Assuming that you must have a high income to apply for a credit card is a misunderstanding. Even when you are in the low-income group, there are a few credit card options that you will surely find suitable for yourself. While many top-of-the-line credit cards come with premium benefits, offers, and rewards, low income earners can also opt for some basic credit cards that have most of the features to kickstart your credit journey. Let’s understand more about credit cards for low income below.
Age criteria to apply for a credit card for low income earners: 21-60 years
Income criteria for low salary credit cards: ₹15,000 to ₹25,000 per month
Annual fees varies from Nil to ₹600
Applying for a low salary credit card is an easy and hassle-free process. You can now make the end-to-end application completely online. Here’s the process:
Step 1: Visit the Bajaj Markets website.
Step 2: Click on the ‘Credit Card’ section.
Step 3: Choose the desired credit card as per your affordability.
Step 4: Click on the purchase option.
Step 5: Fill in the required details.
Step 6: Attach the required documents and submit the application.
Minimum monthly income: Individuals with ₹8,000-25,000 monthly income are mostly eligible for low salary credit card
Age: Individuals in the age group of 21 to 60 years can apply for a low income credit card
In case you do not fulfil the minimum income criteria, you can also apply if you have a minimum Income Tax Return of ₹5 lakh
Identity Proof: Aadhaar card, PAN card, driver’s licence, or Voter’s ID etc.
Address Proof: Ration card, Aadhaar card, passport, etc.
Income Proof: Income Tax Returns and latest salary slips
You can easily apply for a low-income credit card by visiting the Bajaj Markets platform. You can find a number of top banks that offer credit cards to people that fall under a low-income bracket. All you must do is compare cards, and apply with the bank of your choice by filling out an application and submitting your credit card documents. Once your details are verified, the bank will send your credit card to you in no time.
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 low salary is not a tough task. As ample options are available, you can pick one depending on your budget, preference, and requirement. 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 the Bajaj Markets’ website. 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.