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 Name||Annual Income Required||Issuing Bank|
|India Card||Rs. 75,000||Bank of India|
|Visa Gold||Rs. 1,50,000||Bank of India|
|Visa Gold International||Rs. 1,50,000||Bank of India|
|Axis Bank Gold||Rs. 1,80,000||Axis Bank|
|Canara Visa Classic / MasterCard Standard||Rs. 1,00,000||Canara Bank|
|Canara Gold||Rs. 2,00,000||Canara Bank|
|Visa Classic||Rs. 3,00,000||Andhra Bank|
|Visa Platinum||Rs. 5,00,000||Andhra Bank|
|Visa Signature||Rs. 10,00,000||Andhra Bank|
|RuPay Platinum||Rs. 1,80,000||Andhra Bank|
|RuPay Select||Rs. 5,00,000||Andhra Bank|
|Titanium||Rs. 2,00,000||Bank of Baroda|
|Signature||Rs. 12,00,000||Bank of Baroda|
|Bombay Bullion||Rs. 3,00,000||Bank of Baroda|
|Elite Platinum||Rs. 4,00,000||Bank of Baroda|
|Select Platinum||Rs. 6,00,000||Bank of Baroda|
|Gold for Salaried||Rs. 1,80,000||Corporation Bank|
|Gold for Professional||Rs. 1,80,000||Corporation Bank|
|Gold for Senior Citizen||Rs. 1,20,000||Corporation Bank|
|Gold for Self Employed||Rs. 2,00,000||Corporation Bank|
|Visa Classic for Salaried||Rs. 60,000||Vijaya Bank|
|Visa Classic for Self Employed||Rs. 50,000||Vijaya Bank|
|Visa Global for Salaried||Rs. 1,20,000||Vijaya Bank|
|Visa Global for Self Employed||Rs. 1,00,000||Vijaya Bank|
|MasterCard Titanium||Rs. 1,50,000||Central Bank of India|
|MasterCard World||Rs. 5,00,000||Central Bank of India|
|Visa Gold||Rs. 1,50,000||Central Bank of India|
|Visa Platinum||Rs. 5,00,000||Central Bank of India|
|RuPay Platinum||Rs. 1,50,000||Central Bank of India|
|RuPay Select||Rs. 5,00,000||Central Bank of India|
|Gold||Rs. 1,50,000||Indian Bank|
|Classic||Rs. 1,50,000||Indian Bank|
|Gold for Salaried||Rs. 1,50,000||Syndicate Bank|
|Gold for Self Employed||Rs. 2,00,000||Syndicate Bank|
|Classic for Salaried||Rs. 60,000||Syndicate Bank|
|Classic for Self Employed||Rs. 1,00,000||Syndicate Bank|
|Classic for Senior Citizen||Rs. 60,000||Syndicate Bank|
|Signature||Rs. 5,00,000||Union Bank of India|
|Gold||Rs. 3,00,000||Dhanlaxmi Bank|
|Gold - Self Employed||Rs. 4,00,000||Dhanlaxmi Bank|
|Platinum - Salaried & Self-Employed||Rs. 6,00,000||Dhanlaxmi Bank|
|Empowerment||Rs. 80, 000||Jammu and Kashmir Bank|
|Empowerment||Rs. 1,50,000||Jammu 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.