit cards for poor salaried individuals as well. Although the credit limit is low, but it helps in building credit history, especially of the first time card applicants. Ideally first time applicants with no CIBIL record has no way to prove credit worthiness apart from their income.
However remember that, income is just one criteria there are many other criteria such as:
- CIBIL score
- Company you work for
- Type of ojb – part-time, full time
- Years in job
- Age
- Whether self-employed or salaried and others.
Most importantly, make sure to pay your monthly bills fully and on time. A good financial transaction history helps in building a good CIBIL score, which means higher chances of loan or credit card approval in the future and also increasing the credit limit on the existing card.
