Credit Cards for Low Income Groups

The minimum salary that the applicant has to show to be eligible for a credit card is different for every bank. While some banks require a minimum monthly income of ₹ 10,000, others may set this minimum monthly income limit at ₹25,000. Some banks also ask for income tax returns if the candidate falls under the tax bracket.

Finding the best credit card for a low salary is not a tough task. As ample options are available, you can pick one depending on your budget, preference, and requirements. Try to pick a credit card that you actually need rather than picking one that offers attractive deals which are of no practical use to you.

You can easily apply for a low-income credit card via the bank’s website or also through Bajaj Markets. You may also visit the preferred bank’s branch and apply for a credit card through the offline method.

There are various ways to apply for a credit card without salary. You can choose to opt for a secured credit card, such as a credit card against a fixed deposit if you don’t have a steady source of income.

If you have a regular monthly income of ₹20,000, it is possible to get a credit card. But, obtaining one still depends on numerous factors, including your credit history, individual financial obligations, and credit card issuers’ requirements.

Obtaining a credit card with only ₹10,000 salary may be slightly harder, but is not impossible. Some lenders offer credit cards for beginners, considering individuals having low income. Besides that, even fulfilling other requirements such as having good credit scores will allow you to get approval.

Yes, individuals at low income levels may qualify for certain credit cards. The majority of card issuers have special cards with a nil joining fee. However, issuers may not agree to the application based on conditions beyond the person’s income, including credit history and financial reliability.

Low-income credit cards are designed for those who do not possess considerable financial power. The eligibility determinants can differ depending on the issuer. However, one would have to meet the criteria of a stable income, a good credit score and any other financial conditions set forth by the issuer. This is because most such cards come with lower credit limits and fewer perks for users compared to premium cards.

Yes, having a good credit score could compensate for having a lower income. When applying for a credit card, issuers will need to check your credit report and therefore a higher score signals to them that you can handle credit wisely. Nevertheless, one must take into account that despite the income, the approval of the credit limit is determined by the credit score and background checks.