Credit Card for Low Income Earners
5 June, 2024
Synopsis
To obtain a Credit Card, you must fulfil the card issuer’s eligibility criteria.
Income plays an important part in determining your eligibility for a Credit Card. It helps banks assess your repayment capacity.
Innovative Credit Card offerings, like the Pixel Go Credit Card, come with convenient income eligibility criteria and appealing features for efficient money management.
Credit Cards offer a convenient way to manage payments, making them a valuable payment instrument. Typically, the eligibility criteria to obtain one involve factors like age and income. Different cards have different eligibility criteria. In this article, you can get information on how individuals with low income can take advantage of this credit facility to manage their expenses. They can use the card to settle bills, buy groceries and even make significant purchases. Continue reading to learn more about Credit Cards for low-income earners.
Why is Income an Important Requirement for Credit Cards?
When you apply for a Credit Card, banks want to know if you can repay the money you borrow. If you have a higher income, banks believe you're more likely to pay them back on time.
Your income also affects how much money the bank will let you borrow with your Credit Card and the interest rate you'll get. Your chances of securing a Credit Card with a relatively higher credit limit and low interest rates are high.
So, income helps banks decide who can get a Credit Card and how much they can borrow. It's all about making sure people can manage their money and pay back what they owe.
What is the minimum income required for a Credit Card?
The minimum income required for a Credit Card depends on the card for which you're applying. Generally, Credit Card issuers set income eligibility criteria to ensure you have the means to repay borrowed funds. While basic cards may have lower income requirements, premium or rewards cards may require higher incomes. It's a good idea to check what the income requirement is before applying for a card.
Credit Card Options for Low Income
Here's a look at Credit Card options ideal for low-income earners:
Credit Card Against FD
A Credit Card against fixed deposit (FD) is a secured Credit Card. Individuals with low incomes or limited credit history can opt for it since the FD serves as security for the credit limit. Also, the credit limit of such a card is usually a percentage of the FD amount. This offers a practical solution for those who may not meet the income requirements for traditional Credit Cards.
Add-On Credit Card
Add-on Credit Cards are supplementary cards. They are linked to the primary cardholder's account. These cards are issued to family members, like spouses, parents or children, allowing them to access a shared credit limit. For low-income individuals, an add-on credit card can be a convenient solution for managing household expenses.
Credit Cards with Low-Income Eligibility
Some innovative Credit Card offerings cater well to individuals with low incomes. These cards offer essential features and benefits while maintaining low-income eligibility criteria. For instance, the Pixel Go Credit Card requires a minimum gross monthly income of ₹8,000. This income requirement ensures that even those with modest earnings can enjoy the convenience of owning a Credit Card. Available exclusively on PayZapp, the card also comes with benefits like cashback offers, zero lost card liability, interest-free credit period, etc.
Pixel Go Credit Card for Low-Income Earners
The Pixel Go Credit Card is an attractive option for those seeking a Credit Card tailored to their financial situation. Here are some of its notable features:
Cashback & Dining Privileges
With a Pixel Go Credit Card, you can get cashback on eligible transactions and dining privileges across various restaurants.
Flexible Tenures
The card allows you to choose low-cost and flexible tenures that suit your repayment preference. This lets you manage your finances freely and more effectively.
Easy Card Management
With PayZapp, you can effortlessly oversee your Pixel Go Credit Card. You can access your EMI Dashboard, transaction history, notifications and customer support, all in one convenient location. This ensures simplicity and ease in card management.Contactless Payments
The Pixel Go Credit Card facilitates convenient contactless payments through its Swipe to Pay feature for online transactions and Tap & Pay feature for in-store purchases. You can enjoy quick, secure payments without the need for one-time passwords.
Enjoy Quick & Effortless Digital Payments with Pixel Go Credit Cards
Manage your finances like a pro with the Pixel Go Credit Card, available exclusively on PayZapp. With appealing features and strong security, it's the perfect partner for your everyday spending. Experience the future of banking at your fingertips with the Pixel Go Credit Card. Click here to get started.
*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Credit Card approvals at the sole discretion of HDFC Bank Limited. Credit Card approvals is subject to documentation and verification as per Bank's requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.
