India’s financial system is changing rapidly. Credit cards were once considered the identity of only salaried people, but now the situation is different. Today students and housewives are also getting credit cards without job and without income proof. Banks and financial institutions are now looking at customer profiles from a new perspective. If you also think that it is impossible to get a credit card without salary slip, then this news is for you.
1. Secured credit card against FD
The easiest and safest way to get a credit card without income proof is a fixed deposit based card. Many big banks like HDFC Bank, ICICI Bank issue credit cards in lieu of FD. Usually, on an FD of ₹ 10,000 or ₹ 15,000, the bank gives you a credit limit of 75% to 90%. This reduces the bank’s risk and the cardholder gets a chance to build his credit score through regular payments. This method is considered very useful for first time card takers.
2. Easy entry with add-on card
If someone in your family already has a credit card, you can apply for an add-on card on their card. No separate income proof is required in this facility. Banks like HDFC, Axis and Kotak provide this facility to spouse, parents and children. This helps new users gain experience in using the card and learn financial discipline.
3. Special credit card for students
Many banks are now offering special student credit cards for college and university students. In these cards, salary slip is not asked, rather the card is issued on the basis of admission proof and bank account. Institutions like ICICI and Axis Bank are active in this segment. However, these cards may have lower limits and stricter rules.
4. Support of guarantor or co-signer
If you do not have your own income proof, then the help of a trusted guarantor or co-signer can be taken. The guarantor should have a stable income and good credit history. This provides security of payment to the bank and increases the chances of card approval.
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