Plastic money aka credit card has become an integral part of the wallet. And whether you use it or not having a bunch of cards is infact considered a matter of pride. What attracts individual’s towards a credit card is that someone else is paying for them for short period of time and it’s repayment can be done later in parts (minimum amount) or pay in full or can be totally delayed. Although you can get credit card if you are student or housewife with no income but if you are a salaried individual, credit card companies will entice you with offers, reward points, no annual fee or low joining fee. This is because return on investment from one customer is what makes them earn big profits from various charges such as interest rates, processing fees, ATM withdrawal etc. and most importantly other various hidden charges which many of us are not even aware of until we receive the bank statement.
So here is the table showing the salary requirement of various card issuers in India and name of the card available.
|Card Provider||Card Name||Minimum Annual Income Required|
|Canara Bank||Visa Classic & Mastercard Standard||Rs. 1,00,000|
|Canara Bank||Global Gold Card||Rs. 2,00,000|
|Andhra Bank||Platinum Credit Card||Rs. 3,00,000|
|Andhra Bank||Visa Classic & Mastercard||Rs. 1,80,000|
|Andhra Bank||Signature Credit Card||Rs. 10,00,000|
|Bank of Baroda||Titanium Master||Rs. 2,00,000|
|Bank of Baroda||Elite Platinum||Rs. 4,00,000|
|Bank of Baroda||Select Platinum||Rs. 6,00,000|
|Bank of Baroda||Signature Visa||Rs. 12,00,000|
|Bank of India||Visa Gold||Rs. 1,50,000|
|Bank of India||Visa Gold International Card||Rs. 1,50,000|
|Punjab National Bank||Classic||Rs. 10,00,000|
|HSBC||Gold Credit Card||Rs. 5,00,000|
|HSBC||Visa Platinum||Rs. 5,00,000|
|HSBC||Premier Mastercard||Rs. 5,00,000|
|HSBC||Advance Visa Platinum||Rs. 5,00,000|
|HSBC||Make My Trip Signature||Rs. 5,00,000|
|HSBC||Make My Trip Platinum||Rs. 5,00,000|
|Axis Bank||Signature Credit Card With Lifestyle Benefits||Rs. 9,00,000|
|Axis Bank||Signature Credit Card With Travel Benefits||Rs. 9,00,000|
|Corporation Bank||Classic||Rs. 1,20,000|
|Corporation Bank||Gold||Rs. 2,00,000|
There are many other credit cards offered by above mentioned issuers and others such as State Bank of India, ICICI, HDFC and others. You can check minimum annual income eligibility criteria on their respective websites/customer care centre. Each and every bank have their own conditions for approving the card.
The most important factors considered by the issuers before approving credit card to the salaried employee/any individual is the credit history and annual income. Apart from these, factors: number of cards you own, number of times the card applications done, elsewhere and other factors are also taken into consideration.