Credit card companies use your credit score to assess your risk of lending you money. Most banks require a credit score above 750 points to proceed with the application process.
According to Bajaj Markets, most credit card issuers require a minimum monthly income of ₹10,000. However, the minimum salary required to apply for a credit card can vary depending on the card issuer. For example, HDFC Bank requires a minimum monthly salary of ₹10,000 for an HDFC credit card. HDFC Bank’s MoneyBack Credit Card has a minimum income requirement of ₹13,500 per month.
Here are some things to consider when applying for a credit card:
Eligibility
- You should use an eligibility checker before applying for a credit card. Eligibility checkers are a quick way to gauge whether you’re likely to be accepted for a card without having to fill out a full application.
Documents
- You may need to provide the following documents:
- Passport-size photograph
- Identity proof such as passport, driving license, or Aadhaar card
- Address proof such as utility bill, rental agreement, or bank statement
- Income proof such as payslips, or IT return filings, or business registration documents
Employment status
Age
- You must fall into the age limit set by the bank. The applicant should be minimum of 18 years old.
You can apply for a credit card by filling up an application form, either online or on paper. You can also compare multiple credit cards at the same time through a platform like Paisabazaar.
Some credit cards for low-income earners include:
- SBI SimplyCLICK Credit Card
- HDFC MoneyBack Credit Card
- ICICI Coral Contactless Credit Card
- YES Bank Prosperity Reward Plus Credit Card
- HDFC Easy EMI Credit Card
