Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Credit Card Without Income Proof

    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.

    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
    • Andhra Bank
    • Axis Bank
    • Central Bank of India
    • Syndicate Bank

    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.

    FAQs on How to Get Credit Card Without Income Proof:

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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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