SBI Credit Minimum Income & 11 Alternate Cards with Rs.10000 Salary Requirement

State Bank of India is the largest commercial bank in India in terms of assets under management, customer deposits, number of branches, customers and employees, etc. In addition to various services, it is the second largest credit card issuer in India.

However the income required for credit card approval is very high which is Rs. 18,000 (minimum) per month.

What are the eligibility criteria other than monthly or annual income?

Applicant should have a good credit score, must be a regular income earner, and 21+ years old. Other criteria such as type of job (full-time, part-time, freelancer), income type (salaried or self employed), employer, etc. varies for each card. And the approval is at the sole discretion of the bank.

What if SBI rejects card because of lack of sufficient income?

SBI offers two types of cards – secured and unsecured. The one offered without collateral is called unsecured (requiring minimum income and other eligibility criteria), whereas secured one is offered against security (fixed deposit, in case of credit card). The biggest advantage of card against FD is that SBI won’t ask for income or related documents. All you have to do is open a FD or use existing FD and apply for card against the deposited amount. And the documents required are minimal, since SBI already has most of the details of the card applicant.

What is the minimum deposit amount required by SBI to get credit card against FD?

Listed below are the two cards offered by SBI against fixed deposit:

  1. Unnati: Requires minimum FD amount of Rs. 25,000.
  2. Advantage Plus: Requires minimum FD amount of Rs. 25,000.

Why does SBI ask for salary?

Your income is the only way for any lender to judge the credit worthiness when it comes to unsecured card (i.e. applicant is not required to produce any collateral to get card approved). Meaning, higher income indicates that individual is able enough to repay monthly bills. And based on the salary, SBI decides the credit limit. So in order to qualify for a card, your income should be sufficient enough to repay the monthly bills.

If SBI rejects card because of poor salary, at what other banks can I apply for unsecured card and what is the minimum income required?

There are many card issuing banks in India where minimum salary or income required is less than what SBI asks for as follows:

Sr. NoCredit Card NameMinimum Annual Income Required (INR)Equivalent Minimum Monthly Income (INR)Issuing Bank
1Visa Classic for Self Employed50,0004,166Vijaya Bank
2Visa Classic for Salaried60,0005,000Vijaya Bank
3Classic for Senior Citizen60,0005,000Syndicate Bank
4Bharat72,0006,000Indian Bank
5India Card75,0006,250Bank of India
6Empowerment for Salaried80,0006,667Jammu and Kashmir Bank
7Canara Visa Classic1,00,0008,333Canara Bank
8Canara MasterCard Standard1,00,0008,333Canara Bank
9Visa Global for Self Employed1,00,0008,333Vijaya Bank
10Classic for Self Employed1,00,0008,333Syndicate Bank
11Visa Global for Salaried1,20,00010,000Vijaya Bank

So as you see, even if your income is less than Rs.10,000 you are eligible to get card.

What are the benefits and disadvantages when low income earner gets credit card approved?

Benefits: Since there are very few banks offering cards to low income earners, user can start building credit history. This will help in getting access to higher credit limit in the future and other types of credit – personal loan, home loan, car loan, etc. They can also apply for unsecured card at other banks after successful repayment history and good usage of the card.

Disadvantages: Since repayment capacity of the card customer is poor because of low income, the credit limit offered is less. Features offered on the card are less compared to premium cards.

Does SBI approach credit rating agency before approving card application?

Yes. Infact most of the card issuers in India approach agencies such as CIBIL/Experian/TransUnion and get financial record of the applicant. This is done in order to check credit history of the applicant which mainly involves – number of credit applications made, repayment history, defaults, ongoing credit, etc.

Without Job? 3 Ways to Get Credit Card in India Easily

Being jobless is a financially difficult period for everyone especially when the person is the sole breadwinner of the family. This is the time, when an individual is in dire need of money. And in order to meet the day to day expenses or any other money requirement individual has to:

  1. Depend on own savings
  2. Liquidate/sell investments or assets
  3. Lend money from friends or relatives
  4. Apply for credit card
  5. Apply for personal loan

However no income is a biggest hurdle when applying for a credit card or personal loan. Because regular income is the only way to prove credit worthiness apart from credit score. However when you are out of job, the chances of rejection will naturally be high as chances of payment default are high, since you won’t money to pay them back.

So is there a way to get credit card without job?

The answer is YES. In India, there are following three easy ways to get credit card when a person is unemployed.

1) Apply for card against Fixed Deposit when you are without job

FD is considered to be the safest and zero risk investment product because of the guaranteed return. Investor can get good night sleep as his/her money will continue to earn money without risk. Although the interest earned is small compared to high risk – high return products, it is still a favorite avenue amongst risk averse investors.

However not many of us are not aware of getting a card against FD (i.e. secured card) is the most easiest way to get a card in India, especially when person is without job. All you need is certain amount of money in the FD and apply to get a card against it. Also, the deposit amount is not very huge. You can open a new account or use existing account to get secured card.

Below table shows list of banks offering secured cards against FD and the deposit amount required:

Sr. No.Credit Card NameMinimum Fixed Deposit Amount RequiredCard Issuing 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
11Aqua GoldRs. 25,000Kotak Mahindra Bank
12Advantage PlusRs. 25,000State Bank of India

The money kept in the FD account acts as a collateral and the credit limit is certain percentage (80%  – 85%) of the total amount. Other highly beneficial features are:

  • None of these cards required applicant to produce income proof and related documents. So even if you are out of job, getting a credit card is easy.
  • There are very minimal documents required.
  • There is no credit score check done at credit rating agencies.
  • Depositor continues to earn interest on the FD.
  • Credit score can be built up or improved
  • Card user gets cashback, reward points, airport lounge access, etc. similar to a regular card.

2) Add-On Card – Another option for jobless individuals

Also called as supplementary card, it is another way to get credit card without job. If any of your family member (spouse, children, father, mother) has a credit card and has been a regular payer with no default/usage within the limit, and has a good score. Then primary card owner can apply for a add-on card for other family members i.e. they become secondary card owner.

No income or job details of the supplementary card owners are requested by the issuer.

Following are the add-on cards that are easy to get:

  • PremierMiles – CitiBank
  • Regalia First – HDFC Bank
  • Aqua – Kotak Mahindra Bank
  • Urbane – Kotak Mahindra Bank
  • PVR Platinum – Kotak Mahindra Bank
  • Sapphiro – ICICI Bank
  • Signature – ICICI Bank

3) Pre-approved card

There is also a possibility that at the time of application individual is jobless but was working previously. In such a case, depending on your financial transaction history, bank may also pre-approve credit card. Check with your bank, whether they can offer pre-approved card.

Apart from individuals without job, the three options listed above are also best for following individuals:

  • Students
  • Housewives
  • Senior citizens
  • Who are in their first job
  • With poor credit score
  • No credit score

12 Easiest Credit Cards to Get Approved in India, 29 Cards for Rs.15000 Income

Keeping cash in wallet is always dangerous because of the risk of damage and theft, as the stolen money cannot be recovered. This is the reason people want to carry out payments digitally using credit or debit card, online transfer, mobile wallets, PayPal etc. Of all these payment methods, credit card is most convenient due to following reasons:

  • Most important one is that the user gets FREE MONEY each month. This feature is what attracts users to own a card.
  • Helps in building credit history
  • Saves money due to rewards, cash back, discounts, etc.
  • Highly secured
  • Accepted worldwide, etc.

Easiest Ways to Get Credit Card Approved in India

However FREE MONEY is the main reason why card issuers get many applications either for a new one or increasing the limit. However this does not mean everyone gets approval because of strict eligibility criteria which issuers put to avoid loss. But this does not mean getting a credit card is difficult.

There are easy to get credit card in India as mentioned below:

Supplementary Card

The first option without the user having to prove his/her creditworthy is add-on or supplementary card. It is similar to having a joint bank account. If your family member owns a credit card and has good repayment and transaction history, then he/she can apply for a supplementary card for his/her family members (spouse, parents or children). This is the reason why this credit card is easy to get in India.

The credit limit gets divided between the two cards (primary and secondary). Monthly bills are in the name of primary card holder and statement is consolidated.

However the name on the new card is of the secondary owner. Although this is a hassle free way to get card in India, using it irresponsibly will affect the credit score of the primary owner. So be very careful while using the card.

This card is best recommended for:

  • Students
  • Retired senior citizens
  • Housewives
  • Individuals with poor or no credit history

You can get following add-on credit cards easily:

  • Aqua – Kotak Mahindra Bank
  • Urbane – Kotak Mahindra Bank
  • PVR Platinum – Kotak Mahindra Bank
  • Sapphiro – ICICI Bank
  • Signature – ICICI Bank
  • Rubyx – ICICI Bank
  • Silver – HDFC Bank
  • Gold – HDFC Bank
  • Titanium – HDFC Bank
  • Unnati – State Bank of India
  • Simply SAVE – State Bank of India
  • Simply Click – State Bank of India

Note that there are many other cards and banks that provide add-on card. So if anyone in your family member wants a card, ask the primary card owner to contact the bank and apply.

Cards against Fixed Deposit

Secured card is also an easiest way to get credit card to get approved in India. All you need to do is open or use existing fixed deposit account and get card against it. The credit limit offered is 80%-85% of the FD amount kept with the bank. The biggest advantage is that there is no minimum income requirement and income documents, credit score is not checked. And other documents required are minimal.

Listed in the below table are the credit cards against fixed deposit in India and the minimum FD amount to be kept with the bank:

Sr. No.Credit Card NameMinimum Fixed Deposit Amount RequiredCard Issuing 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
11Aqua GoldRs. 25,000Kotak Mahindra Bank
12Advantage PlusRs. 25,000State Bank of India

Cards that Low Salaried/Income Earners can get Easily

The easiest way to get credit card in India is against salary account. The bank account in which employee’s salary gets credited every month can help in getting a card. However there is a myth that cards are approved to the individuals with high salary as they are credit worthy.

But there are many cards for low income individuals (salaried/self-employed) as listed in the below table. These are unsecured cards which means the risk to the issuers is high.

Sr. NoCredit Card NameMinimum Annual Income RequiredEquivalent Minimum Monthly IncomeCard Issuing Bank
1Coral 20,0001,667ICICI Bank
2Visa Classic for Self Employed50,0004,167Vijaya Bank
3Visa Classic for Salaried60,0005,000Vijaya Bank
4Classic for Salaried60,0005,000Syndicate Bank
5Classic for Senior Citizen60,0005,000Syndicate Bank
6Bharat72,0006,000Indian Bank
7India Card75,0006,250Bank of India
8Empowerment for Salaried80,0006,667Jammu and Kashmir Bank
9Canara Visa Classic / MasterCard Standard1,00,0008,333Canara Bank
10Visa Global for Self Employed1,00,0008,333Vijaya Bank
11Classic for Self Employed1,00,0008,333Syndicate Bank
12Gold for Senior Citizen1,20,00010,000Corporation Bank
13Visa Global for Salaried1,20,00010,000Vijaya Bank
14Freedom Card1,44,00012000HDFC Bank
15Bharat CashBack1,44,00012,000HDFC Bank
16Visa Gold1,50,00012,500Bank of India
17Visa Gold International1,50,00012,500Bank of India
18MasterCard Titanium1,50,00012,500Central Bank of India
19Visa Gold1,50,00012,500Central Bank of India
20RuPay Platinum1,50,00012,500Central Bank of India
21Gold1,50,00012,500Indian Bank
22Classic1,50,00012,500Indian Bank
23Platinum1,50,00012,500Indian Bank
24Gold for Salaried1,50,00012,500Syndicate Bank
25Empowerment for Self Employed1,50,00012,500Jammu and Kashmir Bank
26Axis Bank Gold1,80,00015,000Axis Bank
27RuPay Platinum1,80,00015,000Andhra Bank
28Gold for Salaried1,80,00015,000Corporation Bank
29Gold for Professional1,80,00015,000Corporation Bank

Note that, these credit cards are easy to get approved provided you meet other criteria as well, such as good credit score, proper documentation, etc.

So as you can see, there are three easy options to get credit card in India. And most of these cards offer cashback on fuel/grocery spend, bill pay, recharges, air and rail booking, etc. making them attractive.

But remember that, credit cards are easy to get only when credit worthiness is proven by:

  1. Having good income
  2. Good credit score
  3. Keeping some kind of collateral with the bank e.g. FD.
  4. Proper documentation

Credit Card FAQ: Income, Types, Fake Documents, Score & more

Readers of this site have posted various queries via E-mail or comments section. Many of the queries were related to credit cards. Most of these queries have been clubbed, listed below, along with the answers.

Here we go…

General Questions

What are different types of credit cards available in India?

There are three types – secured (offered against security – fixed deposit) and unsecured (offered depending on income, credit score, employment, city, etc.). The third option to get card is a supplementary card offered to family member of the primary card holder with good credit score and repayment history.

Also, why is credit score taken into consideration?

Look at it this way. Would you ever lend money to your friend who, in the past, delayed the money owed to you. Won’t you instead lend money to someone who had made the repayment without any default? This is the same logic used by issuers to verify authentic applicants. They will gather all the historic credit (loan/credit card) repayment history, number of loans/cards applied/rejected/in-use. And based on that, credit score is calculated.

Secured card or unsecured card, which one should I choose?

If credit history is not good very few banks will approve the application. So for such individuals, cards against FD is the best option. However the limit on such cards depends on the FD amount kept with the bank and 85% of the amount is offered as the card limit. However if you need a high credit limit then unsecured card is the recommended solution.

Does having a card affects credit rating?

No. But having too many cards does affect the score.

How many cards I can own?

There is no definite answer. But remember that, having or applying for too many cards displays credit hungry behavior. So two cards are enough.

Income Related Queries

Why card issuers ask for income when applying for a unsecured card?

Income is the only proof to evaluate whether the applicant is credit worthy or not i.e. repayment capacity and decide on the credit limit. Higher the income, higher are the chances of approval and vice-versa.  repayment capacity or not. Poor salary naturally indicates, the repayment capacity would be poor. So the risk is high.

What does annual income mean on a credit card application?

Whenever any individual applies for a unsecured credit card, issuer will ask for the annual income. Annual income for salaried employee means net income received via salary after all the deductions.

Is there any other way to get card when the applicant does not having any income source?

Yes – there are two options. Apply for secured card i.e. against fixed deposit. Fixed deposit is the only security accepted by banks in India. Another solution to get card is add-on card.

Can I lie about income while applying for credit card?

NEVER do this. You will get caught since issuer will ask for document showing your income. It’ ok to not have card then having a one which was bought fraudulently.

Can you get a credit card with no job and bad credit?

Yes. Credit card against fixed deposit is the best solution for such individuals. You need to open FD account and deposit a minimum amount and get card against it. You can also get card against existing FD. Another option is supplementary card. This way you can start building credit history or repair existing bad score by making timely repayment, in full and without crossing the credit limit.

I have low income, can I get credit card?

There are many banks in India offering credit card to people with poor income. For e.g.

  • Visa Classic from Vijaya Bank requires annual income of Rs. 50,000 (i.e. monthly income of Rs. 4,167)
  • India card and Visa Gold credit card offered by Bank of India requires applicant to have minimum annual income of Rs. 75,000 (i.e. monthly income of Rs. 6,250)

Can I include parents income on credit card application?

No. Applicant can get card based on his/her income.

Self Employed & Credit Card

How can self employed get credit card in India?

Self-employed individuals can get card through 3 ways – against FD, traditional card, and add-on card.

Does being self employed affect credit score?

No. Factors affecting credit score are – repayment history, number of credit applications made, card usage, etc.


What are the various income related document proof requested by the issuer?

Documents vary depending on the profession of the applicant.

For salaried individuals:

  • Monthly pay slip for last 3 months
  • Bank statement for last 6 months
For self-employed individuals:
  • Income tax return for last 3 years
  • Form-16A

Note: Depending on the case, issuers may ask for other documents.

What if I provide fake documents and mention incorrect income?

Many times, when the income of applicant is low, he/she produces forged documents with inflated income or fake company address, etc. But this should NEVER be done. With evolving technologies and strict background check, it is now very easy for issuers to verify authenticity of the applicant. And, if caught, it can lead to legal case especially if you are a salaried professional. It is a criminal offence especially when you are a salaried employee since you are using official company document for personal benefit.

Producing fake document (salary slip, bank statement, etc.) may result in job loss and no experience or relieving letter will be provided due to termination of job. Also, future career prospects will be at risk. This is because if your employer files police complaint then getting a passport/renewing will become difficult, since police case is registered on your name. Also, future employer also verifies whether police records exist on the candidate’s name. So always remember, not having a credit card will not make you poor, but obtaining it through unethically will take you to the path of poor.

Quite often getting the queries answered related to credit card becomes difficult. And every individual has different set of queries related to it.

Should you have any queries related to credit card, mention it in the comment box below. And the same will be answered as early as possible.

2018: 13 Credit Cards for Bad Credit Score

Getting a credit card or any type of loan is difficult. And when an individual with bad or poor credit score applies for any type of credit, the chances of approval further becomes difficult. This is because in the eyes of financial institutions such individuals are risky borrowers. And there are multiple reasons to it such as – poor repayment history i.e. delayed or default payment, over usage of credit limit, too many credit applications, etc.

Practically speaking when we say that individual has bad credit score, it means that his/her score ranges between 300 to 499.

So can a person with bad credit score get credit card in India?

The answer is YES.

But how?

Such individuals can get credit card in two ways:

  • Against FD
  • Supplementary card

Against Fixed Deposit

This is nothing but a secured credit card which applicant gets by opening a fixed deposit. In addition to this, depositor has to keep a minimum amount as a security with the bank. There are very limited banks in India offering credit cards against fixed deposit as listed in the below table.

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
11Aqua GoldRs. 25,000Kotak Mahindra Bank
12Advantage PlusRs. 25,000State Bank of India
13GalaxiaRs. 1,00,000Kotak Mahindra Bank

The biggest advantage of cards against FD is that it helps in building or improving credit history of the person with bad credit score. Also it carries low interest rate.

Since the credit limit depends on the deposited amount it brings in habit of saving as the user has to spend within the limit. Opposite is the case when someone gets card traditionally which usually has a very high credit limit.

Documentation required are less. And most importantly financial institutions do not ask for any documents related to income such as salary slip, income tax return, etc.

Supplementary Card

It is one of the best way to get credit card for individuals with bad credit score or even first timers or housewives/students/senior citizens and others with no credit history.

In order to get supplementary card (also called as add-on card) someone from the family should own a credit card and must have a good credit score. These primary card owners can then apply for credit card in the name of family member (brother, sister, father, mother, wife, children).

The application process is simple and the card is typically free of cost.

Almost every bank offers add-on card to it’s users and against one card more than one add-on card can be applied. But remember that the credit limit gets shared between primary and add-on card owner. And every month consolidated statement is generated.

Few of such cards are:

  • SimplyCLICK SBI Card
  • SimplySAVE SBI Card
  • SimplyCLICK Advantage SBI Card

Bad Credit Score – Who is at fault?

Although not every time a person with such a score is responsible for the condition. This is because delayed or default in repayment can also be due to temporary financial problems such as job loss, unexpected financial emergency such as medical expenditures, etc. So if card user thinks that he/she may not be able to make repayment on time, then they should approach banks and ask them to revise the repayment date.

13 Credit Cards with No Job Verification

Everyone must be hearing the rising NPAs resulting in losses to the financial institutions in India. Although businesses are biggest contributors to the NPAs, it doesn’t mean that defaults by single individuals are not counted.

Even a small default adds upto the loss. This is the reason banks are taking cautious approach and have become strict when granting any type of credit i.e. personal loan, credit card, car loan, etc to individuals. Here strict means eligibility criteria to avail finance has become strict.

Financial institutions now are using innovative ways to evaluate creditworthiness of each and every credit application and prevent frauds. And one such data analysed by lenders is the online behavior.

This includes (to name a few):

  • What you tweet on Twitter
  • Share or like on Facebook
  • What you buy online
  • Online utility bill payments and others.

In addition to this financial institutions will continue with the traditionally done credit bureau checks which primarily gives scores to individuals based on their credit worthiness.

However one eligibility factor that would always remain crucial is the applicant’s company (i.e. where he/she works) and income whether salaried or self employed. Low income means lower chances of credit card approval and vice-versa. So even if you were employed earlier but are currently unemployed, the chances of getting credit card will be low. This is because card issuers won’t be able to verify the applicant’s job and salary.

So how to get credit card with no job verification?

There are two easy options for such individuals to get credit card:

  • Against FD
  • Add-on card

Against Fixed Deposit

This is one of the best option to get credit card with no job verification. You can open fixed deposit with minimum amount as specified by the banks and get credit card against it. This is nothing but a secured credit card.

Here is the table showing list of credit cards against FD:

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
11Aqua GoldRs. 25,000Kotak Mahindra Bank
12Advantage PlusRs. 25,000State Bank of India
13GalaxiaRs. 1,00,000Kotak Mahindra Bank

Some of the advantages of cards against FD are:

  • Banks do not check whether you are employed i.e. no job verification or income proof required. So even retired senior citizens, housewives, students can apply for the card.
  • There is no credit score checked
  • Documents required are minimum
  • User gets insurance cover as well


However with advantages comes disadvantages. Few of them are as follows:

  • Money kept in the account gets locked.
  • In case of payment default, bank will deduct the money from the FD account.

Add-on card or Supplementary Card

Another option to get credit card with no job verification is add-on card. If any of your family member (children, mother, father or spouse) owns a card and has a good repayment history, then he/she can apply for a credit card in your name. In this case too, there is no credit history check done for primary card holder. This is kind of joint account but in this case credit limit given to the primary owner gets shared with supplementary card owner. Benefits such as usage, reward points, etc.

List of financial institutions offering add-on credit card in India:

  • ICICI Bank
  • HDFC Bank
  • Citibank
  • Axis Bank
  • Kotak Mahindra Bank and many others.

Since primary account is used for any dues and credit reporting, it is the responsibility of the add-on card owner to use the card honestly. Any poor usage will impact primary card owner and all the dues and interest rate will have to be paid by him/her. In addition to this, credit score of primary owner will be affected negatively.

Essential Steps to Get Out of Credit Card Debt

Many people find themselves in a very high level of debt with some in a truly desperate situation.

When the problem is already serious, the solution is unfortunately not simple and requires many sacrifices.

But it also allows us to learn, and not fall back into the trap of minimum payments.

Any plan to get out of debt implies that one can pay at least the minimum monthly payment on all of their credit cards, and a little bit more. If you really can’t, then you have to take additional steps, which we’ll discuss below:

The steps to follow are:

Recognize and face:

The first step in solving any problem is to recognize it.

You should gather the last statements of all the credit cards and add up the balances to see what the total debt is.

This way, you will have calculated the size of the debt and have a complete picture of the situation you are in.

Hide cards:

Your primary goal should now be to resolve the debt.

Therefore, you must at all cost avoid using credit cards. Do not carry them with you and do not have them at hand.

It is better to keep them in a safe place, to avoid any temptation, and get used to paying everything in cash for the moment.

Prepare a plan of action:

First, you must write down on paper the total amount of net monthly income you receive, i.e. tax-free.

Next, your fixed expenses: Rent or mortgage payment, telephone, gas, electricity, schools, cable television, etc.

Now, you have to estimate other expenses, such as: supermarket, transportation, and so on.

With this, you will be able to see what expenses can be cut, for example, pay television, cell phones or the telephone line of the house, among other things. If your problem is very serious then you need to cut back on everything that possible and won’t impact day to day living.

Remember that in order to get out of debt problem as soon as possible, you must allocate as much money as possible for the debt payment.

Finally, one should subtract one’s expenses from one’s income to see how much money is available for the creditors. This amount should be enough to cover the minimum payment on all of your cards and an amount to make additional payments. Otherwise, it is very clear that you live outside your possibilities. So you must remedy this situation as soon as possible to avoid further problems.

Read more: Know your rights when facing debt collectors.

List and order:

Make a list of what you owe on the credit cards, as follows: Name of the Card, Total Balance (Debt), Interest Rate, Minimum Payment and Payment Date.

Then, sort them taking the criteria of putting first the one with the highest interest rate, and so on.

Prioritize payments:

You should pay the minimum balance on all the cards, to avoid falling into arrears, and all the additional amount left for this purpose, you should assign it to the card that charges you the highest interest rate. This allows to pay the most expensive debt first.

What if you don’t have enough for the minimum?

If such a condition arise, then the problem is severe, which usually requires solutions that are usually very hard. What can be done in such cases, to implement the above plan, is:

Selling an asset: For example, car, or some family jewel.

Pawning is not an option in this case because it is usually a short-term loan, with high interest rates (sometimes similar to those charged by credit cards), and where you are given a fraction of the cost of an item that could be lost, if this loan can’t be repaid.

Additional money:

If you have savings, you will probably have to use them to repay a portion of your loans, since the interest rate on these loans is much higher than the rate you receive anywhere for your investments.

Or, perhaps get a second job that provides an additional source of income.

As a last resort, you may be able to get a loan from your family or the company where you work that will help you pay off your debts to financial institutions in full, so that you can keep only one loan at a much lower interest rate.

Credit Card for Pensioners: 4 Ways to Get – Low Income Cards, Against FD

In the golden days of life i.e. after retirement, as the individual moves from working life to a new life, the biggest challenge is meeting the day to day need as it was before retirement. Although pensioners get money every month in the form of pension, the amount may not be always sufficient to meet day to day expenses, especially when they have dependent.

Personal loan for pensioner (central or state government or defense personnel) is a good option but the interest rate is very high. So other solution to arrange money is credit card.

But can a pensioner get credit card in India?

The answer is YES.

There are four ways, a pensioner can get credit card as follows:

  1. Especially designed for pensioners
  2. Normal card – If pensioner continues to work after retirement, then they can apply for such cards.
  3. Card against securities i.e. fixed deposit
  4. Supplementary card

We’ll explore each of the above options:

Credit Card for Pensioners

At present, there is only one card for pensioners in India offered by Bank of India. This credit card exclusively designed for pensioners has credit limit which is three times the monthly pension earned. For e.g. if the pension is Rs. 25,000 per month, then the credit limit offered would be between Rs. 70,000 – Rs. 75,000.

There is no joining fee on the card and the billing cycle is from the 16th of current month to the 15th of next month.

Credit Card for Low Salaried Pensioners

Every one wants to continue working after retirement and keep earning money and also keep themselves busy. If after retirement, the pensioner continues to work or is self employed offering consulting service or does small business, then they can apply for cards at various banks in India. However if the income is low, then they can apply at following banks offering cards to low income earners.

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

The reason card issuers ask for income is to evaluate the credit worthiness of the applicant in order to prevent defaults. However if the pensioner is not using the card for the first time and has used the card earlier and has good track record then chances of getting a card increases.

Read more: Keep working try these best jobs after retirement.

Against Fixed Deposit

Fixed deposit is one the safest investment product for risk averse investors. If pensioner has any ongoing FD account with the bank, then they can get credit card against fixed deposit or they can open a new FD account and apply for the card. The credit limit offered is 80% – 85% of the FD amount kept with the bank.

For e.g. if an individual keeps Rs. 1,00,000 in FD and takes card against it, then the monthly credit limit offered would be in the range of Rs. 80,000 – Rs 85,000.

The table below shows cards offered by various banks against FD:

Sr. NoCredit Card NameMinimum Fixed Deposit Amount RequiredCard Issuer
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
11Aqua GoldRs. 25,000Kotak Mahindra Bank
12Advantage PlusRs. 25,000State Bank of India
13GalaxiaRs. 1,00,000Kotak Mahindra Bank

There are many advantages of taking card against FD and few of the key benefits are:

  1. No credit history check
  2. Low interest rate
  3. Very minimal documentation
  4. No income criteria so no need to provide income related documents such as salary slip, IT returns, etc.

Check out ways to earn extra income after retirement.

Supplementary Card

Also called as add-on card, if any family member (pensioner’s wife/husband, son, daughter) owns a credit card then they can apply for a add-on card. However the criteria to apply for such card is that, the credit score of the primary card owner should be good and he/she should not have taken add-on card already. But make sure, to make repayment on-time and fully against the secondary card. Otherwise, credit score of both primary and secondary card owner gets affected negatively.

Although a pensioner continues to receive money in the form of pension the money may not always be sufficient to meet their financial objectives such as foreign trip, buying electronic accessories, etc. Although this can be achieved through their personal savings but this money should ideally be reserved for emergency medical expenses, marriage of children, or others.

Owning credit card after retirement has many benefits:

  1. Pensioner can build credit history
  2. Not rely on personal savings or others for money
  3. By making regular payments and using the card honestly, they can avail card with higher limit or loan in the future.

Tips for pensioners to achieve good credit score

Getting any type of credit after retirement is difficult compared to when you are earning. But if pensioner succeeds to get any type of credit (e.g. personal loan, car loan, credit card, etc.) then he/she should take this as an opportunity to build a good credit score. Here are some of the basic tips to achieve a good credit score:

  1. Never miss any payment. Always pay before the due date.
  2. Pay the bills fully
  3. Never spend above the credit limit
  4. Never use your credit card for cash withdrawal at ATMs
  5. Do not frequently apply at too many banks for the credit
  6. Make sure to ask your lender, whether repayment and other financial transaction data is updated at credit rating agencies. This is extremely important when you apply for any other type of credit in the future with the same or different bank.

Instant Credit Card with No Income from ICICI Bank

The never ending need of money can either be fulfilled through own savings or applying for personal loan or credit card at financial institutions. However for a low income earner, getting personal loan and credit card is very difficult. And adding to the pain, is no credit score which is a important eligibility criteria. And especially when you are in the need of urgent money, the situation becomes very difficult.

To overcome this problem, ICICI Bank offers Instant Platinum Credit Card.

Here are the features

Main objective: The main objective behind instant credit card is to help build or repair credit score.

Secured card: It is actually a card against fixed deposit. Meaning, applicant should keep minimum Rs. 20,000 in FD account and against this deposit, ICICI bank will offer credit card.

No credit history check: Bank will not check credit score of the applicant. This is very important, because when someone applies for credit card in a traditional way, card issuer will do a thorough background check of the applicant’s past credit history by contacting credit agencies such as CIBIL and generate credit score. So a person with poor credit score can also apply for this card and improve his/her credit score.

Free: This card is completely free i.e. there is a zero joining and annual fee.

No income criteria: There is no need for the applicant to be a working professional or self-employed. Meaning, bank will not ask for the monthly or annual income. So even students, housewives, retired person can get instant credit card.

Free add-on card: Card users with good usage and re-payment history can also apply for supplementary card for no additional fee. This card can be applied for family members such as wife, children, and parents.

High interest rate: The interest rate on the card is very high 29.88% annualized. So make sure to make all the repayment on time and fully.

Minimum documentation: Since the card is issued against fixed deposit the documents required are very less, as the bank already has most of the documents with them required at the time of opening the FD account. There are no income documents such as salary slip or IT returns required.

Secured: It is a PIN based card, which adds additional layer of security.


  • Earn 2 payback points on spending Rs. 100
  • Earn 1 payback point on every Rs. 100 spent on utilities and insurance categories
  • ₹ 100 off on movie tickets booked via bookmyshow on any day of the week
  • 1% fuel surcharge waiver
  • 15% savings at restaurants

Other conditions to get card:

  • FD should be in the name of the applicant.
  • Applicant should not be NRI, minors, and foreign national.
  • FD tenure should be 180 days

How to apply for Instant Credit Card?

There are two ways to get this card:

  1. Visit ICICI bank branch and get the card over the counter.
  2. Apply online and get card delivered to your registered address.

Credit Card: Benefits, Pros & Cons

Credit card also known as plastic money, is a card that allows us to make payments almost everywhere without the need of having cash. It is issued by banks or financial institutions and can be characterized as a means of payment.

We use the credit card for shopping, hotel/airline tickets purchase, restaurant visits and many utilities. But most of all, it’s easy to shop on the internet.

Borrowing Money:

Its biggest difference against the simple bank card is that the card user gets to borrow money immediately instead of withdrawing it from our bank account. What does that mean?

We can use money we don’t have. As the name says, we take a loan from the bank. This credit is later repaid in two ways as follows:

  1. You can pay the full amount at the end of the month. Thus, no interest is applied. You only pay for the money you borrow.
  2. You repay the loan amount in small monthly installments. In this case the banks charge an interest rate.

How do we benefit?

Credit cards are a widely accepted and very useful means of payment, especially abroad. Ordinary credit cards are accepted in limited countries. On the other hand, credit cards are almost everywhere accepted and then very convenient during your travels in America, Europe, or Asia.

In addition, you benefit from several insurances against the damage of your purchases or unforeseen accidents during your travel.

What are the strengths and weaknesses of a credit card?

If you’re wondering what a credit card is for and there are hidden traps, the following list will answer your questions.

The positive sides:

– A credit card offers more convenient payment over cash. You only bring a card which can be used to pay everywhere. Without worrying about withdrawing a sufficient amount and without fear of having to circulate with a large sum. Credit cards are accepted worldwide and in most of the countries.

– Easier and safer online payments. Credit cards are insured against fraud, or non-delivery of your purchases. In case of accident you cancel the payment and everything is paid by your card issuer.

– In case of an urgent purchase, credit cards will give you the money to pay without having it in your bank account. You can then repay once the statement arrives.

– If you pay off your credit card bill at the end of each month in full and stay within the credit limit, there is no interest to pay.

– You benefit from the additional services that you do not find with conventional cards. Insurance and assistance are linked to most credit cards. You are also part of a loyalty programme from which you earn discounts, air miles and other exclusive offers depending on the card chosen.

Points to watch out for:

– Be careful with your expenses. Sometimes if you borrow a lot of money, it is expensive to pay it back. In this case it is better to try a personal loan, with a more favorable interest rate than credit cards.

– Credit cards often charge an annual fee for their use. If you don’t use your card frequently, maybe a regular credit card is enough for you.

– Cash withdrawals are not recommended with your credit card. Additional charges are applied. In this case, prefer to use your credit card.

– In any case, there is still the risk of theft. Be careful, keep your PIN code secret and call your provider’s stop number immediately in case of loss.

In short, credit cards are very profitable and useful in everyday life, if you follow a rule: you only use money that you can repay. There is also a reason, that we are restricted by the limit of the card.