EarlySalary launched SalaryCard, a new type of credit line exclusively designed for salaried employees. Eligible individuals can apply for the card through the EarlySalary mobile app. From document verification to approval, everything takes place on the app, enabling a hassle-free processing to the users.
Once the card is approved, a digital version will be generated on the app and can be used instantly for all online transactions. For in-store transactions, a physical card is required which will be provided on cardholder's request.
The total credit limit available on the SalaryCard varies for each customer and is mainly dependant on the income to expense ratio of the individual. Each category will have a different dynamic credit limit and repayment tenure.
With a SalaryCard, users can enjoy more credit limit, flexible tenures and hassle-free processing. The card offers most of the privileges provided by a credit card without any joining fee or annual fee.
The entire application and approval process of the SalaryCard is through the EarlySalary mobile app. If you wish to apply for the card, you need to download the app and follow the steps below.
Once your request is received, the team will review your application and provide you with the credit limit for your SalaryCard.
There are certain aspects on which the SalaryCard is considered to better than a credit card. We will list down the reasons why availing a SalaryCard can be a better option:
| Category | SalaryCard | Credit Card |
|---|---|---|
| EMI options | You can choose your tenure where no processing fee is charged for converting your spends into EMI | You will be charged a fee on converting your spends into EMI |
| Conversion of amount into EMIs | Convert any transaction exceeding Rs.500 into EMIs | Only transactions exceeding Rs.3,000 can be converted into EMIs |
| GST charged | No GST on SalaryCard EMI | GST charged on the interest of EMI transactions |
| Approval time | The virtual card will be provided within minutes | It will take up to 14 days to get your card |
| Rate of interest | Option to clear your entire transaction amount on or before 1st EMI with zero interest charged | Significantly higher interest rates. |
| Impact on credit score | Using 100% of the limit & repaying on time boosts your credit score | Using more than 30% of your credit card limit impacts your score negatively |
You will receive your SalaryCard monthly statement directly to your registered e-mail. The total outstanding, which varies from each category, along with the due date, transaction details, and other details will be mentioned in the statement. Make sure you make the payment before the due date.
Follow these steps to repay your SalaryCard outstanding due
Your outstanding will be displayed along with the payment options. Choose one and complete the transaction. You will receive a message once your payment is credited to the account.
Yes, you can block your SalaryCard using EarlySalary app or website, or by calling EarlySalary customer care on the number 020-67639797 or by sending a mail to the email ID care@earlysalary.com requesting your card to be blocked. You can also send your request for the card to be blocked by sending a mail via post to the address given below:
EarlySalary
Office no. 404, The Chambers, (Samrat Chowk)
Clover Park, Near Ganpati Chowk,
Viman Nagar, Pune,
Maharashtra 411014.
Before blocking the card, do note that blocking SalaryCard is permanent and it cannot be reversed. Hence, its only recommended if your physical card is misplaced/lost or stolen. Once you block your card, you wont be able to do any transactions on your card nor will you be able to unblock the card.
There are a few instances during which the POS transactions using your SalaryCard may get declined -
- When the transaction value is lower than the prescribed amount.
- When the transaction amount is more than the available credit limit on that category
- When the transaction is towards gambling or casinos
To complete the KYC, you need to submit self-attested copies of Aadhaar Card and PAN Card or any other similar proof of address along with a passport size photograph of the applicant.
Currently, there are no reward points offered on SalaryCard. The only reward you can expect for now is that the more you use your card, the higher would be the probability of increasing the credit limit.
You must be aged 21 years and above and a citizen of India. You must be a salaried individual who draws a salary between Rs.15,000 and Rs.18,000 per month.
On applying for a SalaryCard, your Social Worth Score is taken into account along with various other factors such as your age, salary, the city in which you reside, etc. based on which your credit limit is decided by the company.
Yes, you can apply for a SalaryCard as you meet the eligible age.
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