Friends, many people are asking this question that how can we make unsecured credit card without income proof? In today’s article we will see how you can get a credit card without any proof of income. If you are a student or you are earning but you don’t have any proof of income. Which can be presented to you in the bank. At that time you can get a credit card. How is that? We are going to know that in today’s articles.
Credit cards are a useful and powerful financial tool these days. It helps you deal with short-term cash crunches like paying restaurant bills at the end of the month. Credit cards can take care of small expenses, which you can pay back with your next month’s salary. Plus, paying your credit card bills on time helps you build and maintain a high credit score. A good credit history can easily get you a loan or even new cards.
The applicant wants to get a credit card. This cannot be done by not paying back or late credit card bills. Therefore, the credit card providers need to confirm how you are going to repay and only then they can issue the credit card to the applicant. To apply for a credit card without income or salary proof, you can choose one of the following options-
1. Student credit card. Although student credit cards are not as popular, some credit card providers offer extended facilities. Student credit cards usually come with lower credit limits to meet the specific needs of students. However, there are limits on the use of these credit cards and collateral is usually required. Therefore, students need to show proof of part-time employment or obtain a card for any type of fixed deposit or savings account with the issuer. Student cards do not have as many features as other credit cards but come with NIL or very low joining fees and annual fees.
2. Secured credit card on fixed deposits. One of the best and most common ways to get a credit card without income is to get it with a fixed deposit. When you get a credit card backed by collateral like a fixed deposit, it’s known as a secured credit card. In general cases, the card issuer acts as a lender who lends to the borrower/credit card user only on the basis of income, known as an unsecured credit card. However, in the case of secured credit cards, the borrower has no security other than the fixed deposits if the card user delays/misses the payment. Card issuers usually limit the card limit to 75-90% of the fixed deposit balance.
3. Secured credit cards against mutual funds. Like credit cards on fixed deposits, mutual fund mortgages can be applied for without proof of income. It also counts as a secured credit card as the bank/card issuer can use holdings or mutual fund returns of defaulters. They can get it to recover the money they lend to those who fail to repay.
4. Account with sufficient balance. Card providers offer credit cards based on bank statements that show sufficient balances. So, if you want to apply for a credit card without income, you can get it by showing a healthy bank balance. It proves that you have cash flow in your bank account, maintain proper credit and debit balances, and have sufficient funds for repayments. Providers expect you to repay on time with available funds.
5. Add-on card. As the name suggests, an add-on card refers to an additional credit card. While you are already a primary cardholder, you can get a secondary credit card without proof of income. This is possible when the first cardholder is a family member such as a sibling, spouse or parent. Also, he/she should have a good credit history that will win the trust of card issuers and issue another card. Most likely, the supplementary/add-on card has the same benefits as the primary card.
6. Joint credit card. Just like a joint bank account, you can get a joint credit card. So, if you want to apply for a credit card without income, you can apply to someone with proof of income. If the co-applicant’s credit qualifies for a credit card, you can apply jointly with your partner. It is the financial strength of a creditworthy cosigner that issuers leverage to your advantage to obtain a joint card. Therefore, if you consider being a co-applicant you become an authorized user. Credit card providers in such cases decide the limit of each card based on the monthly income of the earning partner.
Documents required to apply for a credit card without income are: Bank Statement/Bank Account Details, Fixed Deposit (FD) or Mutual Fund (MF) details for Secured Credit Card (CC), Address Proof like Aadhaar, Voter Card, Lease/Rent Agreement , property documents, ration card etc. Aadhaar, voter ID card, passport, driving license etc. Identity proofs like PAN card, age proofs for students like birth certificates, school certificates etc. Student Enrollment Slips, Admit Cards, College IDs, etc. Whether you are going offline or online with credit card application, there are a few things you should keep in mind.
This way you can get a credit card without proof of income.