2019: 8 RuPay Credit Cards for Low Income Earners
India’s first payment network or payment gateway “RuPay” offers 3 variants of credit cards as follows:
Payment network is a digital system for processing card payment. And using these payment network, banks or financial institutions offer credit/debit card.
How to Get RuPay Credit Card
National Payment Corporation of India (NPCI) has partnered with over 600 local, regional and international banks who will offer these cards to the applicants. Few of the major Indian banks to get RuPay credit cards are:
- HDFC Bank: Offers “Bharat RuPay Card”. Minimum gross monthly income required is Rs. 12,000 for salaried. For self employed individuals, minimum income requirement is Rs. 2,00,000 per annum.
- Canara Bank: Offers Canara RuPay card. Free complimentary insurance cover of upto Rs. 1 lakh in case of loss of life.
- Union Bank of India – Is the first Indian bank to offer Rupay credit card and offers two variants – “Platinum“ – Premium and “Select” – Super Premium
- Bank of India: Offers two variants of RuPay – “Platinum” and “SwaDhan RuPay Platinum”. Platinum variant offers free insurance cover of upto Rs. 2,00,000 in case of loss of life or permanent disability.
- Andhra Bank: Also offers two variants – Platinum and Select. For PLATINUM card, monthly income required is Rs. 15,000 (i.e. Rs. 1,80,000 per annum). For SELECT card, applicant’s income per month should be ~Rs.42,000 i.e. annually Rs. 5 Lacs).
- State Bank of India
- Punjab National Bank
- Bank of Baroda
- Bank of India
- ICICI Bank
- Citibank N. A.
Interested individuals will have to visit these banks/apply online to get any of the above listed cards i.e. Select, Platinum and Classic. Many of the banks do not promote RuPay cards. So you will have to visit their branch and ask for the same.
Features & Benefits:
Low Transaction Cost: Similar to existing cards offered by MasterCard, Visa, Amex; the payment processing via RuPay card will be done in India. This basically means the cost of transaction will be reduced. These foreign companies charge a very high commission which increases the service charge to the banks. And banks levy these charges from their customers.
No joining fee for the banks: To access payment gateway of international companies like MasterCard, Visa, Amex and others; Indian banks have to pay a joining fee. This won’t be the case with RuPay card. So ultimately less cost to the Indian consumers.
Data Security: Currently when payment is done using MasterCard, Visa, Amex, the card holders data is processed outside of India. This means all the personal and transactional details are stored out of India. So basically foreign companies have all the information of Indians. But using RuPay all the details will remain in India.
International transactions are not possible using RuPay, which is the significant disadvantage to the card holders. However for anyone looking to start building credit history, RuPay is highly recommended.
Depending on the card type and the issuing bank, the benefits will differ. For e.g. here are some of the money saving benefits
- Bharat RuPay Credit Card from HDFC bank offers 5% cashback on spends on fuel, grocery, train ticket booking on IRCTC website or mobile app.
- “Super Platinum” and “Platinum” RuPay card from Union Bank of India offers free insurance cover of Rs. 8 Lacs – Rs. 10 Lacs for loss of life on “Super Platinum”. Whereas coverage of Rs. 5 Lacs – Rs. 8 Lacs is offered on “Platinum” card. Maximum Rs. 50 cashback on utility bill payment.
Other credit cards for low income earners
Note that, not all the banks offer RuPay credit card. So if you are low income earner and want credit card, then below table shows list of MasterCard/Visa/Amex credit cards offered by various Indian banks along with their income requirement:
|Sr.No.||Credit Card Name||Issuing Bank||Monthly Income Required (INR)|
|1||Visa Classic||Vijaya Bank||5,000|
|3||India Card||Bank of India||6,250|
|4||Empowerment||Jammu and Kashmir Bank||6,666|
|5||Canara Visa Classic / MasterCard Standard||Canara Bank||8,333|
|6||Visa Global||Vijaya Bank||10,000|
|7||Visa Gold||Bank of India||12,500|
|8||Visa Gold International||Bank of India||12,500|
|9||Axis Bank Gold||Axis Bank||12,500|
|10||MasterCard Titanium||Central Bank of India||12,500|
|11||Visa Gold||Central Bank of India||12,500|
|12||RuPay Platinum||Central Bank of India||12,500|
|16||Empowerment||Jammu and Kashmir Bank||12,500|
|17||RuPay Platinum||Andhra Bank||15,000|
|19||Canara Gold||Canara Bank||16,667|
|20||Titanium||Bank of Baroda||16,667|