Credit cards are a great way to make cashless payments and get attractive offers. The perfect credit card, however, may vary from person to person depending on their lifestyle and income.
If you are wondering if you can get a ‘without income proof credit card’, read ahead!
Yes, you can easily get a credit card without income proof. There are many ways to do so. In fact, some banks and some categories of credit cards don’t require any income proof whatsoever.
It is believed that credit cards are for the elite, but that is far from the truth. There is a right credit card for everyone, no matter where their income lies.
Here are some ways to get a credit card without furnishing your income proof -
The first step to applying for a credit card is to have an active bank account. And if you have a high balance in your account, it's an added benefit. This also helps the credit card issuer to trust you against defaulting.
Try to maximize your qualifications as much as possible. As you cannot present your household income as a whole, it will be beneficial to choose the highest-earning members to apply for a credit card in their name.
Another factor that affects your credit card application is your debt-to-income ratio. How much debt you have used up and how you manage debt in general, are good ways to prove your credibility.
Consider all sources of income while applying for a credit card, not just your primary source. If you have an additional business or do freelance work, they are also valid incomes and must be taken into account.
You can make someone with a higher credit score your co-applicant so you can get a credit card easily.
A robust credit score and report are necessary for credit products. It holds for credit cards as well.
There are some credit cards that do not require any income proof. Here are those options -
A secured credit card is one that you can get against a fixed deposit. SBI, Axis Bank, IDFC First Bank, and Kotak Mahindra Bank all give credit cards against FDs. The amount you need to deposit depends on the bank you choose.
Credit cards can be applied for against FDs of a minimum of Rs.5,000. Banks offer credit cards with limits up to 75%-80% of the fixed deposit amount.
An add-on card is another card that you can get against your primary credit card. If your family member has a credit card and has a good credit score, you can apply for an add-on card.
You can get the same benefits on the add-on card as on the primary, and they do not need too much documentation to apply. There is, generally, no joining or maintenance fee on the add-on card as well.
In case you are a college student, you can easily get a student credit card without any income proof. You will, however, have to show some investments, fixed deposits, or an account with a high balance. Even having a trust fund qualifies you for a student credit card.
You are more likely to get a credit card from the bank you have an existing account with. These cards mostly have lower limits but can be very beneficial to start building your credit score at an early age.
Credit cards can help you build your credit score if you use them responsibly. The earlier you get a credit card, the better it is for your credit history. Credit cards also offer numerous benefits and complimentary services that you can enjoy.
You can also apply for a credit card without income proof. Student cards, add-on cards, and cards against FDs are good options as beginner credit cards if you don’t have sufficient income to apply for a regular card.
Once you use your beginner card enough and build a credit score, you can upgrade to a regular credit card.
Yes, you can apply for a credit card without furnishing an income proof. Student cards, add-on cards, and secured cards can be procured without income proof.
You can get an SBI credit card against a fixed deposit of a minimum of Rs.25,000. This will be a secured card and you won’t need income proof for it. For regular credit cards from SBI, you may have to submit salary slips, income tax returns, etc.
Different banks and credit cards have different eligibility criteria including minimum income requirements. You can easily get a credit card against a fixed deposit or as a student, even when you don’t have a regular source of income.
Anyone who has a bank account is eligible for credit cards. Credit cards are available in various types with different benefits, and you can research to find the one best suited to your lifestyle.
The documents required for applying for a credit card vary between banks. You can check the bank of your choice for a detailed understanding.
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