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Credit card tips for low-income people in India

By Guest Author(Divya Kapoor)

Credit card tips

The popularity of Credit Cards has increased by leaps and bounds these days. Banks and financial institutions are encouraging the use of the same. The concept is that the Bank gives you the money and you make purchases on that. Later, you repay the money to the bank. If you are not able to do so within a stipulated time, the bank will levy interest on it. However, banks also do a thorough financial check on an individual before issuing the card. The salary statement of the last few months is one of the first things that the bank asks for while deciding whether or not they will be issued a card. Now, having a low income should not become the reason why one is deprived of the benefits of a credit card

To help low-income people in India, here are some tips for procuring and maintaining a credit card.

1) Mention your extra income details

While filling out the credit card application, make sure you include your additional income details. This must include your part-time job, rent that you get from the property, and other details. Any money that makes to the house can be mentioned here. Doing so increases your income figures and improves your chances of getting the credit card that always wanted.

2) Reduce your expense

Most people are not aware of the fact that banks are more conscious about the income to expense ratio than about the income itself. Thus, if you feel that your low income is the cause of you not getting a credit card, try to work on your expenses. You do not have to curtail the same practically. Try to come up with smart ways of handling it and temporarily look for other sources of expense payment. Once you get your credit card, you can resort to normal ways of payment again.

3) Maintain a good savings account

When you have a low income, the easiest way to convince the bank that you will be able to pay the interest on the credit card would be by having a savings account. Try to maintain a decent balance on your savings account so that you can show a statement of the same while applying for a credit card. This will assure the bank that you have a viable source of interest rate repayment money, and you will get your credit card much quicker.

4) Joint credit card

Most banks offer the option of a joint credit cards. Here, even if you have a low income, you can ask a family member to join in their credit limit. The only condition is that the family member must have a good credit score and a decent credit limit on his or her card. This concept of joint credit card is encouraged among spouses in particular.

Understand that banks do not mind giving credit cards to people with low income. Banks encourage the use of credit cards because they make a profit out of the interest that is associated with untimely repayment of money. The only thing that you have to do is to assure the bank that you have enough money to be able to pay off the interest. With the above tips, we hope that we were able to be of help in showing you how to portray steady available money to the bank.

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Credit card tips for low-income people in India


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