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What is the minimum income limit for applying for Credit Cards?

What is the minimum income limit for applying for Credit Cards?

Income Is Not Everything

Reader Vrashal writes:

“I would like to know what is the minimum income limit for applying for Credit Cards.”

 

We get this question all the time here at CreditSmart, and the short answer is there is no stated minimum for most cards. The issue is not your income, but your ability to pay back. When you apply for a credit card with your stated income, the credit issuer looks as your repayment history in your CIBIL report and score in order to paint a picture of your credit worthiness. They will then either approve or deny your application, and if approved the amount will be relative to your income. So while there is a relationship between income and your credit limit, there is no specific relationship between your income and the initial approval.

 

Best of Luck,

CreditSmart Staff CreditSmart

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