In today’s world, a credit card is sought after by almost all individuals irrespective of the fact in which profession one might be engaged in. This is because credit cards offered by banks and financial institutions enable individuals to avail a lot of benefits by using their credit cards. As time has gone by, banks and other financial institutions that operate in the country have come up with different kinds of credit cards to suit the specific needs of individuals, based on their spending habits. As such, availing a credit card has become an obligation for many people which can’t be resisted easily. In this article, we take at how an individual who do not possess income proof can avail a credit card in his/her name from banks and financial that offer these cards.
Steps Through Which An Individual Can Avail A Credit Card Without No Income Proof
Though nowadays banks provide credit cards to individuals without taking any income proof, an individual would be better suited to know the below mentioned steps when it comes to availing credit cards without any income proof.
Have a bank account: The first important step is having a bank account. This is because it acts as a credible source for banks, in case he/she defaults on the payments. Moreover, it makes the application for credit card look better.
Maximize the qualifications: This is necessary because nowadays banks do not allow individuals to report household income for availing a credit card. As such, it is better to include the right people like spouse in the credit card application.
Have a plan: As having a credit card is an important step when it comes to financial planning, having a plan in place is very important. The plan is required to make sure that there is no debt, credit can be monitored, get a secured card, work on getting a normal credit card etc.
Credit Consolidation: This is as important as having a job or income as banks look for the income/debt ratio. Finding ways to consolidate the credit is one step which can’t be ignored if an individual intends to avail a credit card. An individual can carry out credit consolidation by making sure that debts don’t pile up.
Use the credit reports correctly: Having an error free credit report is another step that the individual needs to work on. This goes a long way in the individual obtaining a credit card without income proof as well as financial independence.
Consider the freelance jobs as important: Reporting all the income sources even if money is being earned through freelancing is critical in today’s world as it helps build credit for the individual. Hence, all the freelance jobs that the individual does must be considered as important as the earnings through these help him/her in availing a credit card even through he/she can’t proof the income source.
Alternatives To Availing A Credit Card Without Income Proof
Though credit cards are issued to individuals primarily on the basis of their income and credit score, nowadays credit cards can also be availed against a fixed deposit as well as against the primary credit card possessed by a family member. Let’s take a look at both of the options in detail:
Credit card against Fixed Deposit: Credit cards that are issued by banks and financial institutions against a fixed deposit that the individual has with them are basically known as secured credit cards. To avail these cards, the primary requirement is to have a fixed deposit account with a pre-defined amount for a minimum tenure with the bank. Based on the amount deposited, the credit limit is calculated by the banks, who typically offer a credit limit that is in the range of 75-85 percent of the deposited amount. For a credit card to work out well that is availed against a fixed deposit, the individual must ensure that the amount deposited in the fixed deposit account is a higher one. This helps the individual in having a higher credit limit on the credit card that is offered by the bank. The benefit of availing a credit card on the back of a fixed deposit is that it involves minimum documentation and comes with low interest rates. Apart from these, the biggest benefit is that one does not need to provide income proof to the officials of the bank from whom the credit card is availed.
Credit card against primary credit card: An individual can also avail a credit card from a bank on the back on the primary credit card that his/her family member possesses. To avail a credit card through these means needs the holder of the primary credit card to have a good credit history in his/her name. Just like with fixed deposits, availing a credit card through these means enables the applicant to get the credit card without needing to submit any income proof. The benefits that comes with having an add-on credit card is that one can avail all the benefits that are offered on the primary credit card, they do not have any joining or annual fee as well as involves minimum documentation work.
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Banks That Provide Credit Cards Without Proof Of Income
In today’s world, many banks in the country provide credit cards to individuals without them needing to submit any proof of income. Some of the banks that follow the process of not needing any income proof are listed below:
State Bank of India
Bank of Baroda
Kotak Mahindra Bank
Central Bank of India
Some of the popular credit cards that require no income proof which banks provide are as follows:
SBI Unnati Credit card: The card offered by the largest public sector bank in the country is backed by bank deposits for the first year only. After the completion of 12 months, the deposit made by the individual is freed by the bank. The card is the perfect card for those who need a credit card to pay utility bills, making payments, shopping etc. For availing a SBI Unnati credit card, the applicant needs to be an Indian resident aged between 18 to 65 years and must have a minimum fixed deposit of Rs.25,000 with State Bank of India.
Bank of Baroda Assure Credit Card: This is another credit card that individuals can avail without needing to submit any income proof. Provided by Bank of Baroda to individuals who are above the age of 18 years and has a fixed deposit account of minimum Rs.25,000 is laced with some wonderful benefits like free insurance coverage, waiver of annual fees etc. The card is accepted worldwide and enables the cardholders to enjoy exclusive benefits offered by Visa.
ICICI Bank Coral Credit Card: The ICICI Coral credit card is an assured credit card for those who have a fixed deposit with the bank and is provided instantly to the individuals. The card which has a one time joining fee of Rs.500 enables cardholders to avail 85 percent of the fixed deposit amount as credit limit. Apart from that, it provides other benefits like cash rewards, double reward points, free access to airport lounges etc. The credit card offered by ICICI bank which can be availed by individuals without any income proof has the following criteria - the individual must be above 18 years of age and must have a fixed deposit account with the bank of funds worth Rs.20,000 for a minimum duration of 180 days.
FAQs on How to Get Credit Card Without Income Proof:
How To Get A Credit Card Without Having A Salary Account?
You can avail a credit card based on the fixed deposit account that exists with the bank or if one of the family members possess a credit card with the option of add-on or supplementary cards.
Can I get a credit card without Income Tax Return?
Yes, you can avail a credit card without Income tax return as no credit cards issuers ask for IT returns from customers.
How beneficial is getting a credit card issued on fixed deposits?
They are quite beneficial as they possess all the features that a regular credit card is laced with.
Can I get an HDFC credit card without ITR or a salary slip?
No, this is because HDFC bank currently does not provide any credit cards without ITR or salary slip.
Can we get a credit card from any bank if we don't earn?
Yes, you can get a credit card even if you don’t earn.
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I have State Bank Of India credit card through Shopping Mall.This card is a chargeable card for the past 5 months .I have got all the required details about the card process through the agent .I have got this credit card within a week time .I have not faced any drawbacks while submitting the documents.
I am having CIti Bank credit card which was availed through Bank direclty .I am using this credit card for the past 3 to 4 months .This was a free card and the credit limit was good and it was upto 75,000 and it was sufficient as well .I have got all the details about the card process very clearly through the agent.
One year before I had applied for a master credit card with AXIS bank. Once the verification done I received a card by 4 days. The credit limit is nominal before given for 25 thousands but now enhanced to 34 thousands. EMI option is applicable and charges are nominal. I use for shopping and fuel purposes I get reward points.
I had applied for a credit card with SBI on a month before which was processed through an online. My friend is working in that bank so process was done on smooth. But suddenly felt to not process for further for this card process so intimate to bank to close it.
I am using Indusind Bank credit card which was taken through Bank directly .I am having this card for the past 2 months ,I have got the credit within a week.I have got all the details about the card process very clearly .There are very useful reward points as well as cash back offers .I am really satisfied with the service so far .
I am having HDFC Bank credit card for the past 15 days only ,I have availed this credit card through Bank directly ,I have got a clear picture about the card process through the agent ,This was a free card and there was no difficulties faced while submitting the documents .I am really satisfied with the service .
Was this review helpful?
SHANUR ANISUR RAHMAN
Reviewed on Oct 12, 2019
From INDUSIND BANK LTD I am holding a credit card for the past 4 months before. I have applied for a card directly to them. It is a life time free credit card and the credit limit is given for 50 thousands only. EMI option is not applicable is applicable and charges are nominal. I use this card for medical and shopping purposes.
On 4 months before I have applied for a credit card with ICICI bank directly to them. It is a life time free credit card and the credit limit is given for 30 thousands only for this card. EMI option is not applicable. I use this card for many purposes.
I am having a credit card with HDFC bank for the past few months only which was processed through bank directly. It is a life time free credit card and the credit limit is much sufficient for this card. EMI option is not applicable. So far no issues I had faced from them.
I am using ICICI Bank credit card which was directly availed through Bank.I am using this credit card for the past 1 year,This was a coral card and got all the relevant information about the card process through the agent.This was a paperless approval and i a m comfortable on using this card.
I have Kotak Mahindra Bank credit card which was taken through Bank directly.I am using this credit card for the past 2.5 years and the credit limit was upto 2 lakhs it is really sufficient as well.There are really good reward points as well as cash back offers.I am comfortable on using this credit card .
For the past 2 years I am using RATNAKAR BANK platinum credit card through them processed directly. It is an annual fee chargeable of rupees 500. But the credit limit was given only for 35 thousands and yet to enhance it. EMI option is applicable and it is nominal. I use this card for fuel purpose. Based on the usage I get reward points.
I am holding SBI bank simply credit card for more than 2 years which was process through bank directly. It is an annual fee chargeable of 500 rupees.But the credit limit was given only for 10 thousands. There is an option for EMI and charges are nominal. I use this card for shopping and fuel purposes.
I have Yes Bank credit card which was directly taken through Bank.I am using this credit card for the past 6 months,This was a free card and the credit limit was really sufficient .I have got good reward points as well as cash back offers .I am really satisfied with the service .
I have State Bank Of India credit card which was direclty taken through Bank .I am using this credit card for the past 8 months only .The credit limit was pretty good t was upto 50,000,I have got my creidt card on time without any delay .I have got all the relevant information about this credit also through the agent.
I have Ratnakar Bank credit card which was taken through Bank .The credit limit was 40,000 and this was a free card ,Customer service is quite average .Cash back offers are very good and got all the required details about the credit card very clearly through the agent .
PNB charges are quite less and convenient. PNB card is very simple and there is no annual fee, financial charges and no late fee. I can easily convert the rewards points into cash by making a single call. PNB customer care support is very good and easily available for all the time. There is no such offers like other credit card.
There is some discount in online for SBI credit card. There is no hidden charges deducted so far and they are providing flexi pay option. The financial charges and late fee charges are less. They have provided me a credit limit of Rs. 1.50 lakhs and there is a annual fee of Rs. 450. I am using the simplysave credit card.
HDFC Credit card is better than other cards. I have a HDFC money back credit card so i get a rewards points whenever I'm doing the transaction or purchases those rewards points, i can easily converted into cash. There are lots of EMI conversion done from this card. If i purchase in online and converting those transaction into EMI at that time, there is no charges. Due to some personal reason, if a customer unable to make the payment on a due date, they are charging me a huge late fee and interest rate.
I have State Bank Of India credit card which was directly taken through Bank .I am using this credit card for the past 6 months only.The credit limit was good and it was 30,000 and this is a chargeable card.I have got god cash back offers as well as reward points ,I have got my credit card on time without any hassle.