Is It Possible to Get a Credit Card Without Income Proof?

Credit cards enhance your lifestyle without spending cash. This financial instrument offers deals, cashback points, discounts, and rewards. But many people ask if is it possible to get a credit card without income proof.

The straight answer is yes, it is possible. Now you have to look closer to obtain a credit card without income proof.

6 Way Obtain Credit Cards Without Income Proof

1. Secured Credit Cards

A secured credit card is one of the best options to obtain a card without income proof. A secured credit card means getting an instant card against of Fixed Deposit. The minimum fixed deposit amount is Rs. 10,000. This is a good choice to get a credit card if you don’t have a stable income.

You will get a credit limit against a fixed deposit amount. If you fail to pay the monthly use balance, the Bank will adjust the amount from the fixed deposit.

2. Maintain Sufficient Balance

If individuals can’t submit traditional income proof like salary slips or income tax, they can go with another option which is maintaining sufficient bank balance. Your bank account shows a debit and credit ratio that makes it easy to calculate average monthly income.

Maintaining a good balance is proof of your creditworthiness. This way obtain a card without providing income details.

3. Alternative Income Sources

Whenever Traditional income source includes pay slip or tax returns, some Banks provide credit cards from alternate income sources. This income comes from investment, house rent, retirement accounts, alimony, and other source.

Your alternative income source must be shown to your bank account also. That means you have to maintain an account through a credit and debit ratio.

4. Add-on Credit Card

Use the add-on card feature to get a credit card without income proof. The family members like parents or spouses existing credit card companies provide add-on credit card facilities. Just need your KYC documents to get an add-on credit card.

You will get an existing credit card limit which the primary credit card holder using and the primary cardholder should obliged to make the due bill payment of the primary and secondary cardholder.

Also Read: 5 Best Credit Cards for Domestic Travel

5. Student Credit Cards

Generally, students have no income proof. But still, Banks offer student credit cards that don’t require income proof. These cards are specially designed for students with lower credit limits and limitation of rewards points compared to other credit cards.

An additional benefit is students can build credit scores that help to obtain loans in the future.

6. Pre-approved Credit Card

If you are maintaining a good credit score and credit history, Banks offer pre-approved credit cards. Your credit score shows trust between the lender and the borrower. A strong credit score holder can get a credit card without submitting income documents.

Guidelines for Obtaining a Credit Card Without Income Proof

Credit cards are one of the important financial products that you can use for urgent cash or shopping purposes. Also, credit card holders get rewards points and discounts using cards. Banks cannot provide credit cards without income proof if you have trust. You must follow the below guidelines for obtaining a credit card without income proof:

1. Build a Strong Credit Profile

Before directly applying for a credit card without income proof, you must build a strong credit report. Credit history shows your on-time payment report and ability to maintain loan repayment. Your positive credit report builds lender trust that must help to obtain a credit card.

2. Open Bank Account

A Bank account shows your monthly income stability. Maintaining an account is a positive sign to strengthen your Credit Card application. You must open an account and maintain a Bank balance.

3. Understand Eligibility Criteria

Applicants must know about the eligibility criteria for credit cards. Each card has its eligibility guidelines. You must understand requirements such as minimum age, credit score, or residency address.

Also Read: Titan SBI Credit Card

4. Apply with Own Responsibility

You must apply Credit card with your responsibility. Don’t apply for a card if you don’t require one. Because you have to repay using a credit limit amount. Also, submitting multiple credit card applications creates a negative impact on credit scores. So, you must select a choice.

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