Only 4% of them have credit cards in India

[vivek.krishnan]

^ artist friend of mine with around 6~7lakh per annum got SBI credit card declined. He didn't even apply, they pestered him to apply for card and when he did, he got a mail saying he's rejected. he's pissed

Same here. Came to know later on that if they have completed their quota for the month, they reject the applicants or something similar.

Either way, via 2 friends, have been advised not to keep it, the Amazon/Flipkart discounts are not worth it. Keep a debit card, not CC.

 

[Lord Nemesis]

Can a guy with
- 1.3 Lakhs/annum take home salary ... Get a credit card?
- 3.3 Lakhs income and a freelancer with ITR .. Get a CC??

He can still get a secured credit card against an FD.

 

[swatkats]

^ Yeah ICICI offers CC against 20k FD. That's not the question here.. What are the possibilities one gets a CC if scenario's are like the above.

 

[Lord Nemesis]

First case, no chance. most banks require at least income of 1.5 lac/ year to even qualify.
Second case, very good chance of getting it.

 

[nRiTeCh]

Bank doesnt consider freelance biz due to its uncertain income. Friend earning 9 lacs pa is still struggling to get one. Though he got one from his bank due to savings account but others banks plainly reject.

 

[swatkats]

First case, no chance. most banks require at least income of 1.5 lac/ year to even qualify.
Second case, very good chance of getting it.

I have this friend who started recently and has very low paying job of 1.3L/yr, He was offered a CC, Took documents and offered him Credit limit of 40k but Was ultimately rejected.

 

[adventureguy]

Bank doesnt consider freelance biz due to its uncertain income. Friend earning 9 lacs pa is still struggling to get one. Though he got one from his bank due to savings account but others banks plainly reject.

ICICI offers credit card against fixed deposit easily (even for freelancers)

 

[nRiTeCh]

ICICI offers credit card against fixed deposit easily (even for freelancers)

Ya he got from ICICI itself as he is using it since many yrs and lacs of savings so even if the bank doesnt want to they are forced to

 

[Futureized]

option with none was REQUIRED..
Majority of Indians have none of poll listed option.

 

[babhishek]

Keep a debit card, not CC.

duhh, why?

 

[swatkats]

Keep a debit card, not CC.

Yeah. Why? I guess you are cool if you pay before due date and never withdraw Cash at ATM's!

I guess people are creating wrong notion saying.. Credit card is dangerous like Antibiotics, Use it whenever required. whats wrong!

 

[letmein]

I use my credit cards exclusively while making purchases, the points/ rewards on offer make them more attractive than debit cards. The key is to keep your impulse buying in check, and making sure you have enough balance in your account to pay the bill at the end of the month!

 

[Faraz]

Banks often have competition among circles to see who can issue the most no of credit cards. You can get one easily if you apply during this time. I got one from Axis when I was in 2nd year of college with no income.

There is no harm in having a credit card. Unless you have no self-control, in which case credit cards are a great tool to get yourself in some serious debt.

 

[Zaibatsu]

He can still get a secured credit card against an FD.

Secured credit cards have low credit limit. Not the best way to get an iPhone X on EMI. I think proper and normal credit cards with 3L limit are for employees only, it's even written on Quora. It's just like EPF account, if you are not an employee in any company, you cannot get it

 

[swatkats]

Secured credit cards have low credit limit. Not the best way to get an iPhone X on EMI.

How many you know bought a X on EMI?

I recently met a sales head of Big C and asked how many pieces of X they sold in Hyderabad or at least in the section he has authority.
He could give me some 1200-1500 iPhone X random number and also said 50-55% of them bought with Cash!

Read here https://techenclave.com/community/threads/186341/page-2#post-2149460
wrote here how people buy phones every 6 months or even buy Lakh worth phone. With Unaccounted money.

 

[Lord Nemesis]

Secured credit cards have low credit limit. Not the best way to get an iPhone X on EMI. I think proper and normal credit cards with 3L limit are for employees only, it's even written on Quora. It's just like EPF account, if you are not an employee in any company, you cannot get it

Credit card limits will always be in line with what you are worth. A salaried person with a 20K salary is not going to magically get a credit card with a 3 Lac limit just because he is salaried. On the other hand, a person with a ~3.5 Lac deposit can get a secured credit card with a 3L credit limit. Typically, you get 85% of the fixed deposit value as the credit limit.

 

[RakaKaKaka]

use my credit card for petrol cashback. quite useful.

 

[Zaibatsu]

Credit card limits will always be in line with what you are worth. A salaried person with a 20K salary is not going to magically get a credit card with a 3 Lac limit just because he is salaried. On the other hand, a person with a ~3.5 Lac deposit can get a secured credit card with a 3L credit limit. Typically, you get 85% of the fixed deposit value as the credit limit.

What if one decides to close the fixed deposit after the final date. Is their secured credit card still valid then? Anyway I have learnt from a Citibank salesman that many people declare their hostel fees as income and get a credit card. Is it true? Can rent income from property also qualify for a credit card? I don't really need a credit card right now as I get 50k monthly transfers from parent's accounts for my daily needs. But I still have a secured credit card from Axis Bank

 

[Lord Nemesis]

You cant close the deposit. It will be held as a perpetually auto renewed deposit without ability for closure till you hold the credit card.

Hostel fee is not income. Do you understand what the words "in come" mean? You didn't year what that sales man said correctly or he is not a sales man at all.

Stipend is income, but there is simply not enough of it for an average student to even consider it as qualification for a credit card. For example, during my M.Tech course which was through GATE qualification, I used to get a stipend of 60,000/year. Nowhere near enough to qualify for credit card as most banks require 1.5-2.0 lac minimum income.

Rent income could qualify if there is sufficient amount of it, you receive it via a source like bank transfer and and you are paying taxes on it. Otherwise, its simply not even visible as income to them.

Simply put, what banks are looking for is that there must be some activity visible against your PAN number that they can deem as stable income.

 

[rdst_1]

You cant close the deposit. It will be held as a perpetually auto renewed deposit without ability for closure till you hold the credit card.

Although that is what is the norm, but in my case at least my secured credit card from HDFC Bank is still working despite me closing the FD a long time back.
In my case, I was shown and able to use the closing option via netbanking.