Ever thought of getting free money every month to buy almost anything in the world, from anywhere, in addition to free period to payback the bill, and that too with an option to pay minimum amount only and not the full amount?
That’s what credit card is all about, the most widely used payment method in the world whose usage is now growing steadily in India as well. These are just few benefits offered by the credit card but the most important ones attracting users across the globe.
However the painful thing is not everyone is eligible to get credit card despite of everyone being interested in owning a one.
Card applications are scrutinized in detail and typically are rejected because of:
- Poor credit score
- No credit history
- Low income
- No income/address proof and few others.
The decision to approve or reject the application is solely dependent on the bank or card issuer and you may never come to know the reason for the rejection. For e.g. If you are able to meet income criteria, the card application can get rejected, if you do not have income proof and so on.
In case of credit card (or loan) the applicant’s income is the most commonly checked eligibility criteria. Income/salary is actually directly proportional to the credit card limit and approval chances. Income and credit history check are the only ways for a card issuer to evaluate credit worthiness of the individual and stop them from investing in a loss making customer.
Higher income will add more weightage to your application and you will have good chance of card approval along with a high credit limit. But at the same time, low income may result in application rejection. And if approved, the limit will be lower. But this doesn’t mean – poor income earners will never get a credit card. Because issuers want to sell more and more cards (but only to individuals who according to them are credit worthy). There are cards for low income individuals offered by various banks in India. Their objective is to tap low income groups in need of credit.
Here is the table showing 74 credit card and the annual/monthly income requirement:
|Sr. No||Credit Card Name||Minimum Annual Income Required (Rs.)||Equivalent Minimum Monthly Income (Rs.)||Card Issuing Bank|
|1||India Card||75,000||6,250||Bank of India|
|2||Visa Gold||1,50,000||12,500||Bank of India|
|3||Visa Gold International||1,50,000||12,500||Bank of India|
|4||Axis Bank Gold||1,80,000||15,000||Axis Bank|
|6||Vistara Infinite||6,00,000||50,000||Axis Bank|
|7||Vistara Signature||6,00,000||50,000||Axis Bank|
|9||Privelege Credit Card||6,00,000||50,000||Axis Bank|
|10||Freedom Card||1,44,000||12,000||HDFC Bank|
|11||Bharat CashBack||1,44,000||12,000||HDFC Bank|
|12||Diners Club Premium||7,20,000||60,000||HDFC Bank|
|13||Diners Club Rewardz||3,60,000||30,000||HDFC Bank|
|14||Business Regalia First||7,20,000||60,000||HDFC Bank|
|15||Canara Visa Classic / MasterCard Standard||1,00,000||8,333||Canara Bank|
|16||Canara Gold||2,00,000||16,666||Canara Bank|
|17||RuPay Platinum||1,80,000||15,000||Andhra Bank|
|18||VISA Classic||3,00,000||25,000||Andhra Bank|
|19||VISA Platinum||5,00,000||41,666||Andhra Bank|
|20||VISA Signature||10,00,000||83,333||Andhra Bank|
|21||RuPay Select||5,00,000||41,666||Andhra Bank|
|22||Titanium||2,00,000||16,666||Bank of Baroda|
|23||Signature||12,00,000||1,00,000||Bank of Baroda|
|24||Platinum||4,00,000||33,333||Bank of Baroda|
|25||Bombay Bullion (Co-branded)||3,00,000||25,000||Bank of Baroda|
|26||Gold for Salaried||1,80,000||15,000||Corporation Bank|
|27||Gold for Professional||1,80,000||15,000||Corporation Bank|
|28||Gold for Senior Citizen||1,20,000||10,000||Corporation Bank|
|29||Gold for Self Employed||2,00,000||16,667||Corporation Bank|
|30||Platinum for Salaried||2,50,000||20,833||Corporation Bank|
|31||Platinum for Professional||3,00,000||25,000||Corporation Bank|
|32||Platinum for Senior Citizen||2,50,000||20,833||Corporation Bank|
|33||Platinum for Self Employed||3,00,000||25,000||Corporation Bank|
|34||Signature Card for Salaried||10,50,000||87,500||Corporation Bank|
|35||Signature Card for Professional||10,50,000||87,500||Corporation Bank|
|36||Signature Card for Senior Citizen||10,50,000||87,500||Corporation Bank|
|37||Signature Card for Self Employed||10,50,000||87,500||Corporation Bank|
|38||Visa Classic for Salaried||60,000||5,000||Vijaya Bank|
|39||Visa Classic for Self Employed||50,000||4,166||Vijaya Bank|
|40||Visa Global for Salaried||1,20,000||10,000||Vijaya Bank|
|41||Visa Global for Self Employed||1,00,000||8,333||Vijaya Bank|
|42||Vijay RuPay Credit Card||NA||NA||Vijaya Bank|
|43||MasterCard Titanium||1,50,000||12,500||Central Bank of India|
|44||Visa Gold||1,50,000||12,500||Central Bank of India|
|45||RuPay Platinum||1,50,000||12,500||Central Bank of India|
|46||MasterCard World||5,00,000||41,666||Central Bank of India|
|47||Visa Platinum||5,00,000||41,666||Central Bank of India|
|48||Aspire (Against Fixed Deposit)||20,000 (Minimum Deposit)||-||Central Bank of India|
|49||Rupay Platinum||Applicant should be account holder||-||Central Bank of India|
|50||RuPay Select||Applicant should be account holder||-||Central Bank of India|
|55||Gold for Salaried||1,50,000||12,500||Syndicate Bank|
|56||Gold for Self Employed||2,00,000||16,666||Syndicate Bank|
|57||Classic for Salaried||60,000||5,000||Syndicate Bank|
|58||Classic for Self Employed||1,00,000||8,333||Syndicate Bank|
|59||Classic for Senior Citizen||60,000||5,000||Syndicate Bank|
|60||Empowerment for Salaried||80,000||6,666||Jammu and Kashmir Bank|
|61||Empowerment for Self Employed||1,50,000||12,500||Jammu and Kashmir Bank|
|62||Visa Platinum||5,00,000||41,666||HSBC Bank|
|64||Platinum Chip||2,50,000||20,833||ICICI Bank|
|68||Ferrari Signature||15,00,000||1,25,000||ICICI Bank|
|69||Jet Sapphiro||15,00,000||1,25,000||ICICI Bank|
|70||Jet Rubyx||10,00,000||83,333||ICICI Bank|
|71||Jet Coral||5,00,000||41,666||ICICI Bank|
|72||Ferrari Platinum||5,00,000||41,666||ICICI Bank|
|73||Instant Platinum (Against Fixed Deposit)||20,000 (Minimum Deposit)||-||ICICI Bank|
|74||Coral||20,000 (Minimum Deposit)||-||ICICI Bank|
Few cards (RuPay) and against fixed deposit, as mentioned above, are offered only to the account holders of the respective bank with income being the least important criteria. For cards against FD, income is not the eligibility criteria. Only a minimum deposit amount is required to get a credit card against FD.
As you can see, low monthly income earners can also get credit card provided they meet other eligibility criteria of the issuing bank. There are many other cards offered by various banks in India but income criteria could not be retrieved. So if you are approaching any bank for credit card, ask for list of all the cards.
Note: As mentioned above there are many reasons for card application rejection and income is one of them. The decision is solely on the bank to approve or reject.
And in your spare time, do mention the card name, income criteria and name of the bank in the comment section of this page. We will add the card to the above list, so that it will help other readers of the site.