Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
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  • Credit Card BYTES FROM OUR KITCHEN

    Low Income Credit Cards (10,000 to 25,000)

    Banking institutions have been extending and advancing their offers to attract potential customers. A credit card is a premier banking offer that is offered to those who are eligible based on their age, income, employment and so on. Primarily, a credit card is an extended banking facility that allows customers to buy goods and services without requiring them to pay in cash. Money can also be withdrawn using this card. There are many categories in credit cards, but the most commonly used categories include travel cards, balance transfer credit cards, cashback cards, classic credit cards, cashback cards, entertainment cards, lifestyle cards and low income credit cards.

    The earning capability of an individual plays a significant role while obtaining a credit card facility. It is one of the eligibility criteria based on which the credit limit is determined for individuals. An individual with higher income is more likely to obtain a higher credit limit whereas an individual with a lower income may be sometimes rejected by bankers. So, there is an exclusive credit card offer for the low income class. The offer, which is made to the low income class earning around Rs.15,000 per month, is called low income credit cards.

    Merits Of Low Income Credit Cards

    • There is no restricted income criteria for the applicants of this card.
    • Low income cards can be delivered within a short period of time.
    • These cards can be offered without checking the earlier credit history like other cards.
    • The interest factor, which is levied on this card, may be comparatively lower than that of other cards.
    • These cards usually have zero annual and joining charges.

    Demerits Of Low Income Credit Cards

    • These cards have restricted credit limits.
    • A low income credit card may not provide premier features like other cards.
    • The issuers of these cards may not have business tie-ups with the most commonly used brands.
    • These cards may not be useful in developing and building the credibility of users.
    • These cards have constrained scope in terms of usability and acceptability.

    Commonly Used Low Income Credit Cards

    The following are the top 10 credit cards designed for the low income group:

    • Axis Bank Insta Easy Credit Card
    • Vijaya Bank Gold Credit Card
    • HSBC Classic Credit Card
    • Andhra Bank Credit Card
    • Kotak Fortune Gold Card
    • Canara Visa Classic Card
    • ICICI Bank HPCL Coral Visa Credit Card
    • India Card by Bank of Baroda
    • Bank of Baroda Titanium Card
    • Corporation Bank Gold Card

    Axis Bank Insta Easy Credit Card

    Axis Bank, the third biggest privately-owned banking institution in the country, offers a completely tailor-made credit card for the low income class. The name of the product is “Axis Bank Insta Easy Credit Card.”

    Key features of Axis Bank Insta Credit Cards

    An Axis Bank Insta Credit Card offers the following features:

    • Guaranteed approval
    • Expend securely
    • Purchases can be converted into EMIs.
    • The reward points for royalty can be earned.
    • Free credit is granted for 50 days.
    • Credit limits can be lithesome.
    • Cash withdrawals up to 100% are allowed.

    Eligibility criteria to apply for an Axis Bank Insta Credit Card

    The applicants of an Axis Bank Insta Credit Card are required to meet the following eligibility criteria to avail this facility:

    • The applicants of this card should maintain a minimum fixed deposit (FD) of Rs.20,000. The maximum credit limit allowed is Rs.25 lakh.
    • The applicants may hold the fixed deposits in any branch of Axis Bank.
    • No minors can avail this facility.
    • An Axis Bank Insta Credit Card cannot be granted against flexi-deposits, the fixed deposits (FDs) for tax savers and the fixed deposits in the name of Hindu Undivided Families (HUFs), business entities, societies owned and operated by local bodies and trusts.

    Documentation for Axis Bank Insta Credit Cards

    The documentation for obtaining this card is simple. Applicants need to maintain a fixed deposit. The applicants do not have to submit income proofs and address proofs. No further identity proof is needed.

    Vijaya Bank Gold Credit Card

    Vijaya Bank, a public-sector banking entity, also provides the facility of low income credit cards. This product is called “Vijaya Bank Gold Credit Card.”

    Salient features of Vijaya Bank Gold Credit Cards

    The salient features of Vijaya Bank Gold Credit Cards include the following:

    • The cash withdrawal is restricted to 50% of the limit of the credit.
    • The credit facility may be sanctioned up to Rs.5 lakh.
    • Add-on credit cardholders may withdraw up to Rs.5,000 in cash.

    Eligibility Criteria of Vijaya Bank Gold Credit Cards

    • This facility can be availed only by the account holders of this bank.
    • The applicants of these cards are required to hold a fixed deposit of Rs.1 lakh.
    • The fixed deposit can be held at any branch of Vijaya Bank.

    Credit Card Under 15000 Salary: HSBC Classic Credit Card

    HSBC, one of the biggest financial services companies, is renowned globally for offering highly tailor-made banking products and services. HSBC, like other banks, provides the facility of low income credit card.

    Key features of HSBC Classic Credit Cards

    • 24/7 access to cash (more than 1 million ATMs globally).
    • Cardholders get additional cards.
    • The best online service is guaranteed.
    • The card is received by more than 18 million merchandisers.

    Eligibility criteria of HSBC Classic Credit Cards

    • No minors can apply for this card.
    • The minimum yearly income should be Rs.1.44 lakh for working individuals.

    Documents Required for HSBC Classic Credit Cards

    • Working professionals need to submit salary certificates.
    • Self-employed should produce the latest IT returns.
    • A personal identity proof needs to be submitted.

    Credit Card Under 20000 Salary: Andhra Bank Credit Card

    Andhra Bank, a medium-sized publicly owned banking institution in India offers much-needed financial services and products to domestic customers. Andhra Bank does offer the benefit of low income credit cards called “Andhra Bank Credit Card.”

    Salient features of Andhra Bank Credit Card

    • No admission fee is levied.
    • No yearly subscription is levied for the first year.
    • SMS alert services are provided.
    • Cash withdrawal limit is 50%.

    Eligibility Criteria of Andhra Bank Credit Card

    • No minors can avail this facility.
    • The minimum yearly income of applicants should be Rs.1.80 lakh.
    • The facility is offered only to the account holders of Andhra Bank.

    Credit Cards Under 20000

    Kotak Fortune Gold Card

    Kotak Mahindra, an privately-held Indian bank, offers services through a vast network of divisions. Like other banks, Kotak Mahindra offers low income credit cards called “Kotak Fortune Gold Card.”

    Salient features of Kotak Fortune Gold Card

    • Additional cards shall be provided.
    • Balance transfer facility is provided.
    • The card provides a shield insurance cover.
    • Cardholders get 4 PVR tickets for free if the overall spending for the calendar year exceeds Rs.1.50 lakh.

    Eligibility criteria of Kotak Fortune Gold Card

    • No minors can apply for this card.
    • The card is offered only to Indian customers.
    • The applicants should have a yearly income of Rs.3 lakh.

    Credit Cards for Salary 20000 or Annual 1 Lac Above

    Canara Visa Classic

    Canara Bank, one of the biggest publicly-owned banking entities, offers its customers the Canara Visa Classic, a low income credit card.

    Prime Features Of Canara Visa Classic

    The following are the prime features of Canara Visa Classic Cards:

    • The card is transnationally accepted.
    • The card comes with a minimum credit limit of Rs.10,000.
    • The SMS alert facility is provided.
    • The maximum credit limit is determined on the basis of the yearly income of individuals.

    Eligibility Criteria Of Canara Visa Classic

    • The applicants should have a yearly income of Rs.1 lakh.
    • The offer is made only to the account holders of Canara Bank.
    • The applicants should have a good credit history.
    • The PAN should be submitted as a personal identity proof.

    ICICI Bank HPCL Coral Visa Credit Card

    ICICI Bank HPCL Coral Visa Credit Card offered by ICICI Bank is a low income credit card. This facility is provided to the people with low earning capabilities.

    Key features of ICICI Bank HPCL Coral Visa Credit Cards

    • Railway and airport lounge facility is offered.
    • Cardholders can earn up to 10,000 PAYBACK points each year.
    • Cardholders can obtain two supplementary cinema tickets.
    • There will be a cap of two complementary visits once in 90 days.

    Eligibility criteria of ICICI Bank HPCL Coral Visa Credit Cards

    • Applicants must not be less than 23 years.
    • Only Indian residents can apply.
    • The earning potential, credit reports and other requirements will vary from city to city.

    Credit Cards for Annual Income 75000 & above

    India Card by Bank of Baroda

    Bank of Baroda, an Indian-based financial services company, offers individualised financial services and products to retail and business customers. Like other banking companies, Bank of Baroda provides the credit card facility to the low earning class.

    Prime features of India Card by Bank of Baroda

    • The card comes with an inbuilt insurance coverage.
    • The facility of free add-on cards is provided.
    • Cardholders will get easy EMI options.
    • Cardholders are offered multiple options for redemption.

    Eligibility criteria of India Card by Bank of Baroda

    • No minors can apply for this card.
    • The minimum yearly income of applicants should be at least Rs.75,000.
    • The card has a greater usability and acceptability.

    Credit Cards for Annual Income 2 Lac & Below

    Bank of Baroda Titanium Card

    The prime features of Bank of Baroda Titanium Card include the following:

    • The card is accepted globally.
    • This card is ATM compatible.
    • The card comes with a cash withdrawal limit of 30%.

    Eligibility criteria of Bank of Baroda Titanium Card

    • The minimum yearly income of applicants should be Rs.2 lakh.
    • The existing customers of the bank will be preferred.
    • The minimum age of applicants should be 18 years and the maximum age should be 65 years.

    These low income credit cards cater to those who earn a monthly income of Rs.15,000 to Rs.20,000. These cards come with specified credit limits and other terms and conditions, but provide customers with the benefits of a credit card.

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