Credit Card Limit For a ₹30,000 Salary

When getting a credit card, knowing your potential credit limit is crucial for managing your finances effectively. If you are earning ₹30,000 a month, the credit card limit you may get will depend on various factors, including your income, credit score, and financial history.

 

Being aware of your credit limit can also help you maintain a healthy credit utilisation ratio, which is essential for keeping your credit score in good standing.

Your income plays an important role in deciding your eligibility for a credit card, especially for a ₹30,000 salary. Here is how it impacts your chances:

• Income Verification

Credit card issuers ask for proof of income to check if you can repay the money you borrow. If your income is higher, it means you are more likely to manage and repay credit easily.

• Credit Limit

Your income directly affects the credit limit you receive. Individuals with higher incomes are often given larger credit limits because they have more financial capacity.

• Type of Credit Card

There are different types of credit cards with various benefits and requirements. The card you qualify for may depend on how much you earn.

When looking for the best credit card on a ₹30,000 salary, consider the following factors:

• Rewards and Benefits

Credit cards come with perks like cashback, travel rewards, and discounts on shopping or dining. Pick a card that fits your spending style and offers benefits that suit you.

• Credit Limit

The credit limit is the maximum amount you can spend on your card. This limit depends on your income and credit profile, so ensure it meets your financial needs.

• Fees and Additional Costs

Many credit cards have hidden costs like annual fees, late payment charges, and fees for international transactions. Make sure to check all the charges before applying for it.

• Interest Rates

If you do not pay your full bill on time or withdraw cash using your credit card, the issuer will apply interest. Look for cards with low interest rates to avoid paying extra.

Discover the advantages that come with affordable credit cards that offer financial flexibility, all while staying within budget. Here are the benefits:

• Low Annual Fees

Many affordable credit card options either have no annual fees or charge minimal fees. This makes them an affordable option for you with limited income. It allows you to enjoy credit card benefits without worrying about high maintenance costs.

• Lower Interest Rates

These rates apply to EMIs, loans on credit cards, and outstanding balances.

• No Credit History Checks

Some credit cards that come with low income requirements are available without strict credit history checks. This is ideal for first-time credit card users or individuals looking to build their credit score from scratch.

• Offers and Benefits

These cards come with various offers that help you save money, such as joining bonuses, fuel surcharge waivers, insurance coverage, and discounts on purchases. Use offers wisely to maximise your savings.

If you wish to apply for a credit card with a low income on Bajaj Markets, you need to meet the following eligibility requirements: 

• Age: You must be at least 18 years old

• Nationality: You should be either a resident of India or a Non-Resident Indian (NRI)

• Employment: Both self-employed and salaried individuals are eligible to apply

• Credit Score: A credit score of 700 or higher is considered ideal

In addition to the eligibility criteria, you also need to submit some paperwork for verification. Here is what you will need to submit to apply via Bajaj Markets:

• Proof of Identity (any one): Aadhaar card, PAN card, Passport

• Proof of Address (any one): Ration card, Utility bill (water, electricity, phone)

• Income Proof: Latest salary slips (last 2-3 months), Form 16 (salaried); bank statements showing income, Income Tax Returns (ITR) with computation of income (self-employed)

Applying for a low-salary credit card is simple and hassle-free via Bajaj Markets. Here is how you can apply:

1. Check on ‘CHECK ELIGIBILITY’ on this page

2. Provide the necessary details, such as your phone number, date of birth, and occupation

3. Enter the OTP sent to your phone

4. Verify the pre-filled information, including your PAN Card number, address, email ID, and income details

5. Select a credit card from the available options

6. Click on 'Submit' to finalise your application

Low-income credit cards come with several features that make them ideal for you with modest earnings. They not only provide financial flexibility but also help in building a strong credit history. Here are some key advantages:

• Considerable benefits

• Credit building opportunity

• Suitable for individuals with modest incomes

• Good for first-time users

While low-income credit cards offer essential financial support, they come with certain limitations that may affect their overall appeal and usability.

• Limited availability of perks

• Restricted credit limits

• Lack of premier features compared to high-end cards

• Limited usefulness in building strong credit credibility

Even with a ₹30,000 salary, there are ways to increase your credit card limit. Here is how you can do it:

• Improve Credit Score

Pay bills on time, manage your credit usage smartly, and avoid frequent credit inquiries to boost your credit score.

• Show Consistent Income Growth

Provide updated proof of income, like recent salary slips or tax returns, to demonstrate your ability to handle a higher limit.

• Use Your Cards Regularly

Make frequent purchases on your other credit cards (if any) and repay in full and on time to build trust with issuers.

• Avoid Maxing Out

Keep your credit utilisation below 30% to show that you manage credit wisely without over-reliance.

• Consider a New Card

If increasing your current card limit is not possible, apply for a new card with a higher limit that fits your spending habits.

• Opt for a Joint Card

Apply for a joint credit card with a family member or spouse who has a strong credit history to boost your credit limit potential.