Minimum Salary Required for Credit Card

By OneCard   |   February 01, 2024

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A credit card is a financial tool that enables you to manage expenses effortlessly while making your dream purchases more affordable.

However, to reap the benefits of a credit card, you must fulfil the eligibility criteria set by the credit card issuer. For example, credit card issuers may demand that you have a minimum salary for their credit card, meet credit score requirements, etc. Your credit card application will be accepted if you comply with these eligibility criteria.

Minimum salary to apply for a credit card

The minimum salary or business income needed for a credit card varies among issuers. The reason why financial institutions set eligibility criteria is to ensure seamless credit card bill payments.

They assess your income status to check whether you can repay the credit card dues on time. For instance, if you have a high monthly income, credit card issuers will assume that you can clear the credit card bill on time and offer you a better deal, and vice versa.

Additionally, choosing FD-backed cards can expand your eligibility options, benefiting both salaried and self-employed applicants.

Different financial institutions may have different criteria to offer credit cards, so you must check the eligibility for the minimum salary and decide before applying for the card.

Things to know about the minimum salary for credit cards

Before applying for a credit card with minimum salary, you must be aware of certain things –

Modest credit limit

Credit cards with a minimum salary offer you a modest credit card limit. The credit card issuer will accept a credit limit that is on par with your income, so you do not fall into a debt trap.

To enhance the credit limit, focus on consistent, positive financial habits. Regular usage of the card, on-time repayments, avoiding maxing out the limit, and maintaining a good credit score are essential steps towards achieving a higher credit limit. Also, you must avoid hard inquiries and pay off all the dues on time. It will help you establish a healthy financial profile in the long run.

Nominal reward points

Low-income credit cards may have fewer reward points, but they open the door to great deals and cashback offers, giving you a positive step towards financial wellness.

Higher interest rate

Minimum-income credit cards generally come with higher interest rates. Even the repayment terms are stringent. Under a minimum salary credit card, you will enjoy basic benefits like access to a few deals, online account management, etc.

While the minimum income for credit cards in India is usually around Rs 25,000, there’s good news! Low-income credit cards cater to those striving to meet this requirement. Plus, based on your repayment potential, you have the opportunity to increase your credit card limit.

To be eligible for a credit card with various benefits and features, you must have the minimum salary for a credit card. Besides, you must look into the following parameters, which are significant in deciding the credit card limit.

  • Keep lower credit utilisation ratio: Keeping the credit utilisation ratio below 30% is recommended. It helps in fetching the maximum credit card limit. Limiting the credit card utilisation ratio will help in boosting your credit score.

  • Ensure a higher credit score: A higher credit score reflects your creditworthiness. It is a primary factor that helps increase the credit card limit. This is why you should try to improve your credit score. You can do so by clearing all the dues on time.

  • Employment status: Have a stable employment status, it will help you get a higher credit card limit. If your salary has increased, you must provide your latest payslips and request to increase the credit card limit.

  • Clear existing debt: Before requesting a credit card limit increase, it’s crucial to clear all current debts. Reducing financial obligations is essential for eligibility. The credit score updates generally take around 30-45 days to reflect the improved status.

You can also increase the credit card limit by applying for a new credit card. If you are disciplined with the repayments, you can easily qualify for a credit card with a higher credit limit.


**Disclaimer: The information provided in this webpage does not, and is not intended to, constitute any kind of advice; instead, all the information available here is for general informational purposes only. FPL Technologies Private Limited and the author shall not be responsible for any direct/indirect/damages/loss incurred by the reader for making any decision based on the contents and information. Please consult your advisor before making any decision.