2018: 74 Credit Cards for Low/High Income Earners

Ever thought of getting free money every month to buy almost anything in the world, from anywhere, in addition to free period to payback the bill, and that too with an option to pay minimum amount only and not the full amount?

That’s what credit card is all about, the most widely used payment method in the world whose usage is now growing steadily in India as well. These are just few benefits offered by the credit card but the most important ones attracting users across the globe.

However the painful thing is not everyone is eligible to get credit card despite of everyone being interested in owning a one.

Card applications are scrutinized in detail and typically are rejected because of:

  • Poor credit score
  • No credit history
  • Low income
  • No income/address proof and few others.

The decision to approve or reject the application is solely dependent on the bank or card issuer and you may never come to know the reason for the rejection. For e.g. If you are able to meet income criteria, the card application can get rejected, if you do not have income proof and so on.

In case of credit card (or loan) the applicant’s income is the most commonly checked eligibility criteria. Income/salary is actually directly proportional to the credit card limit and approval chances. Income and credit history check are the only ways for a card issuer to evaluate credit worthiness of the individual and stop them from investing in a loss making customer.

Higher income will add more weightage to your application and you will have good chance of card approval along with a high credit limit. But at the same time, low income may result in application rejection. And if approved, the limit will be lower. But this doesn’t mean – poor income earners will never get a credit card. Because issuers want to sell more and more cards (but only to individuals who according to them are credit worthy). There are cards for low income individuals offered by various banks in India. Their objective is to tap low income groups in need of credit.

Here is the table showing 74 credit card and the annual/monthly income requirement:

Sr. NoCredit Card NameMinimum Annual Income Required (Rs.)Equivalent Minimum Monthly Income (Rs.)Card Issuing Bank
1India Card75,0006,250Bank of India
2Visa Gold1,50,00012,500Bank of India
3Visa Gold International1,50,00012,500Bank of India
4Axis Bank Gold1,80,00015,000Axis Bank
5Select9,00,00075,000Axis Bank
6Vistara Infinite6,00,00050,000Axis Bank
7Vistara Signature6,00,00050,000Axis Bank
8Vistara6,00,00050,000Axis Bank
9Privelege Credit Card6,00,00050,000Axis Bank
10Freedom Card1,44,00012,000HDFC Bank
11Bharat CashBack1,44,00012,000HDFC Bank
12Diners Club Premium7,20,00060,000HDFC Bank
13Diners Club Rewardz3,60,00030,000HDFC Bank
14Business Regalia First7,20,00060,000HDFC Bank
15Canara Visa Classic / MasterCard Standard1,00,0008,333Canara Bank
16Canara Gold2,00,00016,666Canara Bank
17RuPay Platinum1,80,00015,000Andhra Bank
18VISA Classic3,00,00025,000Andhra Bank
19VISA Platinum5,00,00041,666Andhra Bank
20VISA Signature10,00,00083,333Andhra Bank
21RuPay Select5,00,00041,666Andhra Bank
22Titanium2,00,00016,666Bank of Baroda
23Signature12,00,0001,00,000Bank of Baroda
24Platinum4,00,00033,333Bank of Baroda
25Bombay Bullion (Co-branded)3,00,00025,000Bank of Baroda
26Gold for Salaried1,80,00015,000Corporation Bank
27Gold for Professional1,80,00015,000Corporation Bank
28Gold for Senior Citizen1,20,00010,000Corporation Bank
29Gold for Self Employed2,00,00016,667Corporation Bank
30Platinum for Salaried2,50,00020,833Corporation Bank
31Platinum for Professional3,00,00025,000Corporation Bank
32Platinum for Senior Citizen2,50,00020,833Corporation Bank
33Platinum for Self Employed3,00,00025,000Corporation Bank
34Signature Card for Salaried10,50,00087,500Corporation Bank
35Signature Card for Professional10,50,00087,500Corporation Bank
36Signature Card for Senior Citizen10,50,00087,500Corporation Bank
37Signature Card for Self Employed10,50,00087,500Corporation Bank
38Visa Classic for Salaried60,0005,000Vijaya Bank
39Visa Classic for Self Employed50,0004,166Vijaya Bank
40Visa Global for Salaried1,20,00010,000Vijaya Bank
41Visa Global for Self Employed1,00,0008,333Vijaya Bank
42Vijay RuPay Credit CardNANAVijaya Bank
43MasterCard Titanium1,50,00012,500Central Bank of India
44Visa Gold1,50,00012,500Central Bank of India
45RuPay Platinum1,50,00012,500Central Bank of India
46MasterCard World5,00,00041,666Central Bank of India
47Visa Platinum5,00,00041,666Central Bank of India
48Aspire (Against Fixed Deposit)20,000 (Minimum Deposit)-Central Bank of India
49Rupay PlatinumApplicant should be account holder-Central Bank of India
50RuPay SelectApplicant should be account holder-Central Bank of India
51Gold1,50,00012,500Indian Bank
52Classic1,50,00012,500Indian Bank
53Bharat72,0006,000Indian Bank
54Platinum1,50,00012,500Indian Bank
55Gold for Salaried1,50,00012,500Syndicate Bank
56Gold for Self Employed2,00,00016,666Syndicate Bank
57Classic for Salaried60,0005,000Syndicate Bank
58Classic for Self Employed1,00,0008,333Syndicate Bank
59Classic for Senior Citizen60,0005,000Syndicate Bank
60Empowerment for Salaried80,0006,666Jammu and Kashmir Bank
61Empowerment for Self Employed1,50,00012,500Jammu and Kashmir Bank
62Visa Platinum5,00,00041,666HSBC Bank
63Gold5,00,00041,666HSBC Bank
64Platinum Chip2,50,00020,833ICICI Bank
65Coral5,00,00041,666ICICI Bank
66Rubyx10,00,00083,333ICICI Bank
67Sapphiro15,00,0001,25,000ICICI Bank
68Ferrari Signature15,00,0001,25,000ICICI Bank
69Jet Sapphiro15,00,0001,25,000ICICI Bank
70Jet Rubyx10,00,00083,333ICICI Bank
71Jet Coral5,00,00041,666ICICI Bank
72Ferrari Platinum5,00,00041,666ICICI Bank
73Instant Platinum (Against Fixed Deposit)20,000 (Minimum Deposit)-ICICI Bank
74Coral 20,000 (Minimum Deposit)-ICICI Bank

Few cards (RuPay) and against fixed deposit, as mentioned above, are offered only to the account holders of the respective bank with income being the least important criteria. For cards against FD, income is not the eligibility criteria. Only a minimum deposit amount is required to get a credit card against FD.

As you can see, low monthly income earners can also get credit card provided they meet other eligibility criteria of the issuing bank. There are many other cards offered by various banks in India but income criteria could not be retrieved. So if you are approaching any bank for credit card, ask for list of all the cards.

Note: As mentioned above there are many reasons for card application rejection and income is one of them. The decision is solely on the bank to approve or reject.

And in your spare time, do mention the card name, income criteria and name of the bank in the comment section of this page. We will add the card to the above list, so that it will help other readers of the site.

2018: 6 credit card benefits you should not forget to utilize

2017 is almost coming to an end. And we hope everyone has had exciting year, financially. Now come 2018, let’s pledge to achieve even more success. There are many options to achieve financial success and saving money is one of the way to grow your money. You can save money in many ways but sometimes we miss out on smaller options offering smaller gains. And credit card is one of them. Let’s understand how.

The sole purpose of credit card is not just to swipe and make payments. If you have been using credit card for only this purpose then you are probably not utilizing the range of benefits your card offers.

Apart from the credit offered on the card, the companies offer various perks to woo the customers. However as individuals start using the card they forget to take advantage of benefits that come with a credit card:

Reward Points:

Every purchase made on credit card gives you reward points. Usually Rs. 1 spent equals 1 reward point.

These reward points can later be redeemed for various purposes such as discount at restaurants, offers on travel trips, movies, cashbacks, and many others. Basically money you spent helps in saving money later. There are many cards for e.g. Citi Reward Credit Card (by Citibank) which offers 2500 points on just activating the card. Redeeming the points is also very simple process. It’s just that some individuals become too busy in swiping and smaller benefits are missed.

Online Shopping Discount:

Big shopping platforms partner with banks to offer discounts on credit card purchases. Stay alert with such offers and save money. On minimum pre-defined transaction amount purchase, card customers get certain % of cashback. For e.g. Citibank card customers are currently (between 22Dec’17 – 25Dec’17) getting 15% cashback on shopping on Myntra and Jabong.

Best credit cards for grocery shopping.

Travel Insurance:

The most ignored part when travelling abroad is travel insurance. Although many countries mandatorily ask for travel insurance but still individuals end up buying cheaper options. If you are credit card holder then your card comes with travel insurance feature as well offering range of benefits such as:

  • Overseas health cover i.e. any medical emergency arises in foreign country then expenses will be taken care by the insurer.
  • Coverage against loss of baggage, passport, delayed flight etc. are covered.
  • Accidental death and dismemberment and many more.

Additional reading: Best cards for international travel

Health Insurance:

Credit card also offers protection to your family members by providing comprehensive health insurance. Usually card companies tie up with insurance companies to get individuals and their family members insured and offer various features such as:

  • Pre and post hospitalization coverage
  • Hospital cash benefit
  • ICU benefit
  • Day care benefits and many more.

Concierge Services:

Your credit card also assists you in booking movie tickets, making hotel reservations, sending gifts to friends, and much more.

Roadside Assistance:

It is obviously very frustrating when your vehicle malfunctions in the middle of your journey. And things become worse when you are all alone. But do you know that your card company can come to rescue you. Yes, your credit card also offers emergency services! When stuck, use that card for emergency towing, roadside repair or for alternate travel assistance.

These add-on benefits make credit cards even better. So make a pledge to make best out of your cards in 2018.

3 Easiest Ways to Get Credit Card for Students in India with No Income

Credit card is actually a very good way to start building credit history. Although it is being criticized being a spoiler, but still offers benefits which can fulfill anyone’s future aspirations.

For e.g. if you want to buy a home and request bank for a loan then depending on your credit history, the loan will be approved or rejected and loan amount would be decided. So building a credit history is very important and is possible only when someone has taken credit from financial institution.

The early you start working towards building a credit history, better are benefits in the later part of your life. This is the reason credit card is a stepping stone to build credit history for every earning individual or with no income source. This includes students as well. Although credit card for students is not recommended but from a future perspective, it is good for a student to have a credit card provided the usage is wise.

But in India (infact across the world), income is one of most important criteria considered by the bank before approving a credit card. This is the reason credit card for student with no income in India is extremely difficult. Because an individual with no income has no way to prove his/her credit worthiness.

So can an Indian student get credit card?

Answer is YES. Students in India can get plastic money through two different ways as follows:

Against fixed deposit:

It is actually a secured credit card in which the FD account plays the role of security with the bank. Parents can open fixed deposit account in the name of student and then apply for credit card against the FD. The biggest advantage is that, deposit in FD is not very high.

Listed in the below are few credit cards against fixed deposit and the minimum amount required:

Sr. No.Credit Card NameMinimum Fixed Deposit Amount RequiredIssuing Bank
1SignatureRs. 10,000Andhra Bank
2PaylessRs. 15,000Development Credit Bank
3AspireRs. 16,000Central Bank
4CoralRs. 20,000ICICI Bank
5Instant PlatinumRs. 20,000ICICI Bank
6Insta EasyRs. 20,000Axis Bank
7AssureRs. 25,000Bank of Baroda
8UsecureRs. 25,000Union Bank of India
9UnnatiRs. 25,000State Bank of India
10SolarisRs. 25,000Kotak Mahindra Bank (ING Vysya)
11Aqua GoldRs. 25,000Kotak Mahindra Bank (ING Vysya)
12Advantage PlusRs. 25,000State Bank of India

The credit limit is calculated on the basis of the amount kept in FD and is typically 80% – 85% of the FD amount. Higher the amount, higher would be the limit.

Add-on card:

If the parents or elder brother/sister is already using a credit card with excellent track record of repayment then they can apply for add-on card. These supplemental cards are offered to select customers only. But key points to remember are:

  • If there is a default in the payment, then the primary card holder is held responsible and their credit history gets impacted.
  • Primary card holder will have to pay any balance amount, if the add-on card holder makes default.
  • Credit limit is split between primary and secondary card.

If student is earning but has low income then there are many cards for such low income earners.

Credit card exclusively for students:

  1. SBI Student Plus Advantage Card is one such card offered by State Bank of India but only to the education loan customers. This card has zero annual fee and offers easily encashable cash points which are redeemable at the time of paying the outstanding balance. One cash point is earned on spending Rs. 100.
  2. ICICI Bank Student Travel Card: Best recommended for someone going abroad for studies. When used abroad student can start building credit score in foreign country which will help him/her in getting credit card from foreign banks
  3. HDFC ForexPlus Card: Again recommended for students who would be transacting in multiple currencies. E.g. if a student is pursuing education in USA and UK or any other country. The money is directly debited from the card account.

Advantages of giving credit card at an early age to students:

Anything used wisely will reap benefits. And same holds true with credit card. If used honestly within the limit and balances are paid on time and fully, you can get range of benefits such as cash points, rewards points, fuel surcharge waiver and others.

However there are other benefits for students using credit card as well:

  • Right from young age they can start building credit history
  • Spends can be tracked easily
  • Aids in learning money management skills
  • It makes them a responsible individual as they can monitor their expenses and then stop them from making unnecessary purchases.

Low Salaried? 15 Credit Cards Against FD: Rs.16000 Min. Deposit

Typically individuals apply for credit card by filling application form and sending it to the bank for further approval. This is a traditional way of application. Upon receiving the card request, banks perform a rigorous assessment and take decision on approval. Most importantly, the income of the applicant is first checked amongst many other factors.

For high income individual, this approach is not painful as their application is most likely to get accepted provided they meet all other eligibility criteria such as good CIBIL score, submission of documents such as pay slip or income tax return, and others.

However low income individuals often face problem in approval, as they are not able to meet income criteria of the bank. This typically happens when traditional approach is used for the application. However there is another way to get credit card requiring no income proof. This option is credit card against fixed deposit.

What is a credit card against fixed deposit?

It is a type of card offered to individuals having FD account with the bank. It is a type of account, which depositor open by keeping some amount with the bank and earn interest. There is a pre-defined tenure typically ranging from minimum 7 days to 5 years or more depending on the bank. The card limit is decided on the basis of the amount kept with the bank. Higher the amount, higher is the card limit.

But there is a minimum amount that needs to be kept with the bank and is not very high. Here is the table showing list of banks offering credit card against fixed deposit and the minimum amount required.

Sr. No.Credit Card NameMinimum Fixed Deposit Amount RequiredIssuing Bank
1AssureRs. 25,000Bank of Baroda
2Visa ClassicRs. 50,000Vijaya Bank
3Visa GlobalRs. 1,00,000Vijaya Bank
4UsecureRs. 25,000Union Bank of India
5UnnatiRs. 25,000State Bank of India
6PaylessRs. 15,000Development Credit Bank
7SolarisRs. 25,000Kotak Mahindra Bank (ING Vysya)
8GalaxiaRs. 1,00,000Kotak Mahindra Bank (ING Vysya)
9Aqua GoldRs. 25,000Kotak Mahindra Bank (ING Vysya)
10AspireRs. 16,000Central Bank
11CoralRs. 20,000ICICI Bank
12Instant PlatinumRs. 20,000ICICI Bank
13Insta EasyRs. 20,000Axis Bank
14SignatureRs. 10,000Andhra Bank
15Advantage PlusRs. 25,000State Bank of India

As you see the amount required is not very high and low income earning individuals can easily get card with this option.

Who should opt for such cards?

This card is best recommended for the following individuals:

  • Low income individuals – working professionals or self-earners
  • Individuals whose card application was rejected earlier
  • Students
  • First time applicants
  • Housewife
  • Senior citizens (retired)

Above mentioned categories of individuals are most likely to face problem in getting a card (when applying through the traditional approach) assuming they have no or poor income. So credit card against fixed deposit is best recommended option for them.

Check out cards for low salaried with minimum salary of Rs. 5000.

So poor income earners can definitely try this option which has many benefits and most important being the first step in building credit history. Especially first time applicants can start building credit history by making regular payments (without a miss) and fully. No minimum balance to be paid.

A good credit history has many benefits. Any future loan/credit applications are approved only when applicant has a good score.

2017: 43 Credit Cards with Annual Income (Rs.75,000 – 10 Lakhs) Required

For credit card or any type of loan, the annual income is the most widely used criteria to judge whether the applicant is credit worthy or not. And based on that, the quantum of loan or credit limit is evaluated by the banks.

Here is the table showing credit cards and annual income required for each by prominent banks in India and the name of the card.

Credit Card NameAnnual Income RequiredIssuing Bank
India CardRs. 75,000Bank of India
Visa GoldRs. 1,50,000Bank of India
Visa Gold InternationalRs. 1,50,000Bank of India
Axis Bank GoldRs. 1,80,000Axis Bank
Canara Visa Classic / MasterCard StandardRs. 1,00,000Canara Bank
Canara GoldRs. 2,00,000Canara Bank
Visa ClassicRs. 3,00,000Andhra Bank
Visa PlatinumRs. 5,00,000Andhra Bank
Visa SignatureRs. 10,00,000Andhra Bank
RuPay PlatinumRs. 1,80,000Andhra Bank
RuPay SelectRs. 5,00,000Andhra Bank
TitaniumRs. 2,00,000Bank of Baroda
SignatureRs. 12,00,000Bank of Baroda
Bombay BullionRs. 3,00,000Bank of Baroda
Elite PlatinumRs. 4,00,000Bank of Baroda
Select PlatinumRs. 6,00,000Bank of Baroda
Gold for SalariedRs. 1,80,000Corporation Bank
Gold for ProfessionalRs. 1,80,000Corporation Bank
Gold for Senior CitizenRs. 1,20,000Corporation Bank
Gold for Self EmployedRs. 2,00,000Corporation Bank
Visa Classic for SalariedRs. 60,000Vijaya Bank
Visa Classic for Self EmployedRs. 50,000Vijaya Bank
Visa Global for SalariedRs. 1,20,000Vijaya Bank
Visa Global for Self EmployedRs. 1,00,000Vijaya Bank
MasterCard TitaniumRs. 1,50,000Central Bank of India
MasterCard WorldRs. 5,00,000Central Bank of India
Visa GoldRs. 1,50,000Central Bank of India
Visa PlatinumRs. 5,00,000Central Bank of India
RuPay PlatinumRs. 1,50,000Central Bank of India
RuPay SelectRs. 5,00,000Central Bank of India
GoldRs. 1,50,000Indian Bank
ClassicRs. 1,50,000Indian Bank
Gold for SalariedRs. 1,50,000Syndicate Bank
Gold for Self EmployedRs. 2,00,000Syndicate Bank
Classic for SalariedRs. 60,000Syndicate Bank
Classic for Self EmployedRs. 1,00,000Syndicate Bank
Classic for Senior CitizenRs. 60,000Syndicate Bank
SignatureRs. 5,00,000Union Bank of India
GoldRs. 3,00,000Dhanlaxmi Bank
Gold - Self EmployedRs. 4,00,000Dhanlaxmi Bank
Platinum - Salaried & Self-EmployedRs. 6,00,000Dhanlaxmi Bank
EmpowermentRs. 80, 000Jammu and Kashmir Bank
EmpowermentRs. 1,50,000Jammu and Kashmir Bank

It’s a myth that only high income earning individuals get credit card. The table above shows that if the card applicant has poor salary (e.g. less than Rs. 10,000 or 15,000 per month i.e. Rs. 1,20,000 or Rs. 1,80,000 per annum respectively), then also he/she can apply and get card approval. This is subject to the condition that the applicant also meets other eligibility criteria such as good credit score, submits all valid documents, etc.

Note: The income mentioned above is as on October 2017. Banks keep on changing the terms and conditions and processes each application differently as per their rules. So if credit card application of low income earner gets approved that does not mean, application of other will also get approved. This is because every application is different. For more clarifications, please contact respective banks.

Also, most banks do not specify income for many of their cards. You can visit respective bank or their website for details on more cards. There is a possibility that you may get better option than the ones listed above.

If card application gets rejected then no need to worry. There are few other options to get card as follows:

Add-on card: If any of the applicant’s family member (brother, sister or parents) has a credit card and a good CIBIL score, then he/she can apply for a supplementary card. But remember that, any default made by the add-on card holder will impact the credit score of the primary card owner. Banks will not ask for income proof of the supplementary applicant.

Credit card against fixed deposit: You just need a FD account with the applicant bank. There is a minimum amount that you need to keep with the bank in order to get the card. Depending the amount, the card limit is set. There is no income proof required and documentation required is minimum since most of the details of the FD account holder are already held by the bank.

2017: 35 Credit Cards with Minimum Monthly Salary(Rs.5000 – 1Lakh)

There are many queries asked by card applicants such as what is the minimum salary for credit card in India? And many individuals assume that credit card approval is mainly dependent on income and its proof submitted. And only high income earners get credit card approved. However this is not true.

There are cards for low salary earning individuals as well. And here is the table showing list of 35 credit cards along with minimum annual income starting from Rs. 5000 per month to Rs. 1,00,000 (1 lakh) and its equivalent monthly income required by the banks.

Sr.No.Credit Card NameMinimum Annual Salary RequiredIssuing BankEquivalent Monthly Income Required
1India CardRs. 75,000Bank of IndiaRs. 6,250
2Visa GoldRs. 1,50,000Bank of IndiaRs. 12,500
3Visa Gold InternationalRs. 1,50,000Bank of IndiaRs. 12,500
4Axis Bank GoldRs. 1,80,000Axis BankRs. 12,500
5Canara Visa Classic / MasterCard StandardRs. 1,00,000Canara BankRs. 8,333
6Canara GoldRs. 2,00,000Canara BankRs. 16,667
7Visa ClassicRs. 3,00,000Andhra BankRs. 25,000
8Visa PlatinumRs. 5,00,000Andhra BankRs. 41,667
9Visa SignatureRs. 10,00,000Andhra BankRs. 83,000
10RuPay PlatinumRs. 1,80,000Andhra BankRs.15,000
11RuPay SelectRs. 5,00,000Andhra BankRs. 25,000
12TitaniumRs. 2,00,000Bank of BarodaRs. 16,667
13SignatureRs. 12,00,000Bank of BarodaRs. 1,00,000
14Bombay BullionRs. 3,00,000Bank of BarodaRs. 25,000
15Elite PlatinumRs. 4,00,000Bank of BarodaRs. 33,333
16Select PlatinumRs. 6,00,000Bank of BarodaRs. 50,000
17Gold Rs. 1,80,000Corporation BankRs.15,000
18Visa ClassicRs. 60,000Vijaya BankRs. 5,000
19Visa GlobalRs. 1,20,000Vijaya BankRs. 10,000
20MasterCard TitaniumRs. 1,50,000Central Bank of IndiaRs. 12,500
21MasterCard WorldRs. 5,00,000Central Bank of IndiaRs. 25,000
22Visa GoldRs. 1,50,000Central Bank of IndiaRs. 12,500
23Visa PlatinumRs. 5,00,000Central Bank of IndiaRs. 41,667
24RuPay PlatinumRs. 1,50,000Central Bank of IndiaRs. 12,500
25RuPay SelectRs. 5,00,000Central Bank of IndiaRs. 25,000
26GoldRs. 1,50,000Indian BankRs. 12,500
27ClassicRs. 1,50,000Indian BankRs. 12,500
28Gold Rs. 1,50,000Syndicate BankRs. 12,500
29Classic Rs. 60,000Syndicate BankRs. 5,000
30ClassicRs. 60,000Syndicate BankRs. 5,000
31SignatureRs. 5,00,000Union Bank of IndiaRs. 41,667
32GoldRs. 3,00,000Dhanlaxmi BankRs. 25,000
33PlatinumRs. 6,00,000Dhanlaxmi BankRs. 50,000
34EmpowermentRs. 80,000Jammu and Kashmir BankRs. 6,666
35EmpowermentRs. 1,50,000Jammu and Kashmir BankRs. 12,500

So one thing to note is, income is just one of the eligibility criteria to get a credit card. Evaluation of credit worthiness of the applicant by the card companies is done on the basis of other requisites as well. These include:

  • Credit score
  • Age
  • Type of job (permanent or contractual)
  • Income is validated on submission of salary slip for last 3 months.

Additional reading: Tips on getting credit card with no income proof

Some banks also ask for (apart from card application form):

  • Income tax return document
  • Last 6 months bank statement
  • ID and address proof
  • Photograph

So as you can see above even for a monthly salary of Rs. 5000, credit cards are available. Even though very few banks offer cards for poor income earners the opportunity to start building credit history is important even though the credit limit is very low.

6 Ways to Get Credit Card for Poor Salary/No Income Proof

Your E-mail box is often flooded with credit card offers. But getting an offer and actually owning a card is not a straightforward process. There are multiple criteria considered by the banks before approving a card. Such as:

  • Income
  • Credit Rating
  • Age
  • Employer and so on…

However income of the applicant is the most commonly used parameter for credit card approval. There is a minimum income threshold to get a credit card. Individuals with low salary often face difficulty in getting a credit card compared to a high earning individual. Based on the income repayment capacity of the applicant is evaluated and decision to approve the card is taken. For a high income individuals, chances of card denial are low because of the salary requirement.

Moreover there are many employers who do not provide salary slip to their employees, which is actually a problem when the employee applies for a card.

So how can individuals with poor salary or no income proof get credit card?

Following are the ways to get a credit card if someone is earning a poor salary typically (less than Rs. 10000 per month):

Apply in banks offering cards to low salaried individuals: Not every bank or card requires high income in order to become eligible. Listed in the below table are 12 cards you can apply for if your monthly salary is less than Rs. 5000:

Sr. NoCredit Card NameMinimum Annual Income RequiredEquivalent Minimum Monthly IncomeIssuing Bank
1India CardRs. 75, 000Rs. 6,250Bank of India
2Canara Visa Classic / MasterCard StandardRs. 1,00,000Rs. 8,333Canara Bank
3Gold for Senior CitizenRs. 1,20,000Rs. 10,000Corporation Bank
4Visa Classic for SalariedRs. 60,000Rs. 5,000Vijaya Bank
5Visa Classic for Self EmployedRs. 50,000Rs. 4,166Vijaya Bank
6Visa Global for SalariedRs. 1,20,000Rs. 10,000Vijaya Bank
7Visa Global for Self EmployedRs. 1,00,000Rs. 8,333Vijaya Bank
8BharatRs. 72,000Rs. 6,000Indian Bank
9Classic for SalariedRs. 60,000Rs. 5,000Syndicate Bank
10Classic for Self EmployedRs. 1,00,000Rs. 8,333Syndicate Bank
11Classic for Senior CitizenRs. 60,000Rs. 5,000Syndicate Bank
12Empowerment for SalariedRs. 80, 000Rs. 6,666Jammu and Kashmir Bank

Salary account bank statement: If employer gets salary credited directly in the bank account but no salary slip is issued then applicant can show bank statement of the last 6 months. Every credit in the bank account will have employer name, which should be an acceptable income proof.

Check out – 26 ways to earn extra money in India.

Cheque: If you get salary in cheque with employer’s name, stamp and signature then make sure every month you take photocopy of the issued cheque. Also make a practice to deposit the cheque on a fixed date every month and later show bank statement as a proof. Photocopy should be an acceptable proof. Banks should accept this as a income proof, if salary slip is not issued.

Show offer letter: If employee doesn’t get salary slip or earns in cash but has high income then you can also produce offer letter to the card issuing bank along with above mentioned two documents.

Additional reading: 7 consequences of faking documents to get credit card.

Add-on: If any of your family member has a credit card then you can ask him/her to take supplementary credit card. Bank will not ask for salary slip or bank statement. They will only check primary card holder’s credit usage and accordingly issue an add-on card. This is also an excellent option to build or improve credit score.

Credit card against FD: This is an excellent option to get credit card requiring no income proof such as salary slip or bank statement. Many banks in India offer secured cards with credit limit 80%-90% of the FD amount. However every bank has a minimum fixed deposit amount limit and a tenure of minimum 180 days and most importantly FD should be on the card applicant’s name.

Here are few cards offered against FD by various banks in India:

Sr. No.Credit Card NameMinimum Fixed Deposit Amount RequiredIssuing Bank
1PaylessRs. 15,000Development Credit Bank
2CoralRs. 20,000ICICI Bank
3Instant PlatinumRs. 20,000ICICI Bank
4Insta EasyRs. 20,000Axis Bank
5SignatureRs. 10,000Andhra Bank

So as you can see getting a credit card when you are earning poor salary is not difficult. But remember that cards are approved not just on the basis of salary. There are multiple criteria and documents which banks might ask on a case to case basis before approving the card.

Fake Salary Slip for Credit Card: 7 Career Risks

Your income plays a key role in getting you a credit card. An individual with low income has to face many difficulties for card approval because poor salary means individual’s repayment capacity may not be good, in the eye of the bank.

On the other hand, many employers in India do not issue salary slip which is more problematic because for any bank approving credit card without income proof is risky since there is no way to evaluate credit worthiness of the applicant.

However the benefits and free money offered by the card company lures many. And many people often fake salary slip to get a credit card without by misusing company’s official stamp or letter head without thinking about the consequences of misdoings. Ideally such individuals show higher income on the pay slip and get cards with higher credit limit. In fact many a times, bank or third party agents ask applicants to produce counterfeit pay slip in order to meet their targets.

There are many repercussions of submitting fraudulent salary slip and any type of fake document while applying for a credit card as follows:

Job loss: After submitting documents required for credit card, banks or third party service do a thorough verification check for each and every proof submitted. If employer comes to know that an employee has generated fake pay slip, straightaway employee will be removed from the company. More consequences will follow.

Legal trouble: Bogus papers can also land you in legal trouble. Employer can sue the employee since he/she has forged the official document, signature and used official stamp to show high income. Even banks can file a legal case for submitting such fake documents. A case under Sections 420, 465, 465, 467 and 471 of the IPC will be applied.

Police case: If not legal case, either the employer or bank may file a FIR against such applicants.

Check out: Credit cards for low income earners.

No financing in the future: Even if you manage to get credit card but later default on the payments, banks will submit your report to CIBIL. And later during recovery process, if banks come to know the fraudulent documents were submitted, then this will also be reported to credit rating agency. And this would be a financial nightmare. Almost every bank verifies CIBIL record before approving any application. If bank comes to know about previous history, then they will not offer any type of finance.

Additional Read: consequences of credit default

New job: Getting a new job will become extremely difficult. This is because any prospective company will ask for previous employers offer letter, salary slip, and verify whether applicant has any police or legal case against his/her name. Non-availability of these documents because of termination from previous employer will naturally create a problem.

Passport denial: Whenever passport application is made, a thorough verification check is done to check any legal or police case is registered on the applicant’s name. Passport application will get rejected in such cases.

Visa trouble: Not just the passport, moving out of the country will also become extremely difficult. Whenever visa application is made, thorough investigation is done to verify applicant especially legal or police case against the applicant. No matter how talented you are, no country would ever want individual with criminal case against him/her to enter their country.

So bottom line is to be honest. Misrepresentation of facts for personal gain would never do any good and instead screw up your life in someway or the other.

SBI Student Plus Advantage Credit Card: No Fees, Free Add-On Card & more

State bank of India is one of leading public sector banks in India. Amongst many services offered by SBI, credit card is one of them. The bank offers credit cards for various purposes such as travel, shopping, lifestyle and many others.
However it is one of the very banks offering credit card for students. The name of the card is – SBI Student Plus Advantage Card.

Benefits and features offered by Student Plus Advantage card:

No joining and annual fee: Expensive cards carry very high joining and annual fee due to the benefits offered. However in case of Student Plus Advantage card both these fees of NIL. But if the student does not spend more than Rs. 35, 000 in the previous year then charge of Rs. 500 will have to be paid during renewal.

Supplementary card at free of cost: If the student maintains a good repayment history then SBI offers add-on card option as well. That is, family member of the student (father, mother, siblings) can get credit card for free. Add-on card is an excellent feature for someone with credit history to start building credit score.

Additional reading: Credit card for Indian students travelling abroad.

International usage: Card can also be used for international purchase. So this is a good opportunity for students travelling in countries like USA/Australia or others where credit card is the most common form of payment accepted for most purchases such as insurance premium, gas, grocery etc. However remember that student should avoid making foreign transaction and ATM cash withdrawal using this card. This is because there is a charge of 3.5% and 2.5% to 3% respectively. 3% is the cash advance fee when card is used for withdrawing money from an international ATM.

Read more on travel cards for Indian students.

Balance transfer: If the student is having any other card with huge balance then balance transfer (BT) facility can be used. Benefit is that, the rate of interest is low and balance can be repaid in EMI.

Flexi-pay option: If student makes any big purchase in any month and full repayment is difficult then SBI offers an exciting feature called flexi-pay wherein student can convert the transaction into easy installments. The tenure available is 6, 12, and 24 months. Minimum limit for the transaction amount is Rs. 2500, which seems to be a better deal.

Reward points: Student gets 10X reward points on using the card for making payment at departmental or grocery store both in India and abroad.


  • Applicant must be the education loan customer of SBI
  • He/she should be 18 years of age

Should student use credit card in India?

Credit card is a good option to start building credit score. Assuming student doesn’t have any type of loan/credit repayment history, having a credit card is a recommended to start building history. However good CIBIL score is possible only when the monthly bills are paid on time, in full, and credit limit is not over crossed.

11 Credit Cards for Businessmen in India

Like salaried individuals, businessmen or self-employed individuals (doctors, freelancers, shopkeepers and others) also need credit card for making payment for day to day expenses.

There are many banks in India who offer credit cards especially for business.

Listed in the below table is the list of exclusive credit cards for businesses:

Bank NameCredit Card Name
HDFC BankBusiness MoneyBack
HDFC BankBusiness Regalia
HDFC BankCorporate Platinum
HDFC BankCorporate Card
Axis BankMY Business
ICICI BankJet Airways Business Advantage
ICICI BankBusiness Platinum
ICICI BankBusiness Gold Card
Standard CharteredPriority Bank Visa Infinite
State Bank of IndiaPlatinum Corporate card
IndusIndBusiness Gold Credit

What to look for in a credit card for business?

If most of your spends will be through credit card, then look for following features in the card.

High credit limit: Although the limit on the card is decided by the banks based on the income and other factors such as (past repayment history, credit score etc.), businessmen should try to get a card with high credit limit. This is recommended to keep business running even in difficult times, when possibility of getting a loan is less.

Insurance cover: Many business credit cards such as Standard Chartered Priority Banking Visa Infinite Credit Card – provides complimentary travel and medical insurance of up to US Dollars 200,000 whenever international trip is made.

Cashback: Chose a card offering cashbacks i.e. certain percentage of the amount spent is paid back to the owner of the card. This money can then be used to buying other essential stuffs. But before checking this feature remember that whether the cash back percentage on everything you purchase or you need to spend pre-fixed amount in order to get X amount back.

Waiver on fees: Try to get a card offering full waiver on services such as duplicate statement, checking balance enquiry, card replacement etc.

Interest free period: It is recommended to pay your monthly bills before the due date in order to avoid interest and negative impact in the CIBIL record. Since your sole income would be from the business, it is quite possible that you may face ups and downs. For e.g. you face a dip in income, get delayed payments, etc. In such situations, it is very likely that you may not be able to pay monthly repayments on time and at the same time increase the usage of credit card. In such situations, look for card offering a high interest free period. This is nothing but number of days provided to pay off the bill (every month) before interest rate is applied on the balance.

Fuel surcharge waiver: If your business involves lot of travelling by roads and using own vehicle, then fuel surcharge waiver card is worth recommended. If you calculate savings, it will be significant.

Reward points: If you have decided to carry out purchases related to day operations such as buying stationary, office supply items etc. then look for a card giving high reward points.

Free miles: If you frequently travel through air, then look for a card offering free air miles and lounge access (domestic and international). Many companies also offer free miles when high amount is spent through the card.

Foreign currency and ATM cash withdrawal fee: Most of the banks charge 3.5% cross currency mark-up fee. However being a businessmen or self-employed it is quite common to transact in non-Indian currency. Therefore look for a card offering lowest foreign currency markup fee on international usage. For e.g. SBI Card Elite Advantage has a charge of 1.99% on international usage.