Credit cards in India have been gaining tremendous popularity. Almost all individuals seek credit cards. Much of its popularity stems from the fact that you can avail of benefits, such as rewards, bonuses, cash backs, 0% APR, etc. Also, there are different kinds of credit cards in the market. It means that you can find a credit card that best serves your needs and cater to your spending habits.
So, if you want a credit card, apply online and get the best features and benefits based on your preferences. However, it is worth noting that you will need to have a stable income and excellent credit score to get your application approved.
But, what if you do not have an income?
If you do not have an income to show, it does not mean that you should lose hope. There are still ways you can get an instant credit card with income proof. Follow the underlying steps to understand how to get a credit card without income proof:
Make sure to have a bank account
The first thing you need to do while applying for an instant credit card is ensuring to have a bank account. Your bank account acts as a credible source for the credit card issuer. With a bank account, you are considered a less risky borrower despite not having income proof.
Show a bank account with a sufficient balance
At times, you may not able to provide documents proving your income, but you can convince the issuing bank that you have enough balance in your bank account to repay your credit card bills on time. It happens when you decide to apply for a credit card during your retirement or when you are taking a break from work. In such cases, the available balance in your account could work as a security against your credit card.
Submit proof of employment if you are due to start working
If you have been interviewed and qualified for a job, you can show your offer letter to the bank to get a credit card. Your offer letter contains information about monthly salary based on which you can get a credit card. However, this letter does not carry the same weight as a confirmation letter, but it indicates how much you will earn in the future. Therefore, if you are switching between jobs, you can use your offer to get your preferred credit card.
Get a secured credit card
Banks offer secured credit cards to individuals with on income and no or low credit score. You will need to pledge a fixed deposit as collateral to the bank, assuring them that you will repay your credit card bills on time and in full. Generally, banks offer up to 90% of the deposit’s value as a credit limit, which you can use to make purchases.
Opt for an Add-on Card
Most credit card issuers allow add-on cards over the primary credit card. Only an immediate family member can apply for an add-on card. For instance, you can get an add-on card if your parents, partner, or siblings are the primary credit cardholder. You can enjoy all the benefits of a credit card. Know that you can apply for an add-on card if the primary cardholder has maintained a healthy credit score.
Apply for a joint credit card
You can jointly apply for a credit card with one of your family members or your partner. If you do not have an income source, your co-applicant must be a creditworthy person. He/she must have an excellent credit score and a stable source of income.
Have a financial plan
Before getting an instant credit card, it is imperative to have a financial plan in place. You will have to ensure that there are no outstanding dues and no current financial obligations. Also, keep in mind that using a credit card requires you to pay your bills on time. This way, you can convince your lender that you are a responsible borrower and can make timely repayments without any defaults.
Check your credit report
Before applying for a credit card without income proof, you will have to go through your credit card and ensure that all details are recorded accurately. Checking your credit report enables you to be better prepared for your application and get a credit card based on your credit score.
Another way to get a credit card without income proof is showcasing your consolidated income through freelancing jobs. Showing your credit card issuer that you have a source of income improves your chances of approval. Even if you can not submit income proof, you can leverage your freelance career proof to get a credit card.
So, if you wish to get a credit card, apply online. While making your application, keep in mind that you will need to convince your issuer that you can make timely repayments even without having income proof.