Somnath Live Darshan

By | March 8, 2024

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

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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 card issuers offer online prequalification, though some call it preapproval. If you receive a credit card offer in the mail saying you’ve been preapproved, it means you’ve been prescreened with a soft inquiry. 
This is not professional financial advice. Consulting a financial advisor about your particular circumstances is best.

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 
Secured credit cards are another option for people who don’t have a full-time job. With a secured credit card, you’ll need to pledge funds as collateral or security against the credit line.

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