Minimum Salary for Credit Card

Credit cards are relatively easy to get but you will need to meet a few eligibility criteria that will usually vary depending on the card issuer and card variant. The good news is that these days there is a wide variety of credit cards available for every need and want. So, no matter what your income level is, there’s likely a credit card out there that’s right for you! 

Here’s the eligibility criteria to get a credit card: 

low income credit cards are  for those people who earn less than ₹25,000 a month. These credit cards come with a modest credit card limit. Designed especially for individuals who have a credit card income eligibility between ₹10,000 and ₹25,000 a month, these credit cards come with several attractive benefits. Most banks also allow an increase in the spending limit depending on your repayment etiquette.

Several factors go into determining your eligibility to get a credit card. Here are some of them:

• Credit Score 

A good credit score is an indicator that you are financially disciplined and are unlikely to default on repayments. So, if you have a good credit score, you will find it relatively easy to get a credit card even if your income is on the lower end.

• Location 

Many credit card companies are only serviceable in cities and towns. So, if you are from a town or village where your preferred card issuer is not serviceable, then you may not be eligible for the card. You can always get in touch with your credit card issuer to get this sorted. 

• Debt-to-Income Ratio 

Credit card issuers will also look into where your income is going every month. So, if they find that a large portion of your income goes towards debt repayment, then they may hesitate to extend even more credit for you. This is one of the reasons why even people with high incomes may be denied a credit card. As a general rule, try and keep your debt-to-income ratio at a healthy 20% to 30%. 

• Income 

This is one of the biggest determiners of credit card eligibility as well as the credit card limit. The minimum required income will depend on a number of factors your card variant, relationship with the card issuer, credit history, etc. So, there’s no one-size-fits-all figure for the minimum income required to qualify for a credit card. However, most credit card issuers will require that you have a minimum income of at least ₹10,000 per month. Apart from the quantum of income required, card issuers will also look at the regularity of your income. If your income is irregular or inconsistent, then your application may be rejected.