Credit Card for Non-Salaried: Income Required, Eligibility & More

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Credit card is like a magnet and the reason it attracts an individual is that it gives money to spend and a time limit to repay that money. One of the most important criterions taken into consideration by lenders before approving credit card is the annual income apart from the credit history, loan/card payment history and others. Even if an individual meets the income criteria, many a times card application gets rejected due to untold reasons which are simply unconvincing.

But what if someone does not work in a prominent company i.e. the person is non-salaried/self employed or a retired individual with no regular income source? Will he/she get credit card approval? The answer is YES, provided you show that you have a capacity to repay the money owed.

Credit card for non-salaried or self employed individuals are available however the eligibility criteria are little stringent compared to salaried. And the reason is justifiable because ultimately the card company is at risk when the card user turns out to be a defaulter.

Eligibility Criteria/Documents Required:

  • Non-salaried individuals are required to produce last 3 years income tax return documents. Check out credit cards for low income individuals.
  • ID & address proof.
  • Lender might also ask for business details to judge the repayment capacity.
  • Credit score should be good.
  • Age should be between 18-65 years (Maximum age limit varies for each lender).
  • Salary requirement varies for each lender. Listed below is the table showing minimum annual income requirement for non-salaried individuals by different credit card lenders.
Sr.No.Name of BankCard NameMinimum Annual Income Required
1HSBC
Gold Card
Rs. 2,40,000
2HSBC
Classic Card
Rs. 1,44,000
3Axis Bank
Gold Card
Rs. 1,80,000
4Axis Bank
Insta Easy Card
FD account is must with minimum Rs. 20,000 & maximum Rs.25,00,000
5ICICI BankHPCL CardRs. 1,44,000
6HDFC BankGold & SilverRs. 1,50,000
7Kotak Mahindra BankTrump and Fortune Gold CardRs. 3,00,000
8Andhra BankPlatinum Credit CardRs. 3,00,000
9Vijaya BankVISA & MasterCard Classic, Platinum CardRs. 50,000 (Account with the bank is must)
10Vijaya BankPlatinum CardRs. 50,000 (Account with the bank is must OR Term Deposit of Rs 50000/- for two years OR Average balance of Rs 50000/- in the savings bank account)
11Vijaya BankVISA GoldRs. 1,00,000 (Account with the bank is must)
12Corporation BankClassic CardRs. 1,50,000
13Corporation BankGold CardRs. 3,00,000
14Bank of BarodaTitanium MasterRs. 2,00,000
15Bank of BarodaPlatinum VisaRs. 4,00,000
16Bank of BarodaPlatinum MasterRs. 6,00,000
17Bank of BarodaSignature VisaRs. 12,00,000
18Bank of BarodaAssureFixed Deposit of Rs. 25,000
19Canara BankVISA Classic/MasterCardRs. 60,000
20Canara BankVISA international Gold CardRs. 2,00,000
21Punjab National BankClassic CardRs. 10,00,000

Note: Interested individuals should check with the banks for others terms and conditions, charges etc.

Also remember that – when an application is denied by a lender it does not mean that it will be denied by all. You can still approach other banks. But remember that too many applications are not good as it hurts credit score.

Also once you get a credit card, make sure to spend within the credit limit and make payments on time every month without a single miss. This is because a single delay in payment can impact your credit score which in turn reduces your loan/card application getting rejected irrespective of the assets/money you have.

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