Credit cards not only offer you a line of credit that will allow you to make purchases, pay bills or offer cash advances but also help you build a credit history, earn rewards and cashback points, and create a better credit score.
While many top-of-the-line credit cards offer 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.
Applying for a credit card with a low salary is a very easy and hassle-free process, and you can now make the end-to-end application completely online.
Identity proof can be your Aadhaar card, PAN card, Driver’s License, or Voter ID etc.
Address proof can be your Ration card, Aadhaar card, or Passport, etc.
Income proof can be your Income Tax Returns and latest salary slips (for salaried applicants)
If you are looking to apply for a credit card that is ideal for low income earners, check out these 5 credit cards offered by top banks.
This card comes with exciting reward points and is ideal for lifestyle benefits, fuel surcharge waiver, etc. If you make frequent online and retail store purchases, this low-salary credit card is ideal. The annual fee for this card is zero.
The SimplySAVE SBI card is ideal for people who want to use the best credit card for low salary for their daily shopping needs. From purchases at departmental stores to shopping at retailers and from paying dining bills to buying groceries, this card can help you with it all. It also offers reward points for your purchases that can later be cashed in for other benefits. The annual charges for this card are Rs. 499.
With ICICI Platinum credit card, you can get amazing cashbacks and discounts on travel bookings, movie tickets, lifestyle products, appliance purchases and more. It is ideal for online and merchant store purchases. Annual fee for this card is zero.
Bank of India Visa Gold card will make your purchases really fulfilling. It will make your shopping experience more rewarding with selective advantages, cashback, credit card reward points and prize plans. Annual fee for this card is Rs. 600.
The ICICI Bank HPCL Coral credit card assists you with keeping fuel costs under check with incredible cashback and fuel surcharge waiver programs. The expense charged for the first year is Rs 199.
Here are some of the basic pros and cons that a credit card for low income earners will carry:
Credit Card Eligibility criteria for such cards are not very complicated, income restriction is also minimal, and the time taken for approval is less.
Applicants don't necessarily need a credit history to apply for a low income credit card.
Annual charges, joining charges etc. are minimal or zero for most of these cards.
Interest rates charged on low salary credit cards are relatively lower as well.
Most premium or exclusive features are not available in low income credit cards.
These cards have relatively lower credit card limits and restricted application.
Low salary credit cards are seldom useful in building the applicant’s credibility or improving their credit score.
Acceptability and overall usability of such credit cards are limited.
You can easily apply for a low income credit card by visiting the Finserv MARKETS platform. You can find a number of top banks that offer credit cards to people that come under a low income bracket. All you need to do is compare cards, apply with the bank of your choice by filling 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. Generally, Rs. 15,000 per month is the average salary that banks require to issue credit cards. Some banks also ask for income tax returns if the candidate falls under the tax bracket.