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Credit Card for Low-Income

By: Makemymoney

A credit card is a premium offer for people by banks. There is an eligibility criteria, that decides who can afford what type of credit card. This eligibility criteria depends upon income, employment and age factor. Credit cards allow people to buy goods & services without paying cash. Credit cards are divided into a number of categories. But the most commonly used categories are travel card, cashback card, balance transfer, lifestyle card, entertainment card, and credit card for low-income card.

Credit Card facility depends mainly on the income of an individual. So earning of an individual varies from one another and so their requirements. It’s more like an eligibility criterion based on which credit limit is determined. Those who have good income are eligible for higher credit limit. But who earn lower income may get rejected by bankers. The condition seems similar to loan case when one apply for home loan or loan against property they too get checked by banks. Consider the situation the bank has introduced an exclusive credit card for the low-income class. It’s applicable for individual earning 15,000 per month. This type of card is known as the Low-income credit card.

Commonly Used Low Income Credit Cards

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

Benefits of Low Income Credit Card

  • These credit cards usually have zero annual charges
  • There is no joining charge
  • The interest levied on this card may be comparatively lower to other cards
  • No restricted income criterion for the applicants of this card.
  • A low-income credit card issued without checking earlier account history

How to apply for a credit card

You can apply for a low-income credit card by post, online or by reaching the nearest bank. There is a required form that you have to fill with all correct details. The credit card provider will check your credit record after form filling procedure. You can also check your credit record by contacting any if the credit reference agency. Before signing any document related to credit card terms and condition, read it properly. Understand all the agreement points properly to avoid any rough situation in the future.

Bad credit score could be a reason behind the rejection of your credit card application. No credit card provider agency can discriminate against caste, sex, color or religion. To avoid such situation always check which credit reference agency your card provider use to check your credit score. So, that you can also check and estimate whether you can apply for credit card or not.

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