What is the Minimum Salary Required for a Credit Card? All You Need To Know

All credit card issuers set a minimum salary for credit cards as an eligibility condition. Issuers set a minimum salary benchmark to ensure you have a reliable income source and can pay bills without default. Gaining more knowledge on salary requirements can help you apply for a credit card more confidently.

After all, using a card not only helps you gain more purchasing flexibility but can also help you save on a monthly basis. As such, boosting your eligibility can help you access a card with better features.  

Factors That Play a Vital Role

Issuers set some standard yet essential criteria to approve a credit card. Some of them can include:

Income

It is one of the deciding factors for issuers while approving a credit card. You can apply if you are a salaried person or self-employed applicant with a consistent income. That helps the issuer understand whether you have the means to pay your credit card bills. 

Credit Score

Issuers send your information regarding spending patterns and bill repayments to credit bureaus. Based on that, credit bureaus assign a 3-digit number, which indicates your credit history. A good credit score portrays you as a responsible borrower, leading to a higher chance of quick credit card approval.

Residential Status

This depends on the issuer’s terms and conditions. While some issuers provide credit cards only to residents of India, others may approve them for NRIs.

Age

The minimum age to get credit card approval is 18. However, the maximum can vary from issuer to issuer, also depending on the type of income. Most credit card companies have a maximum age limit of 60 for salaried persons and 65 for self-employed individuals.

Bank Account

It is not mandatory to have an account with the issuer where you are applying for a credit card. However, it is essential to have a bank account that can serve as an income proof.

What is the Minimum Salary Requirement

The basis of having a minimum income to apply for a credit card is understanding your financial stability. It also implies that you can repay the debt in case of multiple defaults. 

However, this amount can vary depending on the credit card issuer. Many issuers set a base level of ₹15,000 to ₹25,000, offering you basic features. However, other factors may influence these criteria as well.

Based on Features 

Lower-salary credit cards are available in the market with limited and basic features. Applying for a premium one requires a high income. Choose a card with criteria that boosts your chances of approval.

Depending on the Location

Credit card issuers may set a high-income threshold for metropolitan cities. In contrast, the income criteria may be lower in smaller cities or towns.

Depending on the Issuer

Some issuers may have a higher income threshold in comparison to others. Opting for the right one may increase your chances of getting approved.

Credit History

Issuers may approve your application even if you have a low income if you have a good credit history.

Features of Cards with a Low-Income Criteria 

These cards are specifically made to provide you with the benefits and features of credit cards with lesser income. Here are some features you can enjoy with these cards:

Building Credit History

By paying bills responsibly, you can enjoy the perk of a credit card on a minimum salary while building a credit history. That way, you can upgrade your credit card whenever there is a hike in your income.

EMI Conversion

You can convert your large purchases into EMI by using this feature. This will ensure you don’t miss bill payments while paying the minimum amount on time.

Annual Fee Waiver

Most of these cards come with low annual fees. Some credit card issuers may even waive your annual fee if you meet certain spending thresholds within a certain timeframe.

Reward and Cashback

These credit cards come with reward programs. You can earn points and redeem them with bill payments or in the form of a gift card.

Limited Credit Limit

The issuer determines the credit limit according to your income level, ensuring you can repay the dues. That also helps avoid debt accumulation.

Now you have a clear picture of the conditions and the steps you can take for a smoother application process. If you are looking for an instant approved credit card, you can consider opting for the One Credit Card. 

It is a lifetime-free card that offers several attractive features. Some of them include up to 5X monthly rewards on the top two spending categories, along with shopping and dining perks.

You can also make the most of the powerful One Credit Card mobile app to control all aspects of your usage. With the app, you can set spending limits to ensure you do not overspend. In addition, you can save more with a wide range of discounts on shopping, dining, upskilling, rental payments and more.