76 Credit Cards Income Requirement for Low/High Income Earners

January 21, 2018
in Credit Cards

Ever thought of getting free money every month to buy almost anything in the world, from anywhere, in addition to free period to payback the bill, and that too with an option to pay minimum amount only and not the full amount?

That’s what credit card is all about, the most widely used payment method in the world whose usage is now growing steadily in India as well. These are just few benefits offered by the credit card but the most important ones attracting users across the globe. However the painful thing is not everyone is eligible to get credit card despite of everyone being interested in owning a one. And the main reason for rejection is that the applicant is not aware of the income requirement and applies for the card directly.

So here is the table showing 76 credit cards and their minimum income requirement ( annual/monthly income required:

Sr. No	Credit Card Name	Minimum Annual Income Required (Rs.)	Equivalent Minimum Monthly Income Requirement (Rs.)	Card Issuing Bank
1	Visa Classic for Self Employed	50,000	4,166	Vijaya Bank
2	Visa Classic for Salaried	60,000	5,000	Vijaya Bank
3	Classic for Salaried	60,000	5,000	Syndicate Bank
4	Classic for Senior Citizen	60,000	5,000	Syndicate Bank
5	Bharat	72,000	6,000	Indian Bank
6	India Card	75,000	6,250	Bank of India
7	Empowerment for Salaried	80,000	6,666	Jammu and Kashmir Bank
8	Canara Visa Classic / MasterCard Standard	1,00,000	8,333	Canara Bank
9	Classic for Self Employed	1,00,000	8,333	Syndicate Bank
10	Visa Global for Self Employed	1,00,000	8,333	Vijaya Bank
11	Visa Global for Salaried	1,20,000	10,000	Vijaya Bank
12	Gold for Senior Citizen	1,20,000	10,000	Corporation Bank
13	Freedom Card	1,44,000	12,000	HDFC Bank
14	Bharat CashBack	1,44,000	12,000	HDFC Bank
15	Visa Gold	1,50,000	12,500	Bank of India
16	RuPay Platinum	1,50,000	12,500	Central Bank of India
17	Gold	1,50,000	12,500	Indian Bank
18	Classic	1,50,000	12,500	Indian Bank
19	Visa Gold International	1,50,000	12,500	Bank of India
20	Empowerment for Self Employed	1,50,000	12,500	Jammu and Kashmir Bank
21	Gold for Salaried	1,50,000	12,500	Syndicate Bank
22	Platinum	1,50,000	12,500	Indian Bank
23	Visa Gold	1,50,000	12,500	Central Bank of India
24	MasterCard Titanium	1,50,000	12,500	Central Bank of India
25	Axis Bank Gold	1,80,000	15,000	Axis Bank
26	RuPay Platinum	1,80,000	15,000	Andhra Bank
27	Gold for Salaried	1,80,000	15,000	Corporation Bank
28	Gold for Professional	1,80,000	15,000	Corporation Bank
29	Canara Gold	2,00,000	16,666	Canara Bank
30	Gold for Self Employed	2,00,000	16,666	Syndicate Bank
31	Titanium	2,00,000	16,666	Bank of Baroda
32	Gold for Self Employed	2,00,000	16,667	Corporation Bank
33	Select	9,00,000	75,000	Axis Bank
34	Vistara Infinite	6,00,000	50,000	Axis Bank
35	Vistara Signature	6,00,000	50,000	Axis Bank
36	Vistara	6,00,000	50,000	Axis Bank
37	Privelege Credit Card	6,00,000	50,000	Axis Bank
38	Diners Club Premium	7,20,000	60,000	HDFC Bank
39	Diners Club Rewardz	3,60,000	30,000	HDFC Bank
40	Business Regalia First	7,20,000	60,000	HDFC Bank
41	VISA Classic	3,00,000	25,000	Andhra Bank
42	VISA Platinum	5,00,000	41,666	Andhra Bank
43	VISA Signature	10,00,000	83,333	Andhra Bank
44	RuPay Select	5,00,000	41,666	Andhra Bank
45	Signature	12,00,000	1,00,000	Bank of Baroda
46	Platinum	4,00,000	33,333	Bank of Baroda
47	Bombay Bullion (Co-branded)	3,00,000	25,000	Bank of Baroda
48	Platinum for Salaried	2,50,000	20,833	Corporation Bank
49	Platinum for Senior Citizen	2,50,000	20,833	Corporation Bank
50	Platinum for Professional	3,00,000	25,000	Corporation Bank
51	Platinum for Self Employed	3,00,000	25,000	Corporation Bank
52	Signature Card for Salaried	10,50,000	87,500	Corporation Bank
53	Signature Card for Professional	10,50,000	87,500	Corporation Bank
54	Signature Card for Senior Citizen	10,50,000	87,500	Corporation Bank
55	Signature Card for Self Employed	10,50,000	87,500	Corporation Bank
56	Vijay RuPay Credit Card	NA	NA	Vijaya Bank
57	MasterCard World	5,00,000	41,666	Central Bank of India
58	Visa Platinum	5,00,000	41,666	Central Bank of India
59	Aspire (Against Fixed Deposit)	20,000 (Minimum Deposit)	-	Central Bank of India
60	Rupay Platinum	Applicant should be account holder	-	Central Bank of India
61	RuPay Select	Applicant should be account holder	-	Central Bank of India
62	Visa Platinum	5,00,000	41,666	HSBC Bank
63	Gold	5,00,000	41,666	HSBC Bank
64	Platinum Chip	2,50,000	20,833	ICICI Bank
65	Coral	5,00,000	41,666	ICICI Bank
66	Rubyx	10,00,000	83,333	ICICI Bank
67	Sapphiro	15,00,000	1,25,000	ICICI Bank
68	Ferrari Signature	15,00,000	1,25,000	ICICI Bank
69	Jet Sapphiro	15,00,000	1,25,000	ICICI Bank
70	Jet Rubyx	10,00,000	83,333	ICICI Bank
71	Jet Coral	5,00,000	41,666	ICICI Bank
72	Ferrari Platinum	5,00,000	41,666	ICICI Bank
73	Instant Platinum (Against Fixed Deposit)	20,000 (Minimum Deposit)	-	ICICI Bank
74	Coral	20,000 (Minimum Deposit)	-	ICICI Bank
75	Gold	3,00,000	25,000	Dhanlaxmi Bank
76	Platinum	6,00,000	50,000	Dhanlaxmi Bank

Few cards (RuPay) and against fixed deposit, as mentioned above, are offered only to the account holders of the respective bank with income being the least important criteria.

For cards against FD, income is not the eligibility criteria. Only a minimum deposit amount is required to get a credit card against FD. As you can see, low monthly income earners can also get credit card provided they meet other eligibility criteria of the issuing bank. There are many other cards offered by various banks in India but income criteria could not be found.

Card applications are scrutinized in detail and typically are rejected because of:

Poor credit score
No credit history
Low income
No income/address proof and few others.

The decision to approve or reject the application is solely dependent on the bank or card issuer and you may never come to know the reason for the rejection. For e.g. If you are able to meet income criteria, the card application may get rejected, if you do not have income proof and so on.

In case of credit card (or loan) the applicant’s income is the most commonly checked eligibility criteria. Income/salary is actually directly proportional to the credit card limit and approval chances.

Income and credit history check are the only ways for a card issuer to evaluate credit worthiness of the individual and stop them from investing in a loss making customer. Higher income will add more weightage to your application and you will have good chance of card approval along with a high credit limit. But at the same time, low income may result in application rejection. And if approved, the limit will be lower.

But this doesn’t mean – poor income earners will never get a credit card. Because issuers want to sell more and more cards (but only to individuals who according to them are credit worthy).

There are cards for low income individuals offered by various banks in India. Their objective is to tap low income groups in need of credit.

So if you are approaching any bank for credit card, ask for list of all the cards.

Note: As mentioned above there are many reasons for card application rejection and income is one of them. The decision is solely on the bank to approve or reject. And in your spare time, do mention the card name, income criteria and name of the bank in the comment section of this page. We will add the card to the above list, so that it will help other readers of the site.

Author Bio:

Hi, I am Nikesh Mehta owner and writer of this site.

I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business.