What is the Minimum Monthly Salary Required for a Credit Card in India?

As a person who has just started earning, you may be looking for ways to manage your expenses and build a good credit score. One of the most convenient ways to do this is by owning a credit card. However, you may be wondering if you can apply for a credit card with your current salary. In India, the minimum monthly salary required to apply for a credit card varies depending on the bank or financial institution. In this article, we will explore the minimum salary requirements for credit cards and what salary requirements banks offer to their cardholders.

Minimum Salary Requirement for Credit Cards

In India, the minimum monthly salary required to apply for a credit card varies depending on the bank or financial institution. While some banks, like HDFC Bank, offer the MoneyBack Plus Credit Card with a minimum salary requirement of Rs. 12,000, others may require a minimum monthly salary of Rs. 20,000 or more. It’s important to note that some premium credit cards may have even higher salary requirements.

However, the salary requirement is not the only factor that banks consider when approving credit card applications. They also take into account the applicant’s credit history, credit score, and other financial obligations. For example, suppose an applicant has a high credit score and a good credit history. In that case, they may still be eligible for a credit card even if their monthly salary is lower than the bank’s minimum requirement.

It’s also worth noting that certain credit cards may have additional eligibility criteria. For instance, some credit cards may only be available to individuals who are employed with certain companies or industries. Others may require a certain level of education or residence in a particular city. Individuals with salaried accounts at banks can easily obtain credit cards. For example, a person with a salaried bank account at ICICI Bank applying for the ICICI Bank Platinum Chip Credit Card can be approved without any hassle.

Before applying for a credit card, it’s important to research the specific bank or financial institution’s eligibility criteria and ensure that you meet all the requirements. This will increase your chances of getting approved for a credit card and enjoying its benefits.

Top Indian Credit Card Issuers With Different Salary Requirements

When it comes to applying for a credit card in India, different banks have varying minimum salary requirements. This means that the amount you need to be earning each month in order to be eligible for a credit card can differ depending on the bank you choose. Let’s take a look at some popular banks and their respective minimum salary requirements for credit card applications. Understanding these requirements can help you make an informed decision when applying for a credit card that suits your financial situation.

Bank	Minimum Salary (Per Month)
HDFC Bank	₹12,000
Axis Bank	₹25,000
SBI Card	₹20,000
ICICI Bank	₹25,000
IndusInd Bank	₹20,000
IDFC Bank	₹25,000
Yes Bank	₹25,000
Federal Bank	₹18,000
HSBC Credit Card	₹35,000

Eligibility Criteria to Apply for Credit Cards

To apply for a credit card in India, certain requirements must be met. The minimum age required to apply for a credit card is 18 years, but some banks may require a minimum age of 21 years. Moreover, you cannot apply for a credit card if you are over 60 years of age, and certain banks have a maximum age criteria of 65 years. You must have a regular source of income that is more than Rs. 15000 per month, and a good CIBIL score is necessary to apply for a credit card.

Additionally, you must be an Indian citizen with valid documentation to apply for a credit card. To support your application, you will need to provide certain documents as proof of your identity, address, income, and age. The bank accepts the following documents as proof:

• Identity Proof: PAN Card
• Address Proof: Aadhar Card or Passport
• Income Proof: Income Tax Documents with Computed Income, Audited Financial Documents, Business Continuity Proof, PAN Card.
• Age Proof Documents: Pass Certificate of 10th Standard, Passport, Birth Certificate, Voter I.D. Card.

Bottom Line

In India, the minimum monthly salary required to be eligible for a credit card varies based on the bank and the type of credit card you’re applying for. Generally, most banks require a minimum monthly salary of Rs. 12,000 to Rs. 20,000 to be eligible for a basic credit card. However, some premium credit cards may require a higher monthly salary of Rs. 50,000 or more like the HDFC Diners Club Black Credit Card. It’s important to note that meeting the minimum salary requirement is just one of the eligibility criteria for getting a credit card. Other factors such as credit score, employment history, and age may also be taken into consideration by the bank when evaluating your credit card application.

Overall, it’s important to understand the specific eligibility criteria and document requirements before applying for a credit card in India. This will help ensure that you meet the requirements and give you the best chance of getting approved for a credit card that suits your needs.