The income is one of the crucial factors of availing a credit card. Every person who applies for a credit card can’t have it as the credit card companies do a lot of eligibility check before providing a credit card to any individual. The first point to be checked is the income followed by credit history, credit score, ongoing loans, employer, job stability etc. A credit card company provides you with a credit card only when it is assured of your repayment capacity. Income and the financial liabilities are the major factors that determine your repayment capacity of debts. If your monthly income is more than Rs.50, 000 many credit card companies will offer you credit cards even before you apply for one.
However, a person with low income can also own a credit card. Credit cards have a variety of categories depending on income and priorities. There are a number of credit cards available in India which is designed for the persons whose monthly income is less than Rs.25,000. As mentioned above, along with the income your employer is also checked by the credit card provider. If you are employed under an established company or if you are a government employee, the chances of getting a credit card increases. If you earning less and have a willingness to own a credit card in 2019, then here are the credit cards which you can apply for.
Top Credit Cards Designed For The Low Income Group
This is a credit card which gives you reward points for almost all spends you do with this credit card, may it be fuel, grocery or airfare. A card user will get 1% fuel surcharge waiver across all petrol pumps for transactions between Rs.500 and Rs.3,000. If you spend Rs.2000 or more in the first 60 days of having the card, you will be rewarded with 2,000 bonus point. On every spent of Rs. 100 you will earn 1 reward point. The reward point becomes 10X if you use the card in movies, dining and grocery spend. The annual fee will be reversed if you spend Rs.1,00,000 or more in a year. The annual fee of this card is Rs.499.
HDFC Money Back Credit Card
The HDFC credit card is best known for the high reward points on the usage of the card. With a minimum of the transaction of Rs.400 in petrol pumps gives 1% of fuel surcharge across all petrol pumps. On the spent of Rs.150, you will get 2 reward points. A cardholder can earn 100% more reward points while using the card online. The reward points can be redeemed as cash backs on the money back credit card. 100 rewards points can be redeemed to Rs. 20. One can earn 2 reward point on every Rs.150 spent. The reward points are valid upto 2 years.
Citi® Cash Back Credit Card
This card gives you the convenience of contactless payment which is instant and which requires no human support. The first transaction till Rs.2000 does not require any personal Identification number (PIN) of the customer. One can earn a minimum of 0.5% cash back on all transactions. 5% cash back is rewarded on movie ticket booking, utility bill payment and telephone bill payment. You can get up to 15% of savings on dining selected restaurants. The cash back can be automatically received as the statement credit once it becomes multiple of Rs.500.
SBI Simplyclick Credit Card
SBI provides another credit cards for people who are earning less than Rs.25,000 per month. This card comes with multiple benefits for the cardholder. As the joining benefit, one will receive a gift voucher of Amazon.com worth Rs.500. At the spent of Rs.1 lakh in a year, you will be rewarded with e-voucher worth ₹2,000. On every spent of Rs.100, 1 reward point can be earned. If you shop online with this card, your rewards points can become 5X. There are a few companies with which this card provider has a partnership. The partner companies are BookMyShow, Amazon, UrbanClap, FoodPanda and Lenskart. So using your card with any of those partner companies can make you earn 10x reward points. Along with all those 1% of fuel surcharge can be enjoyed on the transaction of Rs.Rs.500 to Rs.3,000. The annual fee of this card is Rs.499 which can be reversed on the spent of 1 lakh and more in a year.