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Self-employed with ITR of 28Lac : Need help to get premium credit card : Infinia /Biz black /EPM

slow-traveller-007

slow-traveller-007

TF Buzz
Hi everyone,
I have been self-employed for the past 1.5 years in software consulting, with an ITR of ₹28L, GST registration and CIBIL score is 800+.

Previously, I held the Axis Magnus card, but I closed it after 2 years once it was devalued. Currently, I hold the one card, Scapia card and the ICICI Sapphiro card-LTF .

I have my salary account with ICICI for the last 9 years, and despite monthly credits of over ₹4L (pre-tax), my RM is not supporting my request for an EPM, stating I’m not eligible.

I also tried reaching out to the ICICI contact via Twitter, but didn’t get any success for EPM.

Most of my spending is on flights, hotels, subscriptions, and advance tax since I travel solo quite often.

Does anyone have a contact or recommendation for applying to a premium credit card?

Thanks in advance for your help!
 
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akiratoriyama said:
How do you get it with that much ITR?
Click to expand...
FYI, ITR of 36L is post tax (not gross income). That is equivalent to 3L/month net credit.

You can try, but it might still get denied or the RM might try to milk you. For salaried people, you can probably getaway by just opening a salary account if you have 3L+ net salary every month. No additional cost for you & no investments would be needed, if you have prior relationship with bank (any basic CC with 6L+ limit, savings account, loan etc.) Many people on this forum have already highlighted that they got EPM via this route. But for self employed, it is highly likely that the RM will try to squeeze you before even applying this card on your behalf. Beware!
 
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slow-traveller-007 said:
Hi everyone,
I have been self-employed for the past 1.5 years in software consulting, with an ITR of ₹28L, GST registration and CIBIL score is 800+.

Previously, I held the Axis Magnus card, but I closed it after 2 years once it was devalued. Currently, I hold the one card, Scapia card and the ICICI Sapphiro card-LTF .

I have my salary account with ICICI for the last 9 years, and despite monthly credits of over ₹4L (pre-tax), my RM is not supporting my request for an EPM, stating I’m not eligible.

I also tried reaching out to the ICICI contact via Twitter, but didn’t get any success for EPM.

Most of my spending is on flights, hotels, subscriptions, and advance tax since I travel solo quite often.

Does anyone have a contact or recommendation for applying to a premium credit card?

Thanks in advance for your help!
Click to expand...
Pre-tax incomes don't matter for banks, so consider your post tax income only for determining your eligibility.

EPM is nearly impossible in this case. You at-least need 36L ITR (post tax income) for an RM to apply. Otherwise unless you have an old relation with ICICI, some CC with a high limit (10L+) with high spends it is not feasible I think. You cannot push any RM to get the approvals without having something substantial to give in return. ICICI is also tightening the screws on card approvals, so highly likely that the RM would first try to lure you into buying something else (like loan, moving your investments to ICICI demat etc.) before even applying for EPM. Don't get into that classic RM trap.

For travel, considering Atlas is not available anymore you can probably for HSBC TravelOne. But HSBC has a poor coverage, and they're only available in a few metro cities. Worth trying. Otherwise, you can contact the main branch in your city offline and check if they can apply for Atlas. Some people have got it via this route, so you can try. Another option is HDFC Regalia. For tax payments, consider Amex Platinum Travel whenever Amex resumes new applications.
 
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ash_m said:
FYI, ITR of 36L is post tax (not gross income). That is equivalent to 3L/month net credit.

You can try, but it might still get denied or the RM might try to milk you. For salaried people, you can probably getaway by just opening a salary account if you have 3L+ net salary every month. No additional cost for you & no investments would be needed, if you have prior relationship with bank (any basic CC with 6L+ limit, savings account, loan etc.) Many people on this forum have already highlighted that they got EPM via this route. But for self employed, it is highly likely that the RM will try to squeeze you before even applying this card on your behalf. Beware!
Click to expand...
EPM is very difficult to get. They have become strict with the criteria.
 
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ash_m said:
Pre-tax incomes don't matter for banks, so consider your post tax income only for determining your eligibility.

EPM is nearly impossible in this case. You at-least need 36L ITR (post tax income) for an RM to apply. Otherwise unless you have an old relation with ICICI, some CC with a high limit (10L+) with high spends it is not feasible I think. You cannot push any RM to get the approvals without having something substantial to give in return. ICICI is also tightening the screws on card approvals, so highly likely that the RM would first try to lure you into buying something else (like loan, moving your investments to ICICI demat etc.) before even applying for EPM. Don't get into that classic RM trap.

For travel, considering Atlas is not available anymore you can probably for HSBC TravelOne. But HSBC has a poor coverage, and they're only available in a few metro cities. Worth trying. Otherwise, you can contact the main branch in your city offline and check if they can apply for Atlas. Some people have got it via this route, so you can try. Another option is HDFC Regalia. For tax payments, consider Amex Platinum Travel whenever Amex resumes new applications.
Click to expand...
I am self-employed. More than 4L is credited to my ICICI account each month, and I pay advance tax every quarter. In my case, because of Section 44ADA, the income shown in my ITR is less than the actual amount credited.

I left my full-time job and started working as self-employed 2 years ago. Thinking back, I wish I had applied for these cards when I still had a regular salary of over 3L and my chances of getting approved probably would have been much better than. :crying-face:

Thanks for your recommendation !!
 
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Get HDFC regalia gold as of now. Then climb up to Infinia slowly. I think you can try bizblack also.
When Amex lifts application pause, get Plat travel(provided all things remain good).
Personally I don't like Axis, very notoriuos for cards approvals.
SBI Miles elite is also option, but earn ratio is poor.
SBI Krisflyer Apex is good option,if you flying Singapore airlines.Same with Indusind Avios. Both are milstone benefits, if you can hit that, earn ration is good.
3 to 4 cards portfolio is more than enough.
 
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