What Is the Minimum Salary Required for a Credit Card in India

Applying for a credit card in India requires meeting certain eligibility criteria, and one of the most important factors is your monthly income. Banks and financial institutions set minimum salaries for credit card eligibility to ensure that cardholders have the financial capacity to manage their credit responsibly. In this article, we’ll explore the minimum requirement for credit cards in India and other factors that influence your application’s approval.

Who Can Apply for a Credit Card? 

You need to remember the following criteria to know who can apply for a credit card:

1. Age: Most banks require applicants to be between 21 and 60 years old.
2. Income: A stable source of income is crucial, with minimum monthly earnings varying by card type and issuer.
3. Credit score: A good credit score (usually above 750) enhances your chances of approval and may lead to better credit limits.
4. Employment status: Salaried individuals with a stable job are preferred, while self-employed applicants may need to provide additional documentation, such as Income Tax Returns (ITRs).

Minimum salary requirements for credit cards in India 

The minimum salary for credit card eligibility in India varies depending on the bank and the type of card you’re applying for. Here’s a general overview:

It’s important to note that these are just general ranges, and the actual salary requirement for credit cards in India may differ from bank to bank.

Low-income credit card options 

If your monthly income falls below the standard minimum salary for credit card eligibility, you still have options:

• Some banks offer credit cards specifically designed for individuals with modest incomes, with minimum salary requirements for credit cards in India as low as ₹15,000 per month.
• These cards may come with lower credit limits, higher interest rates, and fewer rewards, but they still provide benefits like cashback or fuel surcharge waivers.
• Low-income credit cards can help you build your credit profile and establish a good track record of timely payments.

Premium credit cards for high earners 

On the other end of the spectrum, premium credit cards cater to individuals with higher incomes:

• These cards often require a minimum monthly salary of ₹50,000 to ₹1,00,000 or more.
• Premium cards offer exclusive benefits such as airport lounge access, travel insurance, and higher reward points.
• They also come with higher credit limits, allowing for greater spending flexibility.

Factors Affecting Credit Card Eligibility 

While meeting the minimum salary for credit card eligibility is crucial, banks also consider other factors when evaluating your credit card application:

1. Credit score: A higher credit score indicates responsible credit management and increases your chances of approval. You can check your credit score for free using the Airtel Thanks app.
2. Employment stability: Banks prefer applicants with a stable employment history, as it suggests a reliable income source. If you frequently change jobs, it may raise concerns about your ability to make timely payments.
3. Existing debts: If you have multiple outstanding loans or credit card balances, banks may hesitate to approve your application. It’s essential to maintain a low credit utilisation ratio (ideally below 30%) and avoid overextending yourself financially.

Tips for improving your credit card eligibility 

If you’re looking to enhance your chances of getting approved for a credit card, consider the following tips:

1. Build your credit score: Make timely payments on your existing debts, keep your credit utilisation low, and avoid applying for multiple credit products within a short period.
2. Increase your income: Look for ways to boost your monthly earnings, such as taking on additional responsibilities at work, starting a side hustle, or investing in income-generating assets.
3. Choose the right card: Research and compare different credit card options to find one that aligns with your income level and spending habits. Don’t aim for a premium card if you’re just starting out.
4. Provide accurate information: When filling out your credit card application, ensure that all the details you provide are accurate and up-to-date. Inconsistencies or false information can lead to rejection.

Alternatives to Traditional Credit Cards 

If you don’t meet the minimum salary requirements for credit card eligibility, you can explore these alternatives:

1. Secured credit cards: These cards require you to place a fixed deposit with the bank as collateral. The credit limit is usually a percentage of the deposit amount, and the bank can use the deposit to cover any missed payments.
2. Add-on cards: If you have a family member with a credit card, you can request to be added as an authorised user on their account. This allows you to build your credit history without having to meet income requirements independently.
3. Co-branded cards: Some banks offer co-branded credit cards in partnership with retailers, airlines, or other companies. These cards may have lower income requirements and offer specific benefits related to the partnering brand.

To summarise, the minimum salary for credit card eligibility in India varies depending on the bank and the type of card you’re applying for. While meeting the income criteria is important, banks also consider factors such as your credit score, employment stability, and existing debts. By understanding these requirements and taking steps to improve your financial profile, you can increase your chances of getting approved for a credit card that suits your needs.

Airtel Finance offers a range of credit cards tailored to different income levels and lifestyle preferences. Whether you’re looking for a basic card to build your credit history or a premium card with exclusive rewards, Airtel Finance has you covered.

FAQs 

1. What is the minimum salary requirement for getting a credit card in India?

The minimum salary for credit card eligibility in India typically ranges from ₹15,000 to ₹25,000 per month for entry-level cards, ₹20,000 to ₹30,000 for standard cards, and ₹50,000 to ₹1,00,000 for premium cards.

1. Can I get a credit card if I don’t meet the minimum salary requirement?

Yes, some banks offer credit cards specifically designed for individuals with lower incomes. You can also consider secured credit cards or becoming an authorised user on someone else’s card.

1. Who can apply for a credit card in India?

To apply for a credit card in India, you generally need to be between 21 and 60 years old, have a stable source of income, and maintain a good credit score. Salaried individuals with stable jobs are preferred, while self-employed applicants may need to provide additional documentation.

1. How can I increase my chances of getting approved for a credit card?

To improve your credit card eligibility, focus on building your credit score, increasing your income, choosing the right card based on your financial profile, and providing accurate information on your application.

1. What factors do banks consider when evaluating credit card applications?

Apart from the minimum salary requirement for getting credit cards in India, banks also consider factors such as your credit score, employment stability, existing debts, and credit utilisation ratio when assessing your credit card application.