Salary is one of the most important eligibility criteria to apply for a credit card. Most credit cards are targeted at high-income individuals because individuals’ high income and stable income assure the credit card company. However, banks do provide credit cards to individuals with low incomes. So, there are credit cards like UNI cards that are eligible with an income of 20000.
In this blog, we will focus on banks that provide credit cards for low income individuals. So given below is the list of best credit cards. You can apply for a credit card if you earn up to 20000 per month. Also, it will be interesting to know how much will a secured credit card raise my score.
List of best credit cards
HDFC BHARAT credit card
HDFC bank is one of the most trusted private banks in India. The Bharat credit card is the best credit card for low net monthly income. The credit card provides various cashback offers. The various other features of the Bharat credit card are given below.
The features of the Bharat credit card are:
Travel:
- You can get a 5% monthly cashback when booking tickets through IRCTC.
Fuel:
- You can enjoy savings with 5% monthly cashback on Fuel expenses.
- Get a 1% surcharge waiver and save up to Rs. 250 in every billing cycle (Min transaction of Rs. 400)
Groceries:
- You can enjoy savings with 5% monthly cashback on spending on Groceries.
Recharge and billing:
- You can enjoy savings with 5% monthly cashback on Bill payments and Mobile recharge through your Bharat Credit Card.
Eligibility to apply for Bharat credit card:
Salaried individual:
- The individual’s age can be Min 21 yrs & Max 60 Yrs.
Gross Income of the individual:
- The Gross Monthly Income> Rs 12,000.
HDFC Freedom credit card
The HDFC bank Freedom credit card rewards the cardholder in every transaction. It is eligible for an individual with a gross monthly income of Rs.12000. the various features of an ADFC Freedom credit card are given below.
The features of the Freedom credit card
Fuel:
- You can get a convenience fee waiver of 1%, capped at Rs.250 per statement cycle. However, it is only applicable on minimum transactions of Rs.400 and a maximum of Rs.5,000.
Add-on cards:
You can get up to 3 add-on credit cards for free.
Reward points:
- You can earn 1 reward point on every spend of ₹150 and above
- Get a gift voucher worth ₹1000 on annual spending of ₹90,000 and higher.
- Get a welcome and renewal benefit of 500 reward points on fee realization.
- You can earn 25X reward points on your birthday spending and 10X reward points on PayZapp & SmartBuy spending. Earn 5X reward points for spends on dining/ movies/ groceries/ railways/ taxis
Eligibility to apply for HDFC freedom credit card are:
Age of the Individual:
- 21 to 60 years of age
Gross Monthly Income:
- should be more than ₹12,000.
Bank of India visa gold credit card
- The card is valid in India, Nepal, and all foreign centres across the GLOBE, wherever the VISA logo is displayed. There are various benefits such as wide acceptance, cash advance facility and flexible credit limit. The gross annual income applying for the card has to be Rs.1.50 Lakhs and above.
The various benefits of a bank of India visa gold credit card are given below:
- It is a Chip card with a magnetic stripe card.
- The card is valid in India, Nepal, and all foreign centres across the GLOBE, wherever the VISA logo is displayed.
- Charges applicable to Public and Staff.
- The chip is safer for POS transactions since it is a chip card.
- The card would require a PIN for Pos transactions.
- The card will work at ATMs on magnetic stripes only in India.
- The maximum amount of cash that an individual can withdraw from an ATM is Rs. 15,000 per day The maximum withdrawal amount on an ATM is 50% of the spending limit.
Eligibility criteria to be eligible for a Bank of India visa gold credit card:
- The applicant must be an Indian resident.
- Income Criteria – The applicant must have a gross annual income of Rs.1. 50 lakhs and above.
Kotak bank Delight Platinum Credit Card
- Kotak bank offers credit cards for low and high net income individuals. The Kotak Bank Delight Platinum Credit Card has no minimum income requirement. It also has various exciting offers and benefits given below.
The benefits of Kotak bank Delight Platinum Credit Card are:
10% Cashback on Dining:
- You can spend a minimum of Rs.10,000 using your Delight Platinum Credit Card on categories other than dining and entertainment within the billing cycle to avail 10% cash back on dining (stand-alone outlets) every month.
10% Cashback on Movies
- You can also spend a minimum of Rs. 10,000 on categories other than dining and entertainment within the billing cycle to avail 10% cashback on movies every month
Fuel Surcharge Waiver
- You can get a fuel surcharge waiver between Rs. 400 and Rs. 4000. However, the maximum waiver allowed in a calendar year is Rs. 4500.
Milestone Feature
- Spend Rs. 1,25,000 every 6 months and get 4 free PVR tickets or Rs. 750 cashback. You can enjoy a maximum of 8 free PVR tickets or Rs. 1500 cashback every year.
The eligibility to apply for Kotak bank Delight Platinum Credit Card are:
- Age of the cardholder: 21 – 65 years
- The person should be a resident of India
- There’s no minimum income requirement on the card.
Summing up: After reading this blog, you know that various credit cards exist for individuals with low income. Multiple banks offer credit cards other than the one mentioned above. If you have a low income, you can still apply for best credit cards. However, make sure that you pay all your dues on time and don’t let yourself fall into any financial distress by spending unnecessarily. You can apply for the best credit cards if you wish to, but before that, compare various offers and benefits given by different banks to make a wise decision.
Read Also: What is Credit Score and How a debt management program affect
