It’s a common misconception that high income is a prerequisite for applying for a credit card. However, this is far from truth. Even if you fall into the low-income bracket, there are plenty of credit card options tailored to your needs. These cards are designed for individuals with monthly incomes ranging from Rs 10,000 to Rs 25,000. While the credit limits on these cards might be lower compared to others, they still offer valuable rewards and benefits. If you’re earning under Rs 20,000 per month, here are some of the best credit cards that can enhance your financial journey.
See also: Credit cards with best sign-up bonus
List of top low-income credit cards
Low-income credit cards are ideal for those looking to maximise their benefits while managing their finances efficiently.
See also: How to pay rent through credit card?
SBI SimplyCLICK Credit Card
SBI SimplyCLICK credit card boasts a reward programme tailored to online purchases, with added advantages when shopping from exclusive partner brands. Offering a base reward rate of 1%, it escalates to 5% rewards for all online shopping. If you choose to shop with their partners such as Amazon, Cleartrip, Lenskart, BookMyShow or Netmeds, you’ll enjoy a remarkable 10% reward rate. The annual fee for this card is Rs 499, but it can be waived upon achieving an annual spending of Rs 1 Lakh. Note that SBI doesn’t extend credit cards to new credit users, so it’s best suited for those who already have a credit card. If you’re a seasoned online shopper, this could be a valuable second card. Alternatively, if you aim to garner extra rewards for offline expenses, the SBI SimplySAVE Credit Card is worth considering.
HDFC MoneyBack Credit Card
HDFC Bank MoneyBack Credit Card stands as a popular choice for the first-time credit card users. With an annual fee of Rs 500, this card offers a fundamental reward rate of 1.33%. However, it sweetens the deal by granting double rewards for online shopping. For instance, spending Rs 7,500 offline earns you 100 points, whereas the same amount spent online garners 400 points. These points hold versatile value, redeemable for items and vouchers within HDFC Bank’s rewards catalogue, or they can be used to offset your outstanding balance. Keep in mind that each reward point is valued at Rs 0.20, making vouchers or merchandise redemption a more advantageous choice. Additionally, enjoy the perks of Zero Lost Card liability after reporting card loss and avail a Rs 500 e-voucher by spending Rs 50,000 in a quarter. This card also offers a 1% fuel surcharge waiver across all petrol pumps for transactions above Rs 400.
ICICI Coral Contactless Credit Card
ICICI Coral Contactless Credit Card ranks high on the list of preferred options for low-income earners. Focusing on movie perks and reward points, this card is an attractive choice with a modest annual fee of just Rs 500. Notably, it offers movie benefits for both BookMyShow and INOX, increasing your chances of enjoying this feature. It is among the few entry-level cards that grant access to airport lounges. It provides one complimentary domestic airport lounge visit and one free railway lounge visit each quarter. With a basic reward rate of 2%, it offers a 1% fuel surcharge waiver exclusively at HPCL petrol pumps. Furthermore, under the ICICI Bank Culinary Treats Programme, you can enjoy savings of at least 15% on dining bills at partner restaurants.
YES Bank Prosperity Reward Plus Credit Card
For an annual fee of just Rs 499, the YES Bank Prosperity Reward Plus Credit Card offers an enticing rewards programme along with several additional privileges, such as fuel surcharge waivers and lifestyle benefits. With this card, you can earn 1,250 welcome reward points on spending Rs 5,000 within the initial 30 days of card issuance. Moreover, achieving spends of Rs 3.6 Lakh brings you an impressive bonus of 12,000 reward points. This card also offers an excellent reward rate of six reward points for every Rs 200 spent at grocery stores and supermarkets, and four reward points for every Rs 200 spent across other categories. The redemption options include a curated range of exclusive products and the flexibility to convert your rewards into InterMiles, with eight reward points equal to one InterMile.
HDFC Easy EMI Credit Card
With an annual fee of just Rs 500, the HDFC Easy EMI Credit Card is tailored for individuals who frequently make significant purchases and prefer the convenience of repaying through EMIs. What sets this card apart is its automatic conversion of purchases exceeding Rs 10,000 into manageable EMIs. The card also offers attractive cashback benefits across various categories, subject to specific terms and conditions. Enjoy a generous 5% cashback on flight and hotel bookings made through SmartBuy and PayZapp, as well as on transactions above Rs 2,000 on Flipkart and Amazon. For online spends above Rs 2,000, you’ll receive a 2.5% cashback. Additionally, you can earn 1% cashback on all offline spends and wallet reloads exceeding Rs 100. The accumulated cashback is provided in the form of cash points, which can be conveniently redeemed against your statement balance. Furthermore, the renewal fee is waived if you’ve spent Rs 50,000 in the previous year, making this card an even more appealing choice for savvy spenders.
FAQs
How to get a low-income credit card?
There are several banks in India which offer credit cards to low-income earners. If you want to apply for a credit card, you can do so on the bank’s website.
What is the minimum income requirement for obtaining a credit card?
The minimum income required to avail a low-income credit card can vary from bank-to-bank. Generally, the minimum income required to apply for a credit card is Rs 10,000 per month.
What is a reasonably good credit limit?
Typically, a good credit limit would be twice or thrice of your monthly salary. However, this may differ from bank-to-bank. Many factors affect your credit card’s limit including spending habits, credit score, repayment of debts, credit utilisation report, and income.
Why was my credit card application rejected?
There can be many reasons behind the rejection of a credit card application, such as a low credit score, inability to meet the eligibility criteria and non-submission of a required document.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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