Nowadays, Credit Cards are not just a luxury; they're a necessity. From facilitating seamless online transactions to providing a safety net in financial emergencies, Credit Cards empower individuals with immediate access to funds and the ability to manage unexpected expenses.
However, the gateway to these benefits is often gated by income requirements, leaving many to wonder about the minimum income necessary to unlock their first Credit Card. This guide aims to shed light on this threshold.
What is the minimum salary required to apply for a Credit Card?
The minimum salary for a Credit Card can vary significantly across different financial institutions. However, it's commonly understood that many banks set a monthly income of ₹15,000 to ₹25,000 as a basic threshold. This criterion ensures that applicants have the financial stability to manage potential debts.
How to apply for a Credit Card with a low salary?
Securing a Credit Card on a low salary is not a far-fetched dream. Follow these steps to increase your chances:
- Research: Look for Credit Card products designed for lower-income groups.
- Secure income proof: Ensure you have your salary slips or income tax returns ready to prove your income.
- Maintain a good credit score: A strong credit history can sometimes offset lower income levels.
- Consider a secured Credit Card: These cards, backed by a fixed deposit, are easier to obtain and can help build your credit scores.
Eligibility criteria required to apply for a low salary Credit Card
Eligibility for a low salary Credit Card typically includes:
- Age: must be between 18 and 65 years old.
- Employment: a steady source of income, whether self-employed or salaried.
- Credit score: a decent score indicating responsible credit behaviour.
- Income proof: salary slips, bank statements, or income tax returns.
Documents required to apply for a low salary Credit Card
The documentation process remains straightforward.
- Identity proof: PAN card, Aadhaar card, or passport.
- Address proof: utility bills, Aadhaar card, or rental agreement.
- Income proof: recent salary slips or income tax returns.
- Photographs: passport-sized photos for application.
The MY ZONE EASY Credit Card from Axis Bank opens the door to smart spending with an attractive offer of 25% cashback on movie tickets. Tailored for your leisure and lifestyle needs, this card requires just a fixed deposit and no income proof. With the flexibility of a minimum fixed deposit starting at just ₹15,000, the MY ZONE EASY Credit Card ensures that access to credit is simple and stress-free.
Also Read: Credit Card without income proof
FAQs
Can I get a Credit Card with a monthly salary of Rs. 10,000?
Yes, while it's challenging, certain Credit Cards are designed for lower-income groups. Opting for a secured Credit Card or products specifically tailored for lower salaries can be viable options.
How to apply for a Credit Card with no money?
Applying for a Credit Card without a steady income is difficult, but not impossible. Consider secured Credit Cards, where a fixed deposit acts as collateral or becomes an authorised user on someone else’s account.
Who cannot apply for a Credit Card?
Individuals below the age of 18, those without a steady income, or those with a poor credit history, may find it difficult to obtain a Credit Card. Additionally, applicants failing to provide the required documentation could also face rejection.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
