Credit cards are one of the few financial instruments which have rendered transactions convenient and user-friendly. Besides the ease and comfort of payment offered to the people, these cards are accompanied by multifarious benefits, such as cashback offers, redeemable reward points, waiver on fuel surcharge, movie tickets, and discounts on dining at restaurants. By investing a small amount on the joining and renewal fee, one can commence living on credit, and clear the dues later. Even this minimal investment may not be necessitated in a few cases. As the benefits swell, so does the fee to avail of those premium credit cards. But is the procedure of owning a credit card straightforward? What are the prerequisites for ensuring an instant and hassle-free approval? What role does income play in the entire mechanism? Let’s find out.
Role of income while applying for a credit card
Any credit or loan mandates the pledging of collateral. It ensures that the lender does not encounter any significant loss. Similarly, credit cards that permit people to incur expenditure without having to pay immediately, need such security. A regular and consistent source of income is a true manifestation of such collateral. Only when a customer possesses the means to clear the dues before the prescribed date that they can be entrusted with a credit card. A constant inflow of remuneration for the customer instils confidence in the issuer of not getting duped. Hence, an important criterion to be fulfilled before applying for credit cards is a constant source of income. The minimum amount fluctuates with different variants; the greater the profits and privileges granted, the greater is the limit of minimum income. Moreover, the credit limit varies with income. Low monthly earnings restrict the monthly employment of credit cards beyond a certain threshold. An income statement is not a mandatory specification in the case of a secured credit card that is offered against a fixed deposit. An add-on credit card and a student card also come with a similar facility.
Eligibility criteria
The Bajaj Finserv credit card extends a wide range of choices in the form of its numerous variants. Partnering with RBL Bank, Bajaj Finserv presents a SuperCard that has the benefits of four cards, all clubbed into one. With the availability of the gains of credit, loan, EMI and a cash card in one, the Bajaj Finserv RBL Bank SuperCard has prioritized the customers’ needs in offering such a promising instrument. Converting cumbersome bills into affordable installments, allowing withdrawals from ATMs, approval of emergency loans for up to 90 days, and offering exciting rewards, this SuperCard does it all. However, some eligibility criteria need to be realized before accessing the SuperCard. A credit score of at least 750, and a regular income source are the minimum requirements that are to be met. These constitute the most significant criteria based on which the Bajaj Finserv credit card is issued. To ensure that the credit card application gets approved, one should also furnish their income statement to the issuer.
The Bajaj Finserv RBL Bank SuperCard is available in 11 variants, and each variant requires a certain amount to be paid as the joining or renewal fee. The Platinum Choice SuperCard, for instance, is accessible at a joining and renewal fee of Rs. 499 excluding GST. The World Plus SuperCard, on the other hand, entails an expenditure of Rs. 4,999 plus GST at the time of joining and yearly renewal. The privileges offered by the latter are more in number and hence, the monthly income prescribed will be more. Bajaj Finserv does not declare this minimum income publicly; it not only differs with the variants but also with the customers. A good credit score can replenish the vacuum created by a low income to ease the process of credit card approval. Whereas a substandard credit score may result in the rejection of the application, even though it is backed up with a high income. Everything rests upon the policies of the issuer and their discretion.
In the case of self-employed individuals, they need to maintain a minimum yearly income and a high credit score. Any discrepancies in the same can lead to the dismissal of the application. Hence, while submitting the identity and residential proofs, income and business testimonies should also be attached to the same.
Income is undoubtedly a significant determinant that influences the process of credit card approval. Whether a premium variant of the credit card can be accessed or not is dependent on the level of income. Bajaj Finserv RBL Bank SuperCard is the credit card to apply for to garner maximum benefits. For any further queries, one can contact the Bajaj Finserv credit card customer service.
References:
https://www.bajajfinserv.in/insights/self-employed-credit-card
https://www.bajajfinserv.in/credit-card-eligibility-and-documents
https://www.bajajfinserv.in/insights/how-to-get-credit-card-without-income-or-salary
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