Thanks to digital applications and online credit card apps, you can get a new credit card in just a few clicks. However, the application process has remained unchanged, with most issuers requiring credit score checks and income proof.
In case you don’t have any income, here are some alternatives you can opt for.
Credit Card Backed By FD
One of the options to get a credit card without an income is to avail of one with your fixed deposit account as collateral. The issuer gives you a percentage of your FD amount as the credit limit.
You can use these secured credit cards as usual and repay bills just like you would for a traditional credit card. In case you default on your bills, the issuer liquidates the deposit. This is how those without employment can apply for a credit card.
Add-On Credit Card
If your family members have a credit card, you can get a secondary card without income. All you need to do is ask the person who is the primary cardholder, such as your parent, sibling or spouse, to ask for a card in your name and share his/her credit limit with you.
Joint Credit Card
When you do not meet the salary or credit score criteria for a regular card, go for a joint card. Its limit depends on the creditworthiness and earnings of the co-applicant, who may be your parent, spouse or other family member. This allows dependents, such as homemakers, children and parents, to use a credit card.
Prepaid Credit Card
This type of credit card requires you or your employer to add funds before you can use it. As such, this card technically does not offer you credit. However, it gives you access to a range of credit card rewards and does not require any proof of income. However, such cards may not help you build a credit profile.
Student Credit Card
This is another credit card that doesn’t require any income proof since it caters to college students. You can apply for these cards with a bank where you have an existing savings account or a fixed deposit.
This credit card comes with limited features, such as a low credit limit. However, it also has lower fees and charges, with some banks offering lifetime-free options.
With these options, you can easily access a flexible credit facility. By opting for the One Credit Card + FD combo, you can enjoy a credit card with a limit that goes up to 100% of your deposit amount. Onboarding takes just 5 minutes, thanks to a completely digital application process with minimal documentation.
This card helps you build your credit score, offers high reward points, and gives you access to discounts in multiple categories. It also comes with a smart online credit card app where you can easily track and manage your card usage. Apply online to get one of the best rewards credit cards in India.
