Credit Cards for Salaried in India – High & Low Salary
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.
|Sr. No.||Bank Name||Credit Card Name||Minimum Annual Income Required (in INR)||Equivalent Monthly Income (in INR)|
|1||Corporation Bank||Gold for Senior Citizen||1,20,000||10,000|
|2||HDFC Bank||Freedom Card||1,44,000||12,000|
|3||HDFC Bank||Bharat CashBack Card for Salaried||1,44,000||12,000|
|4||Corporation Bank||Gold for Salaried Professional||1,80,000||15,000|
|5||Corporation Bank||Gold for Professional||1,80,000||15,000|
|6||Andhra Bank||RuPay Platinum||1,80,000||15,000|
|7||Corporation Bank||Gold for Self Employed||2,00,000||16,667|
|8||HDFC Bank||Bharat CashBack Card for Self Employed||2,00,000||16,667|
|9||State Bank of India||SimplySAVE||2,16,000||18,000|
|10||State Bank of India||SimplyCLICK||2,16,000||18,000|
|11||Corporation Bank||RuPay Platinum||2,50,000||20,833|
|12||HDFC Bank||Times Titanium Credit Card||3,00,000||25,000|
|13||HDFC Bank||MoneyBack Credit Card||3,00,000||25,000|
|14||Yes Bank||Prosperity Reward Plus||3,00,000||25,000|
|15||HSBC Bank||Smart Value||3,00,000||25,000|
|16||Dhanlaxmi Bank||Gold Card||3,00,000||25,000|
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.
Hi, I am Nikesh Mehta owner and writer of this site.
I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business.